Top 4 considerations for asset management and utilization
As pharma, biotech and research institutions face increasing pressure to cut costs, it can be a challenge to find the right balance between accelerating research and optimizing capital and operational expenses. R&D labs annually spend millions of dollars on procuring and maintaining lab equipment but don’t have visibility into the location, health and utilization of all these assets. Emerging solutions can protect your research and provide critical operational insight to optimize your CapEx and OpEx. For example, companies are now using device-level energy consumption across a broad range of devices to determine the location, health and utilization of assets.
Before deploying an asset utilization and health monitoring platform, companies must have an understanding of the different types of solutions on the market and the value they offer. Keep these considerations in mind as you explore these platforms:
- Economic – What is the expected ROI of the solution? How long will it take to start getting the data to validate your expected utilization? Is the solution economical for 80 to 90% of your assets? What is the cost of entry to try out the solution? What is the cost of maintaining the solution over 5 years?
- Deployment – What is the deployment process? What level of IT involvement is expected? Will the solution impact the performance of existing WiFi networks? How much infrastructure is needed to support all the sensors? What is the skill level required to deploy and maintain the solution? Are sensors battery powered and how long would it take to replace all the batteries?
- Features – Does the system provide utilization and location data? Can it provide insight into the overall health and safety of an asset? Does it support integration with existing asset management systems? Does it support third-party sensor data?
- Reliability & Scalability – Is the platform enterprise-grade? Does it have end-to-end security? Is the platform scalable across locations and number of assets? Will there be data loss in the event of a power outage?
WattIQ is the only company that tells enterprises how electrical devices are being used based on the consumption of electricity, unlocking the hidden value of under-utilized assets. Our secure, scalable, reliable, and easy to manage cloud-based platform provides real-time data for decision-makers on actual equipment usage, location tracking, and device health and safety, resulting in CapEX and OpEX savings. Visit our website or contact us to learn how your company can overcome these challenges and start seeing immediate cost savings.