No matter how much you think new technology will improve your ability to manage your physical assets, try to fight the impulse to buy. The hard work begins long before you purchase new software or hardware. This is true for any number of popular technology solutions, such as a CMMS, industrial internet of things (IIoT)-ready tools, or an asset tracking system.
The key to improvement is changing processes to accommodate a new technology in a manner that maximizes benefits. The sooner you design new processes, the faster you will understand which technology will best enable them in the short- to longer-term. This puts you in a powerful position when shopping around for technology solutions, because you will have a much better appreciation of what technology you really need (if any) under the future-state processes proposed. Otherwise, you are far more likely to be wooed by the slickest vendor presentation or tempted by the latest technology.
Given that you are striving to get the most out of existing technology and are always on the lookout for for new technology, implementing a continuous improvement program can help you optimize both pursuits. For example, you can use your current CMMS to generate reams of data and reports for managing assets and ultimately for making more-informed decisions. However, most companies require much work to design efficient and effective processes that use the data optimally. This starts before purchasing or upgrading new technology through future-state process design under a continuous improvement program, and it continues long after any new technology implementation.