How Can Asset Management Help Your Organization?

What is an Asset?

By definition, asset are valuable or extremely useful items. Every organization looks to maximize asset life and increase overall efficiency. Leveraging the tools within a CMMS can help drive operational excellence, regardless of whether operation is production, providing services, managing maintenance on healthcare equipment and more.
A CMMS provides a central storage location for the majority of data and information for your assets. It also manages and controls your work and materials management/parts usage processes, and tracks maintenance activity over the lifecycle of an asset.

To Extend the Life of Assets using a CMMS, users can:

• Deploy equipment hierarchy and history tracking
• Store and display assets in a hierarchical structure
• Relate parts and Bills of Materials to assets
• Define and understand importance of Asset Criticality (PM intervals, priorities, etc.)
• Deploy visibility to all work history and charges related to assets

Asset management tools help organizations Establish Action-Based Maintenance by:

• Documenting and inspecting specifics to predict or detect defects and symptoms that result in failures
• Scheduling maintenance as needed based on analysis of asset condition data
• Reducing downtime by control of relevant failures (a failure that can occur or recur during the operational life of an asset)
• Driving Reliability Deficiency Analysis (an evaluation of asset performance to determine the optimum improvement course for reliability improvement).

Reduce Maintenance Costs by:

• Reducing worker overtime hours
• Lowering percentage of waste spoilage (defect elimination)
• Reducing equipment downtime
• Increasing planned vs. reactive maintenance (unplanned)
• Reducing spare parts inventory
• Track warranty information

Help facilitate Defect Elimination Tracking by:

• Eliminating basic defects
• Eliminating operational defects
• Eliminating maintenance defects
• Eliminating design defects
• Eliminating defects by mistake proofing

Improve Customer Satisfaction by:

• Generating automated alerts when customer requests are approved, rejected and completed
• Routing requests to designated individuals for approval
• Scheduling customized emails and surveys to be sent to customers

For even more information on asset management, including ISO compliance, planning a capital replacement program and more, visit our library of recorded webinars.