Asset management software: 26 reasons to have one in 2023

As you may know, CMMS (Computerized Maintenance Management Systems) are also commonly known as EAMS – Enterprise Asset Management System, or simply Maintenance Management Software.

Whichever name you choose, having software dedicated to maintenance is a turning point in asset management for any company of any type or size. And this is where the difference between Maintenance and Asset Management begins, as stated by ISO 55000, the international standard that comprises the management of business assets of any nature, launched in January 2014 by ISO.

Asset Management Goals

The strategy of any company (that is, if it’s well-managed, aims at economic and financial results, business continuity, brand expansion, respect for standards and legislation, respect for the safety of workers and users of its products and services, and sustainability.

No one buys a software subscription for the sake of having it. If we have used a management tool, it’s because we have some business requirements to meet.

In the best companies in the industry, asset management is a very serious thing and is developed to support operations and/or production, enabling the achievement of the organisation’s long-term goals and objectives. It is essential to support the company’s business strategy.

Why you should have a good asset management software

The list of reasons to have a good software in Asset Management is relatively long, as are the needs and the scope of whoever is in charge of the department:

Reduction of Asset-Related Costs

1.  Reduce operating and maintenance costs of assets through appropriate care and use of tools such as root cause analysis.

2.  Extend the lifespan of assets, thus avoiding expenses with frequent replacements.

3. Reduce the working capital employed in stock by ensuring that adequate storage principles are followed and by reviewing the policies linked to the stock of spare parts. 

Reduction of Asset-Related Risk

4. Reduce risks associated with legal demands for safety, environmental protection, health, HACCP — Hazard Analysis and Critical Control Points — and quality.

Improvement of Asset Performance

5. Implementation and application of best practices and improvement actions related to KPIs- Key Performance Indicators.

Planned Maintenance and Services

6. Implementation of planning and scheduling of activities, whether reactive, preventive, predictive or improvement maintenance.

7. Downtime Management.

Maintenance Master Plan

8. Enable the constant updating of the definition of Asset Criticality, classifying equipment for maintenance practices purposes.

9. Construction and constant revision of the database of work instructions and existing maintenance plans.

10. Development and control of inspection tasks – checklists – applicable to all kinds of equipment and infrastructures.

11. Creation and execution of the annual 52-week Maintenance Master Plan with 5-year Multi-year coverage, in some cases, for critical equipment.

Logistics and Strategic Supplies

12. Qualitative and quantitative selection of critical materials and parts.

13. Stock management of critical spare parts and materials in constant use.

14. Development and monitoring of suppliers and strategic services;

15. Management of material purchases, services, and long-term contracts.

16. Contract management;

Documentation Management

17. Storing information through document management.

18. Updating of schematics regarding modifications, expansions, and disposals of equipment and installations.

19. Provision of a library of procedures and operational flows.

Reliability Engineering

20. Implementation of a methodology to increase Reliability and Maintainability of equipment, facilities and new projects;

21. Commissioning Operations of new facilities;

22. Support to management programs such as Total Productive Maintenance, 5S, and Failure Analysis.

23. Lifecycle Cost (LCC) Management.

Work Safety

24. Constant updating and application of existing legislation.

25. Building, constant revision and use of the Labour Safety Instructions database and contingency plans;

General Management Indicators Dashboard

26. Gathering information, controlling data and having the main Management Indicators such as Costs, Availability, Reliability, Failure Rate, Maintenance Plan Compliance, etc displayed to you in a single place.