Chile's fast modernizing navy is investing undisclosed millions into an advanced asset management system that will increase the force's battle-readiness and control of its defense inventories.

Mincom Ellipse 8, devised by Australian enterprise asset management solution provider Mincom, will allow the Chilean navy to keep track of its seaborne and land-based assets and to manage both the inventory and financial costs at different levels.

The Chilean navy is one of the most advanced seafaring forces, closely aligned with the U.S. Navy and other Western Hemisphere navies in the operations it conducts to defend the Latin American country's 4,000-mile long Pacific coastline.

Mincom said a new contract would allow the Chilean navy to use Mincom Ellipse 8 to improve the visibility and maintenance of critical assets through their life cycle.

Mincom Ellipse 8 is applied worldwide in enterprise work and asset management to significantly enhance asset performance and workforce productivity. The Chilean navy has also adopted the software's finance module with its comprehensive financial management controls.

Chile has embarked on an extensive defense modernization program that the government sees as an essential part of overall economic development.

Ellipse 8 will help the Chilean navy to optimize visibility of its key assets and speed decision-making processes through a stronger and fully integrated military logistics information management system.

As the Chilean navy grows its financial management and cost control have become major priorities for the military procurement officials. The finance module will provide the country's navy with comprehensive cost control, ensuring all financial transactions are captured during an asset's life cycle.

Cmdr. Omar Mahmoud of the Chilean navy said the defense agency decided on Mincom because it "has always been able to meet our challenging needs."

He said the deal will reduce information technology costs, improve the navy's return on assets and increase workforce productivity.

Although Chile has close ties with the U.S. military establishment and industries, the country's choice of the Australian software and service provider followed several years of long-term partnership with Mincom.

Supported by Mincom Ellipse, the navy's Integrated Naval Logistic Management System -- known by its Spanish acronym SALINO -- is an internationally renowned platform that delivers real-time information on key equipment, supplies and maintenance and reduces the personnel and time needed to conduct major ship refurbishments.

Mincom Ellipse 8 is also used in mining, energy, public infrastructure and transit sectors.

Mincom Pty. Ltd. has headquarters in Brisbane, Australia, and operates in more than 40 countries. Mincom's North American operations are in Denver, San Francisco and Austin, Texas.