Advanced analytics provides asset managers with the ability to increase revenue assurance by optimizing both service and distribution models. Asset managers are investing in analytics more and more in order to create design and service models that serve their client’s needs optimally. Let’s look at how asset monitoring helps companies.
Increasing Revenue Assurance Through Optimal Distribution Models
If your clients ship material on a regular basis and have an optimal service and distribution model, then they are less likely to lose revenue due to lost shipments. An optimal distribution model will allow your clients to closely monitor their business’ assets so that they are aware of their status and location.
Advanced analytics lets you categorize your clients more efficiently, so you are covering the right clients at the optimal time and using the correct channels. You now have more information about your client’s assets and can monitor them more effectively. Insufficient information about a client’s assets is a major potential source of lost revenue. Advanced analytics can help you eliminate any gaps in information.
Benefits of Asset Monitoring
Here are five benefits of using asset monitoring for your business.
- Deters Theft: One significant benefit of asset monitoring is that it can help deter theft. Asset monitoring allows you to keep close track of your high-value assets. You could use an asset monitoring system to obtain more information for insurance claims in order to simplify the process of filing them. An asset monitoring system also disincentives fraud.
- Logs and Display Asset Information: Another benefit of utilizing an asset monitoring system is that these systems have the ability to constantly log and display asset information. This means you can monitor your employees’ actions whenever they are using high-value assets. You won’t have to micromanage the asset monitoring system either, since it operates independently.
- Improves Efficiency: The third benefit of an asset monitoring system is improved efficiency. Given the fact that assets are moved from employee to employee and then to a service provider means the potential for lost revenue is significant. An asset monitoring system assists you in increasing the overall efficiency of your client’s assets.
- Improves Maintenance: Data trends provide you with the ability to make recommendations to your clients in order to ensure that their business is running as efficiently as possible. Asset monitoring also improves the maintenance of assets because some asset monitoring systems let your client track the scheduled equipment maintenance so they do not lose revenue due to equipment breaking down.
- Stores Data in a Centralized Database: The fifth benefit of an asset monitoring system is that it stores all of your client’s data in a centralized database. You can then easily monitor your client’s assets since they are all in a single database, and that database is updated in real time.
To learn more about data visualization and real-time analytics from Live Earth, check out our Financial Data Analytics & Visualization Solution to learn more.
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