Growing Demand of Enterprise Asset Management in Healthcare and Related Industries during the COVID-19-IStudio Technologies

Growing Demand of Enterprise Asset Management in Healthcare and Related Industries during the COVID-19

The pandemic situation has a devastating impact on all markets and sectors. However, there are a few industries that double their activities with much more commitment and determination, emphasizing their responsibility.
A pandemic is an illness that has extended its wings around a large geographical area, such as continents or even the whole globe. Pandemic outbreaks have existed several times in history. Some of the most terrifying ones are mentioned below:
  • HIV/AIDS (2005-12): Total deaths – 36 million
  • Influenza (1968): Total deaths – 1 million
  • Asian Flu (1956-58): Total deaths– 2 million
  • Influenza (1918): Total deaths – 20 – 50 million
The list could go on, but these are the most recent. The most recent pandemic afflicting the planet is COVID-19, which has resulted in a catastrophic loss of life.

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What happens during a Pandemic?

All become highly worried about the disease and its potential for rapid growth. Regulations are set in motion, and individuals are forced to work from home.
Any industry must operate digitally and remotely so they cannot afford to postpone or slow down their operations. However, several businesses must operate on the front lines during pandemic emergencies.
What happens during a Pandemic - IStudio Technologies
Healthcare and allied businesses such as medical devices, research labs, medical clinics, nursing homes, pharmaceuticals, and so on are examples of these industries.
These industries and their workers are unable to function remotely. In order to provide emergency services to patients, they must serve at the front lines, even though it means putting their health and lives at risk. These industries must continue to function selflessly in order to provide critical treatment to the population.
As a consequence, it goes without saying that the healthcare sector should still be supplied with all appropriate medical materials, pharmaceuticals, machinery, and devices. Out of stock is not an option for them. They must be trained ahead of time, with the necessary supplies on hand to provide treatment if it is needed.
Obviously, physicians cannot put their patients’ lives in doubt due to a shortage of pharmaceuticals or medical equipment.

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What is the need of the Asset Management System-IStudio Technologies

What is the need of the Asset Management System?

Asset management is a comprehensive approach to operating, maintaining, upgrading, and disposing of assets in the most cost-effective way possible while balancing cost, risk, and performance criteria.
Asset Management Software is an application platform that is used to log and track an asset during its life cycle, from acquisition to disposal.
An Asset Management Software tool assists a company in gathering information on their properties such as location, customer, status and mode of use, and other essential data.
Asset management software has various advantages, including optimizing asset efficiency and value, informed decision making through cost transparency, constructive software license enforcement, monitoring services, and assets, measuring vendor performance through straightforward metrics, and customized asset allocations for optimized Return on Investment (ROI).
The software solution can:
  • Monitor all properties
  • Manage assets from several locations
  • Have an incentive to prepare for economic, organizational, and legal risks.
  • Specify service levels
  • Optimize the asset portfolio
  • Create a more effective operation capable of tracking performance; and
  • Improve time management.
  • Improve time control
  • Measure and track life cycle costs
  • Promote the company's economic prosperity and development

Asset Management System is supportive for numerous Industries in a Pandemic situation

1. Healthcare Industry

Implantable medical instruments, such as surgical films, are used in hospitals. These devices are costly but limited in scale. Such medical devices will have a serial number for the inventory management system, allowing their travel, consumption for patient treatment, or where their supplies are about to run out to be monitored.
  • Asset tagging for the check-in/check-out phase
  • Efficient stock storage
  • Using automation to make successful decisions
  • Real-time tracking
The focus of healthcare is caring for patients and satisfaction with assurance of the availability of high-quality equipment and material required for their treatment.

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2. Medical Supplies

Excessive resource use and inadequate care could result in the denial of adequate treatment to other patients who’d have benefited had the services been properly used.
Main Operational Healthcare and Medical Supplies Elements:
  • Planning
  • Acquisition
  • Operation and Maintenance
  • Performance Management and Monitoring
Medical Supplies - IStudio Technologies

3. Research and Medical Laboratories

Almost all the laboratory equipment can be tracked accurately and efficiently with a systematic solution:
  • Reduce the amount of time wasted looking for appliances.
  • Set up reminders and updates for upcoming Preventive Maintenance or Calibrations.
  • Provide notice of equipment lease expiration or due date of return
  • Enable laboratory staff to reserve equipment efficiently; and
  • Assist with details on all aspects of all properties.
  • Handle assets from several locations
  • Have an incentive to plan against financial, organizational, and legal risks
  • Describe service levels
  • Unify the asset portfolio
  • Offer a more effective operating structure with the ability to track results
  • Enhance time management
  • Measure and monitor value cycle costs

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4. Pharmaceuticals

Since pharmaceuticals and surgical instruments are among the most frequently used products in a hospital, each hospital must maintain an adequate supply of medicines at all times.
The expiration of a drug patent is a major consideration for the pharmaceutical industry, which produces medications and medicines. For example, if a patent expires and no action is taken to extend it, it will interrupt the manufacturing schedule and availability of the drug.
Unnoticed patent expiration results not only in manufacturing and packaging losses but also in financial penalties and loss of company reputation.
The organization will monitor the patent expiry and be alerted through notifications and e-mails before the actual date of expiry, as well as for their timely renewal, using asset management tools.

Asset Tracking

Asset tracking is indeed a system for capturing an asset’s detailed data on status, location, condition, and so on by reading barcodes or RFID tags with scanners. It offers real-time data that is reliable.

Benefits of Asset Tracking:

  • Maximizing asset life
  • Lowering operating costs
  • Streamlined checks and seamless processes
  • Recovery and GPS position tracking
  • Increased efficiency
  • Asset management scheduling and reporting
  • Precise check-in/check-out


Asset management in both of the above fields is vital for the well-being of society at all times. These enterprises cannot afford to lose. We depend too heavily on our physicians, nurses, experts, and so on. We would not be able to survive pandemics until they function properly.
Asset tracking is indeed a system for capturing an asset’s detailed data on status, location, condition, and so on by reading barcodes or RFID tags with scanaAs a result, such vital sectors cannot afford to be neglected. They need an inventory management scheme to be integrated into their process in order to discharge their duties more effectively and efficiently. They cannot be forced to run out of medical supplies or facilities while they are fighting for their lives when a pandemic rages on.ners. It offers real-time data that is reliable.

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