AssetWorks: Tools to Simplify Complex Asset Management

John Hines, Founder & CEO
Enterprise Asset Management (EAM) technology has evolved to become an important facet of organizations across many industries that oversee many operations like design, construction, commissioning, maintenance, and replacement or decommissioning of plant and equipment. Without proper asset management data, companies may find it hard to make informed decisions related to work management and expenses, resulting in huge financial losses and data inaccuracies that ultimately affect their planning initiatives. “To add to this dilemma, CIOs are finding it difficult to incorporate innovative and practical solutions which simplify the EAM process,” says John Hines, Founder and CEO, AssetWorks.


Our CAM possesses a flexible asset data model that supports management of asset types in any industry ranging in size, complexity, and use


The firm’s software and hardware tools alongside their stellar consulting services help organizations to manage their assets. The Capital Asset Management (CAM) tool, one of AssetWorks’ flagship products, is a comprehensive asset management system which is designed to help asset managers find ways to curb capital and operating expenses by enhancing the useful life of an asset. “Our CAM possesses a flexible asset data model that supports management of asset types in any industry— ranging in size, complexity, and use,” says Hines. CAM finds its application in basic electronics like phones, laptops, and radios, in mobile assets like vehicles and moveable shop equipment and in complex stationary assets like plant machinery or heavy equipment.

The CAM offering has four modules that address major functional areas of asset management - analytics, planning and budgeting, procurement, and remarketing.
The analytics module conducts analysis on the life-cycle cost, component failure, and performance and utilization metrics among others. The replacement management and budget operations including capital budget request, budget approval, and expenditure tracking are carried out by the planning and budgeting module. The procurement module on the other hand creates a list of assets that need to be procured. This module also handles the creation of asset purchase requests, approvals, and purchase orders. Furthermore, the vendor portal, delivery/reconciliation benefits present that are present in this module, completes the CAM solution as a well-rounded EAM offering. In addition, the remarketing module comprised in the CAM handles all aspects of asset disposal including disposal preparation, disposal reconciliation and records management.

AssetWorks is best known for its repertoire of products and services for fleet management, public works and infrastructure, automated fuel management, and EAM applications. Leveraging these offerings has derived multitudinous benefits to clients to overcome most complex business challenges. The Louisiana Property Assistance Agency (LPAA) is one such customer who experienced the windfall of deploying AssetWorks’ EAM solutions, to address numerous issues in their inventory and asset management. The customer practiced conventional pen and paper asset tracking methods that made them suffer slow and error-prone operations, hampering productivity and increasing wastage of time. After approaching AssetWorks, LPAA was outfitted with the EAM solution that allowed them to enjoy faster and accurate asset management. The solution also helped track LPAA’s fixed assets as well as empowered them with transfer and change request management functionality, approval processes, and a detailed audit trail to monitor the assets in the product lifecycle.

The company has charted out a distinct repute in the industry through its persistence in developing cutting edge solutions to serve clients with variety of needs around asset management. For the future, Assetworks aims to vest its attention in augmenting their EAM technology to ensure the customers have access to the most befitting asset management tools available in the landscape.

Company
AssetWorks

Headquarters
Wayne, PA

Management
John Hines, Founder & CEO

Description
Delivers industry-leading business solutions to help asset-and infrastructure intensive organizations control capital and operating expenditures, reduce operational complexity, and manage regulatory and policy-driven risk.