Assets are a crucial part of every organization. It won’t be an exaggeration to say that your company’s success is dependent on your assets and their lifespan. A well-planned and executed asset management strategy can extend an asset’s life by 50% or more. Further, it helps in reducing maintenance-related costs and decreases downtime. Maintenance of assets is a practice that you shouldn’t overlook because eventually manual efforts will fall short. Introducing asset management software like Computerized Maintenance Management System (CMMS) will ensure that all the processes and systems are in place, prolonging the life of various assets.
CMMS aids in asset management and manages their lifespan in the following ways:
- By Tracking the Movement of Assets
It is common for assets to move between different departments or even between different geographic locations. So, it’s important to keep track of this movement to prevent losses and reduce downtime. Asset management software accomplishes the task of asset tracking by following each asset and recording all the data required for the efficient management of movable assets. It helps in creating preventive maintenance schedules as well.
- Recording Assets’ History
Current information on any asset is important, but it is equally important to know the asset’s history — where it was, who used it, its maintenance and storage details, etc. Relying on one’s memory to remember these details of all the tools is next to impossible, which is why CMMS must be implemented. It can store and manage all the asset history details in one place. You can access old work records, replacement/repair information, and maintenance reports of all the assets you use.
- Helps in Scheduling Preventive Asset Maintenance
In most cases, companies follow reactive maintenance which promotes faster deterioration of the assets. They can’t maximize their capital investment and the assets do not stay in their optimal condition. CMMS system helps you switch from reactive maintenance to preventive maintenance, which not only ensures the longevity of the assets but also helps in maximizing your capital investment. The software can trigger crucial maintenance checks on a predefined schedule and helps in adhering to the maintenance program as planned. It also prevents major breakdowns and identifies all those issues that can potentially turn big.
Asset management has the potential to affect various aspects of your business that include product quality, customer service, repair and replacement, etc. With maintenance management software in place, your organization can get an insight into everything that is related to assets within your company. Creation of automatic reports becomes possible and you can review the reports on a regular basis. You can even assess the reports to get a specific understanding of detailed concerns. Smart asset management allows for greater visibility, detail and transparency within your company.
Why You Should Opt For Smart Asset Management?
Moving from a simple maintenance program to a smart asset management system will reduce downtime and ensure that the production equipment runs smoothly in a cost-effective way. CMMS programs double as data storage banks which aid in smarter operations and asset management. This data gives insights which will help in making informed decisions that will benefit the company.
Asset management software is important as it can increase the organization’s productivity by managing the assets in the right manner. With asset optimization, you can be assured that all the assets are used properly and risks are minimized. Most importantly, it will increase the profitability of your organization.