Posted on 07/12/2016
As a retail facility manager, you’re being squeezed from both ends.
Operational budgets are shrinking, while equipment maintenance and repair costs remain high – consistently up to 2% of revenue according to the Food Marketing Institute.
To get maintenance costs under control, you must look for new ways to get the most out of your assets, maximize uptime, and plan for unexpected failures.
Equipment can be utilized to provide a constant stream of data, such as energy consumption, fault and error codes, etc. Assets such as refrigeration equipment, gas pumps, lighting, and HVAC systems have intelligence embedded into them. Tracking these “smart” assets throughout your retail facilities gives you a clear and detailed view of each piece of equipment.
Typically, for an industry like retail, assets are dispersed. But with access to historical and real-time information about assets, workers are more likely to identify and fix problems from the onset.
Using analytics to gain additional insight, you can predict downtime and improve performance. For example, if your asset tracking program discovers that a compressor or pump is using more energy than expected (a sign of possible malfunction), you can schedule maintenance to fix or replace the unit before it fails. This proactive approach enables facility managers to optimize productivity, reduce repair cost, and lower energy use.
7 Benefits to Implementing an Asset Tracking Program
An asset tracking program can result in significant benefits:
When you have to focus more on store upkeep than sales and customer satisfaction, you’re at disadvantage. Adapting to an environment where productivity is a key driver in the business requires a different way of thinking about how assets are managed and maintained. Analytics and real-time data are powerful tools for retailers, especially those focused on asset management. Analyzing historical and real-time data provides insights to make better operational decisions that save money.
Source: Remote Assets: Taking Advantage of New Opportunities in Retail. October, 2015. Aberdeen Group, Inc.