The Power of Data
Transitioning from a linear economy to a circular economy is going to require us to tackle the problems of over consumption and waste. With so much waste, we should be able to reduce consumption without adversely affecting productivity. Unfortunately, many organizations struggle to find the data needed to move from a want to a needs based consumption. It’s that age old saying, you can’t manage it if you can’t measure it.
The most fundamental data to managing the life cycle of an asset, “when” and “how long” an asset is in use has proven to be elusive for many industries outside of manufacturing. If this elusive data was now easily accessible for all your assets, what would it mean for your business? It would likely become the thread that connects every stage of your asset’s life cycle. If we added more contextual data like maintenance, installation and disposal costs, the true total cost of ownership can become clearer. After all, if a $60,000 piece of lab equipment can have a total cost of ownership of close to $1,000,000 over 10 years, we would all want access to this data before our next CapEx or OpEx decision.
Do you find it challenging to find answers to any of the following?
- Do you know when and how long your assets are in use?
- When you get a procurement request, do you know if there are similar assets just sitting idle?
- Do you pick your service contracts based on capacity and usage?
- Do you track total cost of ownership vs utilization?
- Do you know how much real estate is wasted on assets in use only for a few minutes annually?
We hope you join us in the coming weeks as we share how our customers are transforming their approach to asset life cycle management and finding some of these answers by harnessing their asset utilization data.