Enterprise asset management success requires the latest IoT tracking technology and a System of Operations to supersede a standard System of Record, granting organizations real-time insights into crucial data for every asset, piece of machinery, and capital equipment.
What Do Businesses Gain from a System of Operations (SoO) Versus a System of Record (SoR)?
In addition to the meticulous tracking and management of assets, there’s a growing recognition of the need for a System of Operations alongside the traditional System of Record in supply chain management. While a System of Record focuses on documenting transactions and maintaining a historical record, a System of Operations is geared towards actively managing and optimizing processes in real-time. This shift is crucial in today’s dynamic business environment, where agility and responsiveness are paramount.
A System of Operations encompasses tools and processes that enable proactive decision-making, streamline workflows, and enhance operational efficiency. Therefore, it goes beyond merely recording data to actively orchestrating actions and responses based on real-time insights. For instance, in the case of Apptricity’s clients, while maintaining an accurate record of assets is fundamental, it’s equally important to leverage this data to optimize asset utilization, predict maintenance needs, and mitigate risks of downtime.
SoO for Supply Chain Basics – Enterprise Asset Management
Supply chain efforts in all segments have important assets that must stay operational. Tracking and managing assets goes far deeper than only depreciation calculations. It is important to understand an asset’s lifespan and when to dispose of assets to calculate a beneficial gain or loss. The moment of purchase, throughout its useful life, and into retirement, each asset achieves peak performance with an easy to use enterprise asset management solution.
Presently, how do deeper needs translate into solutions for Apptricity clients? Track purchases, access user guides, store spec sheets, warranty information, usage hours, and maintenance history to maximize the lifespan of your assets. The application also monitors parts replacement, predicts maintenance, and can notify when service calls and parts requests are needed. Moreover, preventive maintenance can save exponential costs, increase ROI, and increase productivity.
Case Point: “We have an assembly line stacked with very expensive machines. We have back-up units, a parts warehouse, and many service bays and storage areas. Everything is tracked and accounted for in real-time. Our efficiency skyrocketed and we are almost never operationally impacted by downtime. We know where everything is and who has it.”
What Comprises a System of Operations?
Apptricity IoT tracking devices paired with cloud-hosted software provide real-time monitoring and analytics that grant immediate insight into the location of assets, status, and maintenance.
· Real-time insight into asset condition, parts degradation
· Integrated IoT tracking devices
· Visibility into the location, history, and service dates of all capital equipment
· View assets, equipment, inventory, vehicles, and personnel across locations and facilities in real-time
· Reduce downtime by scheduling service and maintenance
· Prevent theft with geofencing and receive alerts when assets approach established geofences
Five Reasons Your Business Needs an SoO for Your EAM
1. Indoor Positioning Systems (IPS) allow clients to upload floor maps for any location and track assets in real-time at their specific locations inside. Define room or section boundaries to further locate an asset. Apptricity I-Connect edge devices provides real-time insights, monitoring movement, and immediate asset location information with each scan. Consequently, this allows supply chain leaders to view at anytime what is inside any building, factory, or warehouse location.
2. Check-In/Check-Out functionality allows clients to check out items to users and maintain full ownership history for any asset. Time spent in every location is captured and logged for each asset. Reporting is robust and complete to see which items are checked out and need to be checked back in. Subsequently, custodianship is never unknown.
3. Geofencing establishes perimeters around the locations of assets to alert users when assets move outside of their specified authorized locations. These instant alerts create an immediate response and course of action to ensure quality control. Basically, keeping items where they belong.
4. Predictive and Preventive Maintenance establishes advanced service date management with IoT tracking technology. Data collection and analysis yield metrics that calculate component wear and service needs. Extending useful life of capital equipment returns positive ROI and efficiencies of scale.
5. ROI, ROT (Return on Time), and Operational Efficiencies create a reduction in downtime, faster time to action, pointed scheduling of service and maintenance, and reduction in misplacement/theft of components/equipment.
Why Businesses Should Upgrade Their System of Record
Many companies have been using barcodes successfully for years. Each manual scan updates the System of Record, establishing a sound management system. So why is the switch to other SoO tagging technologies like RFID, Bluetooth®, LTE/Cellular, and Satellite GPS necessary? Specifically, enhanced automation, real-time operational visibility, increased security, and decreased shrinkage are a tag type away. Unquestionably, this supply chain tagging technology is responsible for the power behind the SoO.
Apptricity‘s “Tagging Technologies for Your Supply Chain” webinar is now available on-demand. Join subject matter expert and Supply Chain Product Manager, Christian Garcia, as he showcases key information on tracking tags such as barcode, RFID, Bluetooth, LTE/Cellular, and GPS Satellite for modern supply chain efforts.
This webinar covers everything you need to know to grasp a comprehensive understanding of the latest supply chain tagging technology. Additionally, Chris discusses the advantages and disadvantages of each and provides tips on determining what solution is best for tracking assets and inventory across your supply chain. These IoT tracking tags paired with cloud-hosted software are the SoO ingredients revolutionizing supply chains globally.
Apptricity Integration Engine with Your Existing System of Record
In fact, Apptricity is an expert IoT tracking industry leader providing the ability to operate as a System of Operations (SoO) and integrate into over 50 ERP providers including SAP, ORACLE, IBM, Microsoft, Workday, Epicor, and Geac Enterprise Solutions along with any other System of Record.
By embracing a System of Operations, organizations can not only minimize operational disruptions but also capitalize on opportunities for continuous improvement and innovation. It empowers businesses to adapt swiftly to changing market conditions, optimize resource allocation, and ultimately drive sustainable growth. Thus in today’s fast-paced and interconnected world, where every moment counts, a System of Operations is indispensable for staying competitive and resilient in the face of evolving challenges.
