Having undergone continual change, asset management planning has come a long way and today the process is defined as a continuous process improvement strategy for enhancing the reliability of equipment, improving operational safety, and extending the service life of vital infrastructure equipment. Simply put, it is a long-term approach to optimizing the management of assets within an organization for reduced downtime, maximized efficiency and lower labor costs.

To implement a sound asset maintenance and management strategy, organizations need to follow the 6 steps as indicated below:

1. Involve the Entire Organization in the Process:

Any effective asset management planning strategy cannot exist in isolation – it has to be a part of the entire organization. The main purpose of having an asset maintenance management strategy and associated activities is to:

  • Identify and list all the operating equipment that needs service and maintenance.
  • Precisely locate each and every asset.
  • Know the existing condition of any equipment or machine at any point in time.
  • Know the design criteria of every functional asset and understand the condition under which it is operating.
  • Design and develop an asset care plan to ensure every asset is performing at peak efficiency.
  • Ensure the execution of all the above activities to keep operations up and running while minimizing disruptions and downtime.

Enterprise can leverage asset planning software for real-time insights into asset condition and customize their asset management strategy using predefined templates. When integrated with a Geographic Information System, asset management planning software visually displays every asset to facilitate informed decision making.

2. Develop a Detailed Inventory Database for Tracking Every Single Asset:

Locating assets is not an easy task especially in the case of utilities, treatment plants and public works departments where the assets are geographically dispersed. Lift stations, pump stations, storage tanks, water tanks, traffic lights, street signals, and sewers – developing an inventory containing the details of all these assets, especially the buried ones can be made easy with asset management software that maintains a single database for all types of condition assessments. It also helps prioritize asset maintenance based on criticality and ultimately helps maximize asset life.