During a recent radio interview on SAP Game Changers, three experts discussed the value of moving assets within a company. Larry Stolle, Bill Powell, and Joe Barkai focused on the role moving assets within a company. Each moving asset plays a key role in accomplishing specific goals and tasks. Thus, a company must understand the ways a fleet of vehicles or specific equipment benefits the business.
What are moving assets?
Moving assets refer to the machines used by the company for various tasks. Generally, it means machines that move throughout different areas of the business in some way.
In most cases, the moving assets refer to a fleet of vehicles, large machines used for cleaning, transportation machines for goods, or even machines used to transport individuals. For example, in an airport, a shuttle bus or train to transport passengers to different terminals is a moving asset. It may also refer to floor and street sweepers, forklifts, and similar tools used for specific purposes in a company.
When business owners listen to the machines, they gain a competitive edge over their competitors. By using appropriate tools and strategies, the moving assets can point out risks within the company. The moving assets can inform operational changes a business should make for greater efficiency.
Larry Stolle, senior global director of automotive marketing at SAP, says that the moving assets are in a company for one reason: They create business value by accomplishing a specific task.
Filtering the information
Moving assets consistently provide information or send back location and performance details. Filtering the information is a key part of adding value to the business. It helps a company determine when something is missing from the information and when to ignore specific details.
Bill Powell, director of enterprise architecture for Automotive Resources International, says that companies “need standards to get things moving.” Unfortunately, sticking to the initial plan does not add value to the company. Moving assets add the most value when a company obtains information from the customers about their preferences and wants before making changes.
Communication and connectivity
Joe Barkai, an independent analyst and consultant, states that “connectivity is becoming a commodity” in the context of moving assets. It is only the conduit of information flow. The “information” from connected asset sensors is what allows companies to improve the efficiency and quality of the decision-making process.
Keeping the moving assets connected to the company reduces the amount of time required to gain details and information about the asset. As a result, it takes less time to make higher-fidelity decisions for the business.
Information is a valuable asset to any company. When a company receives live information, concerns can be addressed proactively.
Keeping up with equipment
According to Larry Stolle, evaluating the way a moving asset delivers information and the type of information provided allows the leaders in a business to make adjustments for greater efficiency, revenue generation, and business value. It also provides details to improve safety measures when using a moving asset.
Bill Powell suggested that the “information that those ancillary equipment generates” through connectivity also improve value attached to a moving asset. Connected assets communicate details about the equipment used on the moving asset. This helps a professional determine when an asset requires maintenance, repairs, or downtime. Business owners use the data to develop a backup for potential problems.
The primary problem with any fleet is downtime. A moving asset provides value by performing a specific task. Faulty or damaged equipment cuts back on the efficiency of a company. Therefore, maintaining a communication system with the entire fleet allows the business owner to set up a backup system. This prevents downtime otherwise tied to a specific vehicle.
Joe Barkai states that the value of moving assets not only relates to the condition of the vehicles; it also relates to the ability of an asset to handle the tasks required by the customer. The goals of customers consistently change. They no longer focus solely on the capacity of the moving asset.
A business must change to reflect the unique service needs of their customers. Clients want better services, so a business must use its moving assets to provide the level of service their customers expect. They must also use online tools like social media, for greater client interaction in relation to their fleet of vehicles.
Gaining value from an asset
Moving assets add value to a business through three primary levels of service: the manufacturers of a product or service, the individuals managing the assets, and the actual operators of the assets. The key to gaining from the information provided by the moving asset is through the application of information.
Making use of moving assets to gain value begins with connectivity and communication. When a company gathers information and then filters the data for effective changes, it results in better customer service and client satisfaction.
This article has been re-posted, view the original post HERE.
Post by Larry Stolle
Larry is the Senior Global Automotive Marketing Director, SAP