3 benefits of strategic asset management
Operational excellence starts with managing the right assets, at the right time, and with the right actions. Easy, right?
If that’s a lot of “rights” for you, we’ll let you in on a little secret: with the right tool, it can be achievable.
Strategic asset management (SAM) is the practice of efficiently managing your assets to maximize their potential and profitability. With a strong SAM solution, you can gain more from the assets you have already invested in, avoid costly mistakes, and build a culture where groups work together to achieve a common goal.
No problem, right?
But... what is Strategic Asset Management (SAM) Software?
Strategic asset management (SAM) gathers and centralizes available data from the people, facilities, fleets, infrastructure, machines, and other items in your business to manage your assets and equipment. This data coupled with the software’s capital planning, funding strategy, forecasting, and risk management capabilities make for a powerful business strategy tool.
1. Keep your community and stakeholders informed (and happy)
Asset management requires juggling many different interests, maintaining transparency and accountability, and making tough decisions about prioritizing limited resources.
But it's also an opportunity to build trust with your community and stakeholders by demonstrating how you are stewarding their resources — and doing the right thing!
A SAM solution fosters that trust by constructing an accurate picture of your total capital investment and its condition because you can't control what you don't know. From manufacturing facilities to fleet vehicles, it's important to leverage the right data to understand your assets and how they affect your business today, tomorrow, and beyond.
Without the right tools in place, it can be difficult to see where there is room for improvement. Or, you may be reluctant to make changes that could disrupt your current operations. SAM will help you identify areas for improvement that may not be readily apparent or are too costly or disruptive to implement immediately. You'll be able to anticipate future cost savings and ensure that any improvements will pay for themselves over time by increasing efficiency or productivity while reducing maintenance costs.
2. Support budget and funding requests
In the past, there was a tendency to "buy what you can afford." The budget process was reactive, and organizational leaders were expected to maintain existing assets, even when doing so required them to overextend their budgets.
But that narrative is shifting.
Industry leaders are under pressure to reduce costs and make proactive plans to keep those costs down.
SAM solutions support budget and funding requests by providing a detailed analysis of costs associated with maintaining an existing asset base. If an organization decides to replace its fleet of vehicles, SAM software can track maintenance costs for each vehicle in its fleet over time and use this data to estimate future maintenance costs for new vehicles.
3. Strategic asset management is only as good as its scalability
When it comes to managing assets, no two businesses are alike. That's why Brightly's Predictor software gives organizations what they need, right when they need it. Our asset management solution integrates all your data into one source of truth, providing real-time information to managers looking to align their operations.
With Brightly, get the right tools you need to:
- Monitor and manage project portfolios with a single dashboard
- Maximize asset lifecycles with accurate scenario modeling
- Facilitate information sharing across departments or facilities
- Provide clear, accurate, and up-to-date asset management reports
- Enhance forecasting plans with interactive mapping
With smart asset management, look right into a Brightly future
Brightly is more than a software solution. We are a partner that offers you a powerful combination of data, expertise, and insight to help you optimize operations — and make the right, data-informed decisions for your business.
Get to know more about us, and talk to a Brightly expert today.