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AI in Asset Management: Key Considerations and Use Cases

When you’re managing a supply chain, asset management is one of the most important components of customer service. Without it, you may spend more time and money than needed to repair and replace equipment, ship your products, and track down the parts needed to fill orders.

Thankfully, asset management solutions have evolved to help you track and manage your assets and improve your internal processes for superior customer service. Advanced technologies, including artificial intelligence in asset management, can greatly improve your performance and reduce your production, logistic, and operational costs.

Key Considerations for Implementing AI in Asset Management

Your asset managers can benefit from AI, but they should use it strategically for the best results. Before adopting AI asset management technology, you must learn how to use it to your advantage. 

Data Quality: Clean Data Equals Better AI

Asset management technology uses machine learning models to learn standards such as work history, maintenance schedules, and spare-part replacement schedules. As always, cleaner data will give you better results. 

AI uses natural language processing and deep learning models to train. If you’re feeding your AI-powered asset management software bad data, you could end up with biased, incorrect, or incomplete information. If you’re entering data from multiple sources into your asset management technology, make sure you remove duplicate entries, correct any errors, and fix or delete entries with missing values. 

Make sure all your data is entered in the same format and incorporate additional information such as metadata to augment it. 

Regulatory Compliance

You need to follow all laws and regulations for managing assets within your industry, and AI can help you. Train your asset management technology by inputting safety guidelines, rules, regulations, rulings, and other sources of compliance information. 

For asset management, generative AI can prepare a list of maintenance schedules and common equipment failures. It can also assess your inspection reports and help you identify machines and other assets that need repairs so you can address them before you fall out of compliance. Train your AI to automate reminders for compliance checks and other regulatory requirements so your asset managers can stay on top of them. 

Scalability and Flexibility

Before implementing an AI asset management solution, consider its scalability and flexibility. Not all AI tools are the same in asset management. Some can easily adjust in size, speed, and complexity based on how you’re using them. 

As your logistic needs change, you need an asset management tool that adapts with you. Choose a tool that collects, organizes, and analyzes the datasets you need to effectively manage your assets. Since supply chain management is constantly evolving with market conditions, emerging technologies, and other factors, look for a flexible solution you can continue using as conditions evolve.

Artificial Intelligence Use Cases in Asset Management

AI-powered tools are useful in multiple ways. The following asset management technology trends highlight how the top companies in logistics are using AI, natural language processing, and machine learning.

Predictive Maintenance

If you’re not already using AI, you’re likely relying on your asset managers to manually keep track of all your assets. Your team likely uses in-depth internal processes to keep up with multiple operational manuals, asset vendors, repair and replacement schedules, regulatory requirements, and other types of data. Instead of using your human intelligence on these systems, you can create a predictive maintenance system with AI. 

AI-driven insights help you identify faulty equipment, assets, and processes sooner so you can address issues before they disrupt your daily activities. AI also allows you to optimize your preventive maintenance schedules based on historical data so you’re not spending too much time on unnecessary maintenance while ensuring all your assets are working properly. 

Optimized Inventory Management

Another common AI use case in asset management is optimized inventory management. AI can process and analyze data quickly to identify trends and patterns that affect how you manage and store your inventory. 

Use artificial intelligence to analyze historical sales data, customer behaviors, market trends, customer feedback, and other types of data to optimize your stock levels. Your goal should be to have the right amount of inventory on hand to fill customers’ orders without excessive backstock that costs money to store and unload. 

AI uses predictive analytics to forecast demand and give you a better sense of how to maintain your stock levels. With accurate inventory management, you can scale down your storage solutions and reduce your operating costs. 

Supply Chain Analytics and Visibility

AI gives you more insight into every part of your supply chain, from internal processes to cost efficiency. Asset management technology can analyze your data to predict materials shortages, highlight your average fulfillment time, and even show you how your supply chain partners are performing. 

You can assess your approach to asset management and identify gaps in your current internal processes. Use this data to revise your asset management strategies to make them more cost-effective. For example, when you use tools to locate shipments and containers, you can identify potential breakdowns in your logistics processes. These tracking tools could reveal delays in your warehouse or extensive delivery times once a container is loaded onto a delivery truck. 

For Enhanced Operational Efficiency, Choose Surgere

Surgere is at the forefront of asset management practices. Our solution offers insights into your whole supply chain and helps you manage your assets better. We train our AI-powered solution using deep learning to provide more accurate data and greater visibility into your supply chain. 

Our solution gives you the data you need to make informed decisions and remain compliant with industry regulations. We can track and manage returnable containers that allow you to deliver products more sustainably. We also offer mobile asset management, which helps you provide accurate delivery estimates and keep your customers informed of their order status. 

Move assets in and out of your facility quickly with packaging specification management. Optimize your inventory storage and make sure your packaging matches your production requirements to enhance your operations. 

Schedule a demo today to learn more about how our AI asset management technology can improve your business. 

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