One of the most tangible asset-heavy industries is the manufacturing industry. Regardless of the type of manufacturing processes:

  • Repetitive, 
  • Batch,
  • Process,
  • Discrete or
  • Job manufacturing,

What stands in common is a diverse variety of assets being used, changed, and disposed to meet the organisational goals. This is why Asset Management is regarded as an absolute necessity for manufacturing firms to handle their warehouses, end-shops, and factories to unlock streamline product lines. In the process, brownfield manufacturing facilities often misinterpreted that modernising is only for greenfield plants. But all factories can be equally benefited by enterprise asset management systems. This is why identifying the importance of asset management to plant smart manufacturing companies is intelligence that you need not miss.

Asset management will assist you in having a keen understanding of:

  • Asset input and output
  • Asset wastages
  • Asset integrity
  • Asset compliance
  • Asset lifetime

Brownfield Vs Greenfield 

Greenfield Manufacturing Firms are firms that already use technological aids to support their day-to-day processes since day one. They would possess new hi-tech equipment, customised software systems linking all their activities via the internet, and tech-savvy staff doing their job like the pros! On the other hand, Brownfield manufacturing firms use legacy systems and traditional paperwork managed by employees who are used to manual work systems. The grey workforces can be transformed into hyper-tech workspaces with the right guidance, read this article to learn how.

Why do factories want to adapt to technological methods?

  • The need for 100% safety precautions for factory workers
  • Technology has supercharged stock markets. 
  • Acceleration spurred over recession with the assistance of tech. 
  • To have efficient systems to analyse cash inflows and outflows. 
  • Energy costs are rising; therefore, the optimum use of energy must be maintained without any wastages.
  • Customer needs and wants are always changing; meeting their dynamic expectations needs adaptable systems.
  • Shortages in skilled workers 

How can technology assist both these types of manufacturing firms?

The importance of technological transformation lies within its efficiency, effectiveness, which, in the end, leads to effortlessness. Manufacturing firms nowadays allow robot technologies to work hand in hand with human counterparts, robots to keep humans safe from threats, hi-tech sensors to control the uniformity of the manufacturing systems alerts to notify anomalies in real-time. But out of all these, technology has cleared out a path for factory owners and managers to use predictive maintenance and farfetched evaluation while relaxing in a comfy office or lab!

Brownfield Manufacturing firms

Brownfield manufacturing firms often use technological bandages to supercharge old machinery. As most technologies are properly underway, finding tech is not a problem. The real problem lies in searching for authentic software vendors. Interconnecting control and sensitive data come with a bag full of advantages, but it could also bring risks, such as data theft. 

So, why is welcoming legacy factories online that important?

If we face the facts, a well-informed intelligence is that the older firms are, the more they will disregard technological advancements. But what most brownfield organisations are not aware of is that technology can be a reason for them to retrieve data that could not be processed by their manual workforces. 

Advantages of Asset Management Software

  • Remote access to plant control- unlocking amazing supervisory abilities via web-based technologies
  • Assessing the lifespan of the legacy equipment- sensors and AI tech can detect asset health and 
  • Reducing equipment downtime through predictive maintenance 
  • Advanced data analysing tools allow amazing scalable interfaces which can be used to retrieve reports in real-time – for example, the energy consumption by equipment can be assessed, and measures can be taken to cut down extra costs

Disadvantages of Asset Management Software

  • Technological Installation costs for brownfield factories are comparatively expensive compared to Greenfield Factories since it requires particular adaptations and goals.
  • The HR in grey workforces would find it challenging to using technology at one go- special workshops and training programs will have to be implemented to educate them.

Greenfield Manufacturing firms 

Greenfield manufacturing firms usually implement hi-tech asset management systems and fresh recruitment who are tech literates. They are usually always a step ahead because tech is on their side. But tech should be merged with experience to get the best of the manufacturing plants. Experience is usually very high in brownfield factories compared to greenfield companies. 

Advantages of Asset Management Software

  • Asset management allows lesser human errors 
  • CMMS that allows minute supervision
  • Predictive maintenance is very efficient when used by tech veterans 
  • Being attractive bodies in the industry compared to others for taking a step ahead in using innovative technologies 
  • Using creativity and innovation in asset management would open up shortcuts in managing your physical assets and preserving them from being misused 

Disadvantages of Asset Management Software

  • No proper research before implementing a smart factory can lead to expensive outcomes 
  • Lack of experience in amateur factories 
  • Highly depending technologies that human skills 
  • Has a  probability of being breached if developed by weak software vendors 

Useful Features of Asset Management Software that can be equipped by any manufacturing firm

  • Asset Lifecycle Management
  • Asset Decay Matrix
  • Asset Failure Predictive Analytics
  • Vehicle/Fleet Management
  • Inventory Management
  • Plant Engineering
  • Materials Management
  • Document Management
  • Risk management
  • Business Intelligence
  • Supply Chain Management
  • Reporting and Analytics
  • Labour and Scheduling Management

Selecting the best technology solution providers can, therefore supersede your manufacturing firm operations. 

Tigernix Solution provider conveys reliable asset management software.