Reliable Asset Management Shows in the Company’s Results

Reliable asset management ensures that the company’s assets critical from the viewpoint of production are in good condition throughout its entire life cycle. A reliable asset management system improves the company’s efficiency and data security, safeguarding the continuity of its business.

All company assets must be reliably documented and conveniently available. In particular, this requirement applies to the company’s assets critical from the viewpoint of production or business. Today, this can be achieved only by means of a well-functioning asset management system. When a company manages its assets efficiently and smartly, it can predict its future investment needs. The company possesses more detailed information about its capital and also has a better understanding of its utilisation potential.

“Regardless of the department or location, the personnel of a company must have convenient access to relevant and up-to-date information. On the other hand, not all data may or need to be available to everyone. When the company’s assets are properly documented and managed in a manner ensuring data security, this translates to improved efficiency and security. In this way, the company’s assets are also utilised in the best possible way at any given time,” reminds Niko Pahkala from Vitec ALMA.

Who possesses critical corporate data?

The asset management of a company does not evolve towards efficiency and reliability by itself. There are many pitfalls and stumbling blocks, but these can be avoided by adequate planning.

If a company’s assets and management thereof are not considered from the long-term and strategic viewpoint of the company, problems are bound to come. People tend to think that the company’s business will run just as smooth in the future as well.

“People often fail to consider the extensive areas of responsibility of the company and the way critical company data are stored and managed. Or what kind of risks and challenges the company may run into if data critical from the viewpoint of business are smuggled out of the company by individual employees,” he points out.

Before launching an artificial intelligence project, the basics need to be in order

The first step is to go through the basics of the company’s asset management.

“Whether the time is right to think about additional investments into Artificial Intelligence or Big Data projects depends on the company’s baseline position and on the maturity level of asset management. If the basic data about assets to be maintained are still managed in a fragmented manner and events are recorded in the system with varying efficiency, AI or Big Data matters, for example, should not be at the top of the priority list,” Pahkala notes.

Thus, the company’s actual situation, operating processes and operating methods must be well known. This allows gaining the best possible benefit from the development of asset management.

Transparency, systematic approach and ensuring business continuity

Companies may possess a wide range of assets: material (for example, buildings, machinery, equipment, and systems) or immaterial (such as software, expertise, operating models, and data). If a company wants to take care of its assets and gain both long-term and short-term benefits and operational efficiency from this, an asset management system should be introduced to support its operations.

“Transparency, systematic approach, taking care of business continuity, compliance with official regulations, and continuous improvement of the quality of operations are some of the typical drivers behind asset management and system development,” Niko Pahkala describes.

A scalable asset management system grows with the needs of the company

The ALMA information system can be used for extensive resolution of challenges related to asset management, enterprise resource planning, daily management, maintenance, data management, planning, and design.

“Our solutions can be utilised in asset management at different stages of a company’s development. ALMA is also scalable – in other words, suitable for long-term development of corporate operations. A significant advantage is that all aspects of asset management can be brought to the same platform for creation of an integrated and smart global solution,” he says.

In ALMA, enterprise resource planning and management of operations and events can be targeted to a specific asset subject to management.

“ALMA offers a functional solution for life cycle management. It allows significant intensification of the co-operation and information exchange between the company’s various functions, such as production and maintenance.”


Niko Pahkala, niko.pahkala(at)