Unveiling the Dynamics of the Asset Management System Market: Trends, Benefits, and Future Prospects

September 1st, 2023 Research Nester Leave a comment

Research Nester is excited to share the findings of study on the burgeoning Asset Management System Market. We expect this sector to experience a growth rate of 14% from 2023 to 2035. One of the drivers behind this growth is the rising importance of effective risk management as well as the increasing demand for automated solutions and the preference, for cloud based options.

Managing assets in todays paced world can be quite overwhelming. Whether its keeping track of inventory or monitoring equipment there are components that require efficient management for a business to thrive. This is where asset management systems come into play. They offer organizations a centralized platform to effectively oversee their assets resulting in saved time and resources. Why are these systems so crucial? Well just imagine the chaos of keeping tabs on all your company’s assets—it would be an absolute nightmare! Asset management systems automate this process making it significantly easier and more efficient for businesses to operate smoothly.

Advancements in Technology

The market for asset management systems is experiencing growth due to various technological advancements that have simplified the tracking and management of assets. Among these advancements RFID technology stands out as a game changer. By utilizing radio waves RFID enables real time asset tracking revolutionizing how companies manage their inventory with accuracy and efficiency. It has been observed that implementing RFID technology in the supply chain can enhance inventory accuracy to a 99.99%. Moreover, manufacturers and distributors who adopt this technology in their operations experience an 84% improvement in shipping and picking accuracy. With real time inventory tracking capabilities companies gain access, to precise information allowing them to optimize their supply chain operations accordingly.

Growing Need for Efficient Asset Tracking

Efficient tracking of assets is crucial for any organization aiming to optimize its operations and cut down on costs. Businesses that successfully implement IT asset management can enjoy savings of up to 32% in the year with consistent savings of at least 6% in each subsequent year. By monitoring assets, in real time companies can identify areas of inefficiency and make informed decisions regarding resource allocation. For instance, a manufacturing company could utilize an asset management system to track the whereabouts and usage of production equipment. By analyzing this data, they can pinpoint which machines are being underutilized and which ones are being overworked enabling them to make adjustments that increase efficiency while minimizing downtime.

In 2022, The Healthcare Industry Emerged as The Force, In the Market Share of Asset Management Systems.

The healthcare industry has experienced a rise in the demand for asset management systems primarily due to the necessity of managing supply chains tracking inventory and ensuring efficient staff operations. According to statistics nurses spend hours each day searching their facilities for vital equipment required to serve their patients. Given that hospital workers typically spend an average of 70-75 minutes looking for assets, it’s not an overstatement to say that having access to critical equipment can make a life or death difference. These systems aid nurses and other healthcare providers, in locating the necessary equipment saving them valuable time and enabling them to provide enhanced patient care. Moreover, these systems assist healthcare organizations in cutting costs by streamlining operations and facilitating asset tracking.

Regional Overview of the Asset Management System Industry in North America

The asset management system market in North America is projected to generate the revenue reaching approximately USD 10 billion by the end of 2035. This can be attributed to the presence of a number of IT companies operating in the region. By the end of 2021, it was anticipated that there would be least 584,000 IT enterprises in the United States alone. Furthermore, advancements in technology such as the Internet of Things (IoT), artificial intelligence (AI) and machine learning have greatly improved the capabilities of asset management systems used by companies. These technological developments have facilitated efficient monitoring and management of assets resulting in increased adoption rates.

Important participants, in the Asset Management System industry include ABB Ltd., Adobe, Brookfield Asset Management, Honeywell International Inc., IBM Corp., Oracle Corporation, Rockwell Automation, Siemens AG, WSP Global Inc., Zebra Technologies Corporation and others.

Archives, Global Logistics, Global Trade Daily, News

Traxens Raises 23M€ and Acquires NEXT4 To Become the World Leader of Shipping Container Tracking

February 14th, 2022 CHARLIE PESTI, marketing and PR Leave a comment

TRAXENS, the leading smart-container service provider for
the global supply chain industry, announced today a new financing round of €23 million ($25+ million) from the company’s existing shareholders. The funds will be used to fuel Traxens’ international expansion starting with the acquisition of NEXT4, a fast-growing French supplier of removable and reusable shipping container trackers.

Traxens’ Internet-of-Things (IoT) solution is based on a breakthrough technology that enables access to the most comprehensive, precise and timely data for managing assets in transit anywhere in the world. In addition to tracking container geolocation, it detects shocks and monitors temperature and humidity, as well as the open-or-closed status of container doors.

The acquisition, confirmed today, will allow Traxens to streamline and merge NEXT4’s offering into its suite of solutions, providing customers with the best of both solutions — including shipments scheduling, collaborative risk management, and analysis reports. The newly consolidated company is now the market frontrunner in providing overseas cargo visibility and offers Traxens’ customers a technological edge in container tracking solutions.

“Integrating NEXT4 into our company dramatically increases our ability to serve the growing needs of our customers as they digitalize their business processes, while adding freight visibility, cargo security and goods integrity,” said Traxens CEO David Marchand.

Founded in Toulouse in 2018, NEXT4 provides trackers that can be attached to containers from point of origin to the final destination. This provides freight forwarders with a premium tracking solution and gives customers 24/7, real-time data on the status and location of their goods via sensors inside the containers.

Tens of thousands of NEXT4 trackers have been adopted by leading freight forwarders such as Bolloré Logistics and DB Schenker. Airlines have also approved the latest version of its trackers, a smaller and more versatile device, that allows them to be adapted to the needs of the air freight industry.

The €23 million round of financing follows a Series C funding round of approximately €20M ($22.7M) raised in 2019. This new acquisition will enable the consolidated French company to continue deploying its smart-containers worldwide, while building new relationships with major players in the supply chain, including companies focused on container leasing, insurance and
transport management systems.

As it moves into new markets in the U.S., South America and Asia, Traxens will also use the funding to further expand its portfolio of solutions to address the increasing needs of freight forwarders and beneficial cargo owners (BCO) for supply chain transparency.

“Joining the Traxens group enables us to market our innovative solution on an internationalNEXT4 will operate as a wholly-owned subsidiary of Traxens with offices in Toulouse. In addition
to remaining as CEO of NEXT4, Rosemont will serve as Traxens’ chief marketing officer. scale and to jointly develop new products and solutions with their team,” said NEXT4 CEO and founder Cédric Rosemont. “Our highly complementary solutions will meet the current and future challenges of shippers and their logistics providers. This means NEXT4’s customers also can benefit from Traxens’ solutions, which are now being widely deployed by container owners.”

NEXT4 will operate as a wholly-owned subsidiary of Traxens with offices in Toulouse. In addition to remaining as CEO of NEXT4, Rosemont will serve as Traxens’ chief marketing officer.

Both CEOs will be available for interviews about this strategic merger at the TPMTECH (Feb.24-25) and TPM22 (Feb. 27-March 2) trade shows in Long Beach, Calif.

Archives, Global Logistics, Global Trade Daily, Trucking

Resolving Fluidity Challenges in Today’s Bottlenecked Supply Chain Environment with Technology

November 11th, 2021 Thomas Martucci Leave a comment

In today’s demanding supply chain environment, SMEs (small and medium-sized enterprises) are facing unprecedented supply chain challenges much like larger companies and, as a result, have been investing in their own fleets due to the lack of equipment available in the marketplace.

Equipment scarcity as well as the reliance on outdated, legacy technologies to resolve today’s challenges are fast becoming the key underlying obstacles affecting SMEs to maintain their competitive advantage in today’s bottlenecked supply chain reality. More and more, companies are understanding that along with the investment in the assets must be the investment in asset management technology.

It has become clear that the right asset management platform—meaning the right technology, the right team of experts, the right level of adaptability and scalability– can serve as an invaluable tool to not only manage assets, but also transform operations and streamline processes.

The growing importance of technology for competitive advantage

While SMEs are looking for technology to help them respond to market shifts and evolving business strategies, they typically rely on modest IT budgets and stretched-thin admin teams. As their current software is reaching its end-of-life phase, SMEs are looking for cost-effective, scalable technology that can address today’s needs as well as those of the future. They rely on technology partners to help understand what is necessary: Is it an upgrade to a current system? Is a modification or new feature in order? Will a plug-in elevate the system to where it needs to be? Should this be a start-from-scratch system?

There is no doubt that as time goes on, SMEs–even those who may have resisted technology– will rely on technology services and solutions more and more, as the agility and flexibility of small and medium-sized enterprises within the supply chain have become ever more vital to supply chain fluidity. Innovative asset management technology platforms are enabling fleet managers to optimize their assets, control costs, manage M&R (maintenance & repair) as well as reduce admin costs. Tools designed to manage M&R help ensure streamlined communications, accountability, productivity and, most importantly, safe equipment. Customers utilizing asset management technology realize these robust benefits and more.

When selecting an asset management platform, it’s important to work with a partner with a proven track record, such as, Consolidated Intermodal Technologies (CIT), which was developed by Consolidated Chassis Management (CCM) and, for the last 10 years, has served as the asset management tool for its chassis pools. CIT is designed for fleet managers looking to upgrade their technology to support a growing fleet in a sustainable, scalable and efficient manner. CIT’s platform focuses on various intermodal equipment fleets, including chassis, trailers, containers, reefers and gensets of around 100 units.

These types of technology solutions are emerging as a competitive advantage by providing real-time visibility that enables businesses to make strategic decisions based upon quantitative analysis. Efficient asset management will provide the opportunity for SMEs and larger companies to outsource many back-office activities, enabling internal resources to be redirected to value-adding processes, including supply chain management. In fact, these services offer the possibility for SMEs to reduce labor costs, and the human capital necessary to manage their supply chain operations.

When it comes to investing in technology, we at CIT believe it is important to remember that one size does not fit all. It is crucial to collaborate with a technology partner who understands your business, your IT capabilities and resources as well as your goals. With the right asset management platform and team of experts that “get you,” businesses of all sizes can address the most complex and critical challenges to optimize operations, align business objectives and enhance corporate culture practices.

CIT is an innovative and proprietary asset management platform designed to enhance efficiency, elevate productivity, increase visibility, improve workflows and processes while lowering expenses and eliminating time-consuming redundancies. CIT understands the pain points of fleet managers as well as the importance of optimizing assets that are in compliance and on the road. For more than 10 years, the CIT platform has been the technology behind CCM’s fleet optimization system.

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A seasoned technology executive with over 30 years of transportation IT industry experience, Mr. Thomas Martucci oversees the development and implementation of technology strategies that generate revenue and reduce costs. As VP for CCM and CTO for CIT, Mr. Martucci is responsible for business process management, software development, and technology implementation.

Archives, Global Logistics, Global Trade Daily

4 Applications For IoT in the Manufacturing Industry

February 25th, 2021 Amanda Dudley Leave a comment

Not too long ago, it seemed impossible for everyday objects and machines to carry out specific tasks unaided by a human controller. The mere thought of that possibility was a pipe dream to some people and represented a terrifying future to others. Today, IoT (Internet of Things) is as much of a reality as humans and other organic life forms.

Devices are much more intelligent than they used to be a few decades ago. Embedded with chips and sensors, they can make autonomous decisions. They may not handle some tasks that require higher levels of intelligence and emotional quotient. However, in many industries, IoT is proving to be the future of work.

The manufacturing industry is one that has benefited immensely from IoT. As a result, it is the biggest IoT market. In 2016, the manufacturing industry spent 100 billion USD more than its closest rival, the transportation industry, on IoT. How has all of this spending on IoT translated to its implementation? This post will discuss industrial IoT solutions in manufacturing.

Digital Twins

As efficient as some systems and machines are, one slight issue besets them – their form. Physical devices are usually limited to their current physical locations. In IoT manufacturing, this may hamper efficiency, so the digital twins’ concept had to be implemented.

A digital twin is a digital copy of a device or process. It helps production plants and businesses monitor how a concept will work in everyday use without spending a lot of money on trials and on-field testing. These businesses can then improve efficiency using results from this approach.

With this IoT idea, managers can predict how a device will operate over time, how wear and tear will affect it, how long it will stay usable, etc. They can use the knowledge gained to tweak their systems and devices to perform better. They can also know which machines to recall and when to do so.

Asset Management

Asset Management, also known as asset tracking, is a system that allows a business to gather information about its tangible assets, log them and use them to monitor the assets’ statuses. This type of program is more advanced, coming from the more complex structure category, like ones, created for managing businesses like essay writing service, or logistics organizations.

This IoT-driven approach monitors both fixed assets and mobile ones. However, because mobile assets are at more significant risk of theft and loss, they tend to be tracked more often. Assets can be tracked using GPS (for real-time tracking), barcodes that update the system, and Radio-Frequency Identification.

There are several benefits of asset management to manufacturing plants. The most obvious one is that this system has helped factories save a lot of money. For every device that the tracking hardware and software manages, it creates a log. The system then alerts managers when something goes wrong, giving them a head start at reversing the situation or stopping it at the very least.

It does not only serve protective purposes, but it also helps with the prevention of loss. Knowing that assets are being tracked in real-time will deter thieves from trying to take them. This preventive advantage is incredibly efficient if the thieves are in cohorts with factory workers. This is because the asset management system can also monitor employees’ whereabouts.

Smart Pumping

For a long time, water management plants have faced wastage issues and outrageous electricity bills. These factors make up a significant portion of the cost of operation. Smart pumping is the pump industry’s proactive response to these long-standing problems.

The industry has recently ditched its reactive approach for predictive maintenance to turn the tides back in its favor. With smart pumping, sensors have replaced human efforts in tedious and time-consuming tasks. Manual maintenance of pumps is fast becoming a thing of the past.

Nowadays, technology monitors the pumps’ health and checks for signs of abnormalities. It does this by monitoring temperatures, vibration levels, runtime, etc. When the sensors detect any irregularities, they trigger troubleshooting processes to get the equipment working optimally.

These sensors also regulate water pressure in the pumps. Each company has pre-determined metrics that it operates by (including compulsory industry standards), and the sensors adhere to these metrics. They shut off when they need to, thereby preventing wastage and helping the company save money.

Safety and Security

IoT isn’t just here for the machines; it is also implemented to ensure employee safety. The best IoT companies continuously seek to make human lives and work more comfortable and safer – not to replace them. In manufacturing, employees regularly work with heavy-duty machines and thus need the best safety measures in place.

With data analysis, plant managers can use IoT to ensure that working conditions are ideal. They monitor near misses and work-related injuries and use the data to improve their safety processes. If there are indicators of a procedure or device not being as safe as it once was, the system upgrades or replaces it.

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Amanda Dudley is a distinguished writer and a lecturer with a Ph.D. in History at Stanford University. She is fascinated with students and seeks to help them succeed. On the side, she works at EssayUSA with a team of professional writers. There, she implements the latest educational techniques to help students with their academic assignments, dissertations and papers.

Archives, Global Trade Daily, Special Reports

Protecting Your Assets: Easy ways to Ensure your Money is Kept Secure

December 4th, 2019 Anna Jones Leave a comment

What would you say are the biggest risks facing your business? Increasingly strong competition? The possibility of a global financial crash? The threat of global terrorism? Or the ever-present threat of cybercrime?

Some of these ‘risks’ might sound somewhat unlikely or implausible, but even the most optimistic entrepreneurs know that future success is never guaranteed. In order to safeguard future prosperity, proactive planning is absolutely essential, especially when it comes to protecting your assets.

But in spite of a growing list of business threats, sometimes the old ways are the best. More often than not, you can protect your assets with simple habits and age-old strategies.

Pick the Right Business Entity

The first step in protecting your assets is choosing the right business entity. For example, an S corporation or limited liability company provides more protection and will safeguard your money more than a proprietorship.

“There will certainly be multiple tax-planning considerations, but operating as a sole proprietorship definitely isn’t your best choice for asset protection,” says Mark J. Kohler, author of The Tax and Legal Playbook. “As a sole proprietorship, your personal assets are completely exposed to a potential lawsuit.”

Abide by Corporate Principles

From maintaining a separate bank account and checkbook for your business to maintaining records and logging annual meeting minutes, you need to uphold corporate professionalism at all times.

Locking away the entity’s articles of incorporation in your drawer is all well and good, but it won’t save you if and when you’re subject to a lawsuit.

Use Correct Procedure

“One of the easiest ways for creditors to pierce the corporate veil and attack your personal assets is if you act negligently or fraudulently,” says Kohler. This can be avoided by:

-Having lease agreements for rentals

-Putting property and equipment titles in the company name

-Having subcontractor agreements in place

-Never hiring people under the table

-Only using licensed, bonded, and/or insured professionals

-Not relying on emails for terms

Define your Payment Terms

Getting paid and having a healthy cash flow is the lifeblood of every small business. Unfortunately, many invoices are paid late which can have an adverse effect on your business.

When defining your payment terms, make sure to include details like accepted forms of payment (e.g. yes to business checks, no to credit cards) and late-payment penalties. This will go a long way in protecting your assets and keeping money secure.

Purchase the Right Insurance

“Insurance is an important part of your business and should be included in your startup budget,” notes Kohler. “Insurance gives you the ability to take care of an incident in your business and gives plaintiffs another target.”

You should also look into umbrella insurance, which can be personal or business and provides $1-2 million in coverage for just $300-500 a year. Just bear in mind that it doesn’t protect you or your assets in every instance including fraudulent, criminal, reckless, or negligent action.