Achieving Successful Asset Management
Organizations worldwide depend on their assets to operate successfully. Since the industrial revolution, the number of assets used by enterprises has grown considerably, and with digitization, this number has been multiplying rapidly. Businesses today make use of a wide range of assets. Therefore tracking and maintaining them effectively is essential to ensure productivity -, by minimizing asset downtime and extending asset lifecycles – and, increasing, to maintain regulatory compliance. And, with an ever-growing number of assets, tracking and maintaining them is a significant challenge.
Since asset productivity plays a major role in the performance of a business, Enterprise Asset Management has gained immense popularity and is now considered a key business strategy. However, successful asset management has certain prerequisites:
- Collaborative Effort: Asset management initiatives should be based on insights from individuals/teams who deal with various assets since they possess first-hand information about the assets owned by the company. Their maintenance records, performance ratings, overall functional characteristics, etc.. These details can be highly valuable in making significant decisions and in kick-starting strategic planning for asset management.
- Thorough Understanding: It is essential to gain an overall knowledge and understanding about the different types of assets possessed by the company, how these assets work, how they are important to the business and how they impact business productivity. Knowledge about these aspects can facilitate decision-making and aid asset management.
- Comprehensive Analysis: Asset management includes several elements such as asset tracking, cash management, risk assessment, asset cost and depreciation, etc. Analyzing these elements and gathering information about the existing status of assets is paramount to successful asset management outcome.
- Integrated Solution: A comprehensive enterprise asset management software solution is another prerequisite for successful asset and maintenance management. Such a solution has the capability to automate the management of key organizational assets throughout their lifecycle. It also offers certain important features which can simplify and optimize asset management:
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- Exhaustive asset tracking capabilities which classify asset types and track all details including asset attributes, usage, features, components within assets, and field-based data.
- Capabilities for preventive maintenance, including calendar-based triggers, notifications, or condition/alarm-based work orders, etc.
- Potential for complete maintenance management providing labor allocation, resource tracking, cost allocation, work order capacity planning, work order lifecycle management, etc.
- Inherent reporting and analysis capabilities
All these elements can improve return on assets, decrease costs and risk, increase productivity and reduce asset downtime, contributing to successful asset management in the long run.
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