Lifecycle Management Can Generate New Revenue For OEMs | Know How?
There are many reasons why one should consider investing in an asset management system for OEMs. The remarkable features offered by this asset management software are a simple reason why. This kind of software is designed to help OEMs perform asset lifecycle management for their business, which, in turn, helps them maximize their efficiency and improve their productivity. To understand this in detail, we are going to elaborate on how asset lifecycle management can help OEMs generate more revenue, and should you invest in one or not?
To understand what we are going to discuss, it is vital that you know what asset lifecycle management is. Therefore, before getting right to the point, let’s focus on what asset lifecycle management is.
What is asset lifecycle management?
Asset lifecycle management is a process that a business follows to maximize its efficiency while enhancing its profits that are generated using a single asset or a single piece of equipment throughout its lifecycle. By asset lifecycle, we refer to each and every aspect of an asset’s “life”. This may include the conceptual designing phase, maintenance, or replacement of that asset.
For a proper analysis and lifecycle management, it is crucial for a businessman to know the hourly operating and owning cost of each asset. This is where asset management software comes in handy. Thanks to this software, you can now easily manage the lifecycle of an asset.
Here, in the below section, we are going to discuss the 3 key ways in which asset lifecycle management using asset management software can help your customers and increase your business revenue.
- Asset Maintenance Monitoring
- Asset Location Monitoring
- Asset Replacement Schedule
These are the 4 points to focus on. Let’s discuss them one by one here.
Asset Maintenance Monitoring
Asset maintenance monitoring is one of the best ways for OEMs to maintain a consistent relationship with the client. This is where you can generate recurring revenue by providing tracking and maintenance services. Thanks to the OEM asset management software, this is possible now. This is where this software can automate the data collection process and plan the maintenance schedule for each of the customers. Clearly, this would generate more and consistent revenue for your business. So, what are you waiting for? Contact us to find out more about our OEM asset management software.
Asset Location Monitoring
A well-designed asset management system like Aspen for OEMs also provides asset location insights. Thanks to this feature, now you can actually track the vehicle’s or an asset’s location using GPS tracking and provide service to the customer accordingly. This will not only save time but can also help in locating the assets and their current condition.
Asset replacement Scheduling
With asset management software, you can now easily take a decision on what action needs to be taken on whether the asset is in need of a repair or a replacement? This is where the LCCA that is Heavy equipment lifecycle cost analysis comes into play. This cost will determine the course of action. Thanks to these OEM asset management software, now you can check the entire LCCA report in minutes which before the software would have taken days to generate. Through this, you can also get alerts about the aging assets which need replacement.
Bottom Line
The bottom line here is that if you are into the OEM business, it is a must for you to have these OEM asset management software installed. These systems will help you not just run your business smoothly but also will allow you to grow them even further.
