ASSET MANAGEMENT SOFTWARE

Asset Management Solutions for Risk Assessment by RiskMach

Designed with simplicity in mind

The problem

When we started to build RiskMach we mimicked existing popular applications. We used software to create a risk assessment and then issued that risk assessment to customers to manage themselves. That didn't work because customers simply weren't doing it. Risk assessments were essentially issued into a black hole and lost.

If you put 3000 risk assessments into a business as a result of inspecting 500 assets, you may want to find risk assessment number 3 on asset 269. But nobody knows which asset 269 is and it is going to take a lot of administrative effort to either find that needle in a haystack, or to keep that haystack organised so that you always know where the needle is.

Imagine logging into Outlook to find an email from Fred Bloggs but you are unable organise your email, all those helpful tabs are gone and there is no search box.

The answer, you search your account for email from Fred Bloggs. But you had to type that in and the application had to go and find it. This, assuming you have all of your emails indexed. So the indexing of information is critical to make it accessible and contextualise it and personalise that information to the person.

The same principle applies to RiskMach records.

The Solution - ReportHub

We built asset inventory and asset tracking management into ReportHub and incorporated it into RiskMach. RiskMach creates a lot of information, that all has to be indexed in a way that is searchable. The most effective way to index this information is around the assets in the business, as all real risk is associated to an asset.

Nested Asset Structures

The asset management system that we've implemented into RiskMach is very advanced. It supports nested asset structures so that you can drill down into an asset and break it into sections, allocating records to those sections.

The natural next step was to address the responsibilities. By managing the responsibilities in synergy with records based on the asset structure, RiskMach adds more value to your projects.

All risk is linked to real things, and those things change over time. For example,

  • Things move
  • New things are introduced
  • Old things are discarded
  • Things move between sites, areas and buildings

So it is essential to model what happens in the real world to present information that is relevant, real and true to a person at the point where it is needed. If you don't map the information to the asset management system using RiskMach then your information is unindexed and very hard to find.

Inevitable change links to continuous improvement

Making asset management a cornerstone of RiskMach was critical not just to the risk management aspects but also to the future development of new features. As well as meeting customer needs immediately, this is adding value and investing in the future development of the system. Watch for future product updates as we bolt on useful features to further streamline risk assessments across the globe.

Where Asset Management meets Risk Management

If you are managing the flow of your assets coming in and going out of the business, then the risk is linked to the asset as the asset moves, or is removed from the business. That is reflected in the risk pro

Paper based system

Before software came along to help streamline the process, we were largely dependent on paper filing to get the job done. You would have to have a folder on the shelf called asset number 1. All the risks associated to asset number one would be in that folder on that shelf. And when asset number one was moved from area A to area B, you would have to pick up the folder from shelf area A and move it to shelf area B. Simple to say but hard to administer.

Electronic filing system

Even using an electronic record system you would still need to manually drag these folders around and put things in the right places. You then wouldn't have any change management. You wouldn't know that machine 1 used to be in area A. If someone turned up tomorrow all they would know is that machine one is in area B and not that it was ever in area A. In this typical scenario you have no auditable history.

In summary, the main benefits of having an asset management approach to your risk management are as follows.

  • Ability to track changes
  • Functionality to audit history on demand
  • Personalise and contextualise information to the user logged in so that they see only what they are responsible for
  • Build up profiles of risk for different types of assets

How RiskMach is different from what is already available

We are the first to incorporate powerful asset management and into a machine inspection and risk assessment management tool.

Before software came along to help streamline the process, we were largely dependent on paper filing to get the job done. You would have to have a folder on the shelf called asset number 1. All the risks associated to asset number one would be in that folder on that shelf. And when asset number one was moved from area A to area B, you would have to pick up the folder from shelf area A and move it to shelf area B. Simple to say but hard to administer.

Typical asset management solutions implement asset management centrally and then uploads actions from external systems. That is duplication, so you now have to transition between two systems that you don't need.

Other software make use of mapping assets with the intent to put sequence of flow against those assets to link them together. A flow of material through a production line can then be modelled.

We model the assets in much the same way but for a different reason, to map risk. So although we all need and work off of an asset management platform we are working with different metrics.

We offer engineering managers, project managers and other customers the combined functionality of risk management and asset management in a single place. It simplifies their working lives and removes the human error often costing the business when making a transition from one system to another. Instead of printing, scanning and uploading it is now all indexed in one place.

Frequently Asked Questions

Is my data safe? What assurances can you give?

"Naturally our customers are inquisitive about this new technology. Most frequently we get questions about the data being hosted outside the business. Consider ransomware, your data is safer on remote servers than your own, so long as they are reputable."

  • OK, it sounds great. But why would I invest in this software without a demo?
  • What if I don't want to be shown remotely?
  • What if I have more questions?
  • How is RiskMach suited to enterprise asset management?

Coming soon – Integrated RACI (Responsibility Matrix) Management

With RACI the relationship to the record can be given meaning and context. This highlights responsibility, accountability, and those other parties that may need to be consulted or involved in the process. This remove the anonymity of the data and creates a personalised experience with a your relevant records at your fingertips.