4 Fundamental Questions to Optimize Your Asset Management

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4 Fundamental Questions to Optimize Your Asset Management

Ensuring peak performance against established KPIs such as asset utilization, risk of failure and ROI requires correct and consistent visibility into the overall health of assets spread across locations. The best asset management practice is prioritizing maintenance tasks based on the criticality of assets that are capable of bringing operations to a grinding halt in case of failure. When maintenance is prioritized on the basis of risk, it becomes easy to allocate resources accurately while avoiding the associated consequences of sudden failures.

Answering these 4 key questions will help you optimize the management of physical assets and align maintenance schedules with business goals:

At what stage does an asset stand in its lifecycle and what is the estimated service life of that asset?

Every asset-intensive organization needs to consider the cost incurred on vitalassets right from commissioning and operation to maintenance and disposal. This requires real-time tracking of asset condition throughout its lifecycle timeline so that maintenance can be scheduled accordingly. Leveraging real-time knowledge of asset performance and condition across locations makes it easy to look for impending failures and avert unnecessary expenses while ensuring assets remain up and running till the end of service life.

What is the repair and maintenance history of an asset? Based on the history, what is the current age of the asset and how long will it work given its existing condition?

It is extremely important to measure if a maintenance strategy is functioning optimally and within the estimated timeframes to arrive at the conclusion that it is delivering the desired results. Only by measuring the efficiency of asset management, can organizations optimize operational efficiency and drive long- term strategic gains. Having enterprise asset management software in place makes it easier to access an asset’s detailed maintenance history and this enables the field technicians to do their job better. For instance, when repairing a dysfunctional bearing, it is always helpful to know if the bearing is nearing the end of its service life so the technician can identify if the failure occurred due to a depreciating component or he needs to look for an underlying problem.

What is the operational efficiency of the asset as compared to repair and maintenance expenses incurred on it so far?

When organizations attribute the effectiveness of maintenance to the availability of assets, they fail to factor in the value an asset produces against the cost that is incurred on it. It is important to know if the repairs and replacements made actually increased uptime and efficiency during that timeframe. EAM software tracks maintenance effectiveness with accurate reports that can be customized to reflect every asset-related cost including inventory. Failure to track maintenance and inventory costs can result in over or under maintenance of assets. While under maintained assets can adversely impact the operational efficiency, over-maintained assets consequently result in wastage of time, effort and resources.

Do you have all the required asset management capabilities in place to ensure prompt and optimal maintenance of vital infrastructure assets?

Having an EAM solution is a crucial enabler for asset-intensive organizations that wish to maximize service delivery, improve asset uptime, enhance performance and eliminate unplanned downtime. Enterprise asset management software is designed to track:

Where every asset is in its lifecycle timeline. The EAM software stores data along with maintenance and repair history to facilitate informed decision making.

 The value of work produced by every single asset by recording all the production data at the individual level.

 Maintenance related work orders.

 Warranty information, purchase dates, service contracts, specifications, and expected service life.

 Inventory, purchase orders, spare parts, tools and reserved raw materials.

Make the most out of your mission-critical data and efficiently manage your vital infrastructure assets with NEXGEN Enterprise Asset Management Software’s advanced reporting and analytics. Request a demo to learn how NEXGEN EAM software can be used to keep your operations up and running.