Population changes, economic upheaval, and (of course) climate change mean we have to rethink the way we manage our assets. Asset managers need to ensure they have the right tools to make the right decisions. They also need the rest of the company to support their strategies.
The good news is that taking a more sustainable approach to asset & equipment management isn’t just better for the environment; it also drives better business outcomes and supports increasing customer demand. It’s easy for the C-suite to buy in when they can see the difference on their top line and bottom line at the same time.
In this article, we’ll examine why the asset management methodology needs to change. Then, we’ll look at how to do it.
Sustainability is good for business
Here are three reasons why it makes sense to manage your assets with sustainability at heart:
1 – Environment
We want to leave the world in a better place than when we found it. It’s the main reason corporations spend time, money, and resources on corporate social responsibility and ESG (Environment, Social, and Governance) initiatives.
However, there is a significant business upside to managing your assets more sustainability. For example, investing in technology with strong IoT (Internet of Things) capabilities you get real-time data to schedule preventative maintenance. The monitoring software will not reduce emissions directly; it means that the utilization rate of your assets increase since the lifecycle of equipment will prolong with less maintenance along the way.
2 – Social
The way society looks at environmental issues has changed markedly over the last decade. We all feel the pressure to live more sustainably in what we eat, how we travel, even where we work. As a result, people want to work for companies that embed ESG in their decisions, including how they run their equipment.
Corporations know that success also comes from having the best people. If managing their assets more sustainably means it will help them recruit and retain the best asset managers, they’ll do it.
3 – Financial
Sustainability means greater efficiency, less waste, and a better allocation of resources. These are all positive economic outcomes. When it comes to asset management, corporations see returns on their investments in sustainability.
For example, when companies invest in automated systems for end-to-end equipment management, they can optimize logistics, reduce fuel consumption and reduce costs. In addition, rental and leasing management software makes the sharing economy more efficient, meaning companies can use equipment to its full potential.
Quite simply, sustainability in asset management means you make your money go further.
How to create a sustainable approach to asset management
There are several ways you can implement more sustainability in your equipment management:
Optimize operations – Break down your asset management processes and identify areas where you can improve. Asset & equipment management software can transform the way you work. It gives you a window into your equipment down to its constituent parts, with asset data, life cycle analytics and modelling, and real-time reporting.
Evaluate operations with benchmarks – International certifications such as ISO 55000 show the world that your asset management standards are at the top level for performance, reliability, and, of course, sustainability. Evaluate how you measure up to these standards and identify what you will have to do to achieve them. It won’t be easy, but it’s well worth doing.
Visualize operations with sustainability reporting – Buy-in from senior management is essential when you’re trying to make real and lasting change. Ensure your asset management software gives the C-suite the insight they need to see the effects of your sustainability initiatives. Make sure your asset management tool offers you:
- CXO view
- CIO & CTO view
- Process Owner view
- Operations view
- Asset view
Find out more from FIT Global
At FIT Global, our dynamic equipment management portfolio makes it easy to manage your assets to increase sustainability. Whether you own, rent or lease your assets. Our solutions include:
- End-to-end equipment management software (including sales, procurement, parts, services, and OEM integrations)
- Rental equipment management software
- Leasing equipment management softwar
FIT Global gives you all the insight you need into your assets to implement more sustainability. Plus, our dashboards and real-time analytics show the C-suite the returns your ideas produce.
Run your assets with sustainability at heart, and reap the rewards.