Transforming operations with Asset Intelligence: Enhancing visibility, efficiency, and ESG compliance

Navigating the complexities of managing large-scale and often distributed assets is essential and a top priority for healthcare, food operations, and other industries relying on freezers, fridges, and industrial-grade storage capabilities. These often expensive and disconnected storage systems are critical for continuous operations, as they house important inventory and play a direct and indirect role in advancing thriving operational ecosystems.

What is an operational ecosystem?

An operational ecosystem is an environment where people, processes, and technology work together intelligently. Unlike traditional operations that rely on outdated processes and disconnected data, operational ecosystems connect, adapt, and evolve data and dynamic workflows with proprietary data models. This provides optimised and actionable intelligence generated from assets, locations, and teams. In the era of AI, the most efficient, adaptable, and scalable teams will thrive, so ensuring your operational ecosystem is properly connected and optimised maximises the ROI of your operational budget and physical assets in a compliant, efficient, and sustainable manner.

Why assets, process, and performance visibility matter

The challenge is that these assets do not provide performance data in a useful manner. They generate temperature at requested levels, and try and maintain them in an efficient way, but failure is often inevitable. To comply with regulation in certain industries, temperature and time need to be tracked. While you can see the temperature or main data point (ideally in an automated and systematic manner), but there's not a great way to get visibility into the ongoing performance of the asset itself, especially at scale. This lack of insight eventually creates other problems such as energy waste, asset failure, and non-compliance, many of which could be prevented. Such failures are costly and time-consuming to address and pose significant threats to the inventory they protect and its value to the business. Moreover, these issues can range from minor inconveniences, such as needing to move inventory from one location to another, to serious concerns that threaten ESG or compliance efforts. 

Juggling responsibility, risk, and the right priorities

These multifaceted challenges confront even the most innovative operational leaders as they balance basic operational responsibility, risk mitigation, and proactive innovation. While these assets are pivotal for operations and not easily replaced, they are often silent until failure occurs. Given that the probability of failure is high, and increases over time, it is a constant test of one's appetite for pushing limits.

Ideally, addressing these problems ahead of time is preferable, but many opt for a reactive approach because it is not an immediate priority or they simply don't recognise the potential implications. There is much to be done, and juggling priorities is a constant challenge; however, understanding the benefits and their impact on the bottom-line, regardless of whether it is an immediate need, is the first step is establishing broader business benefits.

The problem with waiting

This reactive approach to emerging problems is itself problematic. When assets fail, the cost and effort to replace them can be substantial, affecting overall operations and continuity. A failure in temperature-controlled environments can compromise critical inventory, leading to potential losses and compliance issues, impacting staff, customers, and stakeholders, with the severity of the issue obviously correlated to the complexity and cost of the outage. Further downstream, unplanned asset failures can disrupt budgets, leading to financial strain and operational instability. Furthermore, as businesses increasingly prioritise sustainability, the energy consumption and environmental impact of these assets come under scrutiny; therefore, ensuring ESG compliance without compromising efficiency requires a delicate balance.

Reimagine your assets

Everything is getting smarter — people, process, and more productive ways to generate satisfied customers and revenue. Data is at the forefront of many decisions, but historically, it has been limited to digital or contextual sources. Online experiences provide an ocean of insights that can be cross-referenced, analyzed, and interpreted; however, running an efficient, streamlined, and intelligent operational ecosystem requires even more data. The ability take this data to the next level is closer than you might think. Your physical assets consume energy but also emit subtle signals about the performance of the system itself. Vibrations, fluctuations, and creative sources of insight go unnoticed, and even if they were consistently tracked, it is not immediately clear how to make this information in a usable or actionable.

Discover a more innovative (and predictive) way

Asset Intelligence from Checkit leverages the data your assets naturally produce in a smart, efficient, and scalable manner. By cross-referencing your data with Checkit's internal proprietary data models generated from tens of thousands of monitored assets, Checkit customers gain insights otherwise not possible with traditional solutions. This data is analyzed to provide predictive intelligence with up to 90% accuracy, offering information into assets and indicating when industrial assets are likely to fail. The solution is built on automated temperature monitoring data from smart sensors installed with the assets, utilising cycle times and temperature fluctuations to identify and forecast potential problems.

How Asset Intelligence improves strategic oversight

Oversight is a constant challenge, especially as companies evolve and more complexity is added to operational process. Gaining strategic insights from the data can unlock new opportunities.

• Visibility: Gain comprehensive visibility into all your assets across multiple sites, with real-time availability monitoring.
• Intelligence: Transform raw data into actionable insights, enabling more informed decision-making and strategic planning.
• Operational modernisation: Utilize the data you already have to make informed decisions, modernising your operational ecosystem for enhanced competitiveness, talent recruitment, and stakeholder satisfaction.
  
  

How Asset Intelligence improves asset management

When investments are made in expensive asset equipment, maximising ROI is often limited to the overall performance of the system itself. With Asset Intelligence, new ways of optimising data and systems are now possible.

• Reliability: Assess the reliability of your assets based on the frequency of significant temperature fluctuations.
• Predictability: Understand the predictability of asset failures, enabling proactive maintenance and budget planning.
• Proactive maintenance: By predicting asset failures, you can schedule maintenance before critical issues arise, reducing downtime and ensuring continuous operations.

How Asset Intelligence impacts ESG initiatives

ESG (Environmental, Governance, and Social) initiatives are top-of-mind for many executives, leaders, and investors because of the long-term impact today's businesses create. Developing new and innovative ways to maximise these efforts can further highlight commitment to cleaner, greener, and more efficient models.

• Sustainability: By optimisng asset performance, the solution contributes to energy efficiency and a reduced carbon footprint, aligning with ESG goals.
• Strategic agility: With a modernised operational ecosystem, businesses can adapt more swiftly to market changes, technological advancements, and evolving customer expectations.
• Thought leadership: By employing innovative capabilities not yet mainstream, position your operational ecosystem as a market leader.
  
  

How Asset Intelligence improves your bottom line

All roads lead to the bottom lines of organisational financials and aligning operational strategy with tangible results can only further benefit and drive forward the work being conducted.

• Cost savings: Proactive maintenance and energy-efficient operations result in significant cost savings, directly impacting the bottom line.
• Risk mitigation: By anticipating asset failures, businesses can mitigate risks associated with inventory loss, compliance violations, and supply chain disruptions.
• Budget optimization: With predictive insights, you can plan for maintenance and replacements within your budget cycle, avoiding unexpected expenses.

Asset Intelligence is not just about artificial intelligence; it's about gaining insights from the assets you already own. By embracing this new approach, you can unlock a new wave of efficiency, ensuring your operational ecosystem is equipped to thrive in the fast-paced, ever-changing business landscape.  

Moving the future forward

The Asset Intelligence solution represents a paradigm shift in how businesses manage their physical assets. By harnessing the power of predictive analytics and automated monitoring, companies can unlock a new wave of efficiency, ensuring their operational ecosystem is not only sustainable and resilient but also primed for future growth. To explore how Asset Intelligence can transform your operations, consider scheduling a live demo with Checkit today.

To schedule a live demo of Asset Intelligence, book a demo today!