How do you do Asset Management?

asset management

Managing an asset means closely following its lifespan from purchase to replacement. In this article, we will look at ways that you can increase the efficiency and longevity of your machines and devices.

Asset management can be described as the measures taken to sustainably protect and prolong the value of the company’s assets. This entails carefully balancing costs assessment and meticulous strategic planning in order to monitor the performance of the asset.

  • Evaluate how crucial each asset is. 

As asset management has a direct impact on the business’ performance and results, you should carefully balance the risks and make informed investment decisions that yield the maximum income of assets. You should also consider ways that you can reduce losses and opportunities to guarantee optimum reliability and quality.

Logically, you will need to create a hierarchy of assets that ranks them from the most critical assets to those that are perhaps more dispensable. Having an idea of which assets are central to your company’s operations will allow you to better distribute your time and resources.

Software solutions like Infraspeak allows you to access all relevant information and documentation for each asset in just a few clicks. It can generate personalised datasheets, lists of previous failures, measurements and much more.

  • Prioritise

Operating and maintaining assets in an environment where there are budgetary constraints requires a prioritisation scheme. For example, if the failure of a freezer cabinet in a restaurant can mean the loss of a large financial investment and/or customer dissatisfaction, this is a high priority asset in the organisation that must be prioritised and managed with the highest care.

On the other hand, there are assets that, although important and necessary, do not interfere directly with operations and therefore can be approached with a more reactive management strategy. While it is necessary to track and optimise all assets, there are some do require special care and protection.

Cost management and economic analysis may also be helpful at this point.

  • Prevent unexpected failures

To avoid unexpected failures, there must be regular and continuous monitoring of assets.You will normally choose between corrective techniques  (for less critical assets)  and preventive tasks.

This will reduce costs (better use of labour, optimised stocks, etc.) increase the performance and effectiveness of the assets and reduce the associated risks.

  • Optimise operations

Using a single platform that incorporates all information into one place will greatly improve your capacity to carry out the various tasks associated with asset management. This is possible thanks to maintenance software providers such as Infraspeak. By using this software, you will be able to easily find information on compliance regulations (eg. HSSE, ISO) as it will all be linked to your assets. It means that checking your assets and optimising efficiency has never been easier.

Click here to learn more about Infraspeak and how we can help you do asset management.