Should I Repair Or Replace?
One of the most asked questions in general is if something has passed its usable lifespan and if it would be more cost effective to replace it at this point to save you money in the future. We’ve all had it with bookshelves, appliances and most importantly our vehicles. This is asset management.
In this situation, there isn’t really any data to help you decide if paying the few hundred pounds to get your 20 year old car through another year or if this will be the straw that broke the camel’s back and causes you to replace your beloved vehicle.
What if there was to get this data for assets that you are responsible for managing?
Asset Management In Business Intelligence Software
Utilising cutting edge asset management technology, our Rail Asset Management solution can help solve this exact problem for you by harnessing the power of Business Intelligence. By keeping track of all of the assets that are currently installed on your set area of ownership and showing upkeep costs you can make the decision far easier.
When you are looking at the upcoming maintenance, not only can you see the exact technology that is installed, you can also see any linked technologies or infrastructure and how the relationships will affect any other assets you are looking at.
Looking at the projected lifespan of these items, Rail BI’s business intelligence systems can show you what the projected maintenance and upkeep costs of these items would be over the next 5 years, 10 years or even longer. Not only that, but it can also show the costs to roll out upgrades to these specific installations along your railway network and how these new technologies could save you money in the long run.
How Does Asset Management Help Me Save Money?
By being able to see what the projected costs to maintain the selected segment of railway line, you can see how this compares to rolling out a new technology by using real time cost estimates over a specific period of time.
Within the business intelligence SaaS, you can use this information to create business cases using the selected parameters. All of the asset relationships are pre-determined using our data warehouse, so you can be sure all of your calculations and plans are pulled from the same data (for more information on why using correct data is important, check out our blog post on Why is data accuracy important and how can I keep accurate data?
You can easily create a business case for a 5 year maintenance plan, then produce another instantly to show figures over a different time frame, allowing you to easily assess the situation for your given budget and see what would be the best fit for your rail upgrade or maintenance project over whatever time frame you have chosen to look at.
How Can I Find Out More About Asset Management?
Using business intelligence tools (such as our rail planning software platform) gives you the confidence to make better decisions, view asset and technology relationships in real time and enhance productivity and efficiency. We can help you get the best results and the correct information every time.
For more information about our product and to see how using business intelligence can significantly improve your planning for rail maintenance, upgrades and more, contact one of our team today for a demo of our rail planning platform.