Looking for the Best Asset Management System for Your Company? Here’s What to Keep in Mind!

 

As the demand for more effective handling methods is burgeoning, asset management systems are gaining traction across industries. The asset management systems market is expected to grow at a CAGR of 10.3% from 2020 to 2025. Globally, industries have the realization to keep equipment downtime to a minimum for achieving efficient asset performance. These solutions allow firms to monitor their assets and use them rationally to eliminate unnecessary costs.

An asset management system officially records all the firm’s assets and keeps track of them, from their procurement to sale. These assets can be both fixed and current or tangible and intangible. An asset management system provides managers and stakeholders with all the information regarding an asset. This also allows them to calculate whether optimum utilization of an asset is taking place or not.

Incredibly, around 1.1 trillion dollars of working capital is tied up in inventory – that’s equivalent to 7% of the US GDP!

The inventory does make up a large part of the capital expenditure, and it’s critical for firms and businesses to streamline their asset management processes. Let’s discuss further.

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5 Ways Supply Chain Control Towers Can Skyrocket Your Business

 

Today, supply chain companies are under tremendous pressure to adapt to increased competition and growing consumer demands. While keeping the customer happy is their prime goal, they also need to balance business costs spent on improving their supply chain efficiency.

In addition to the above challenges, there are new trends emerging every other quarter, and keeping a track of them has become both important and insurmountable. The supply chain industry is facing a tough time navigating the changing times and emerging challenges.

This is where Supply Chain Control Towers come into play.

What is a Supply Chain Control Tower?

A supply chain control tower is a customizable console that captures, stores and manages data, while also displaying key analytics and events from the entire supply chain in real-time. It enables business owners to spot trends, prioritize actions, understand challenges and resolve them to improve efficiency across the supply chain and align processes as per strategy.

Analytics from a supply chain control tower also uses this data to make predictions of what’s to come if you continue the same path or do things differently.

It also allows you to completely understand the minute details of your business and make sense of the raw data collected from several sources.

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3 Ways RFID Technology Is Driving Sustainability in the Retail Industry

 

Consumers today are an evolved lot. While earlier a customer would have simply bought an item from a retail store on the basis of material quality and its affordability, the new-age consumer has another box that needs to be ticked before they decide to buy your product.

Today, they want to know the effect of your product (and your business) on the environment.

If the product you are selling is not sustainable, you can lose a sizable chunk of your customers in the near future.

According to the McKinsey apparel CPO survey, there has been a 500% increase in the number of sustainable fashion products launched over the past two years. That number is only going to increase in the coming years, with the consumers becoming more and more conscious of the environment.

This means your competitors are probably figuring out ways to make their business and products more sustainable.

Thankfully, using RFID technology has had a huge positive impact on the Retail industry when it comes to driving sustainability.

Sustainability is a societal goal with three dimensions (also called pillars): the environmental, economic, and social dimensions. This concept can be used to guide decisions at the global, national, and at individual consumer levels.

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