Getting the most out of Asset Management

To get the most out of asset management, the use of effective technology for maintenance monitoring, management and analysis will exceed your expectations for real-time decision making. In sectors that traditionally operate with displaced activity, keeping track of the actions carried out by field technical staff will be easier if asset management software is implemented that channels all the information and monitoring of the tasks achieved.

Determining the key factors for development and improvement as the basis of a good asset management strategy, with the help of digital transformation technology, will increase productivity and cost savings. The most important factors to consider in the asset management strategy are:

Reduce confusion and improve efficiency

Centralising all measurements to ensure the productive performance of assets on a single platform allows to condense all the information coming from all the existing information systems in the company and to manage data without confusion in real time.

It is very common to see in some companies different software to control, manage, communicate or report asset management, or even spreadsheets to manage their supervision, which tends to create a lot of paperwork and some confusion.

An asset management software solution designed for field work will quickly generate the information needed by the person carrying out the maintenance tasks and real-time reporting, reducing confusion and improving management efficiency.

Efficiently manage the backlog

Task management, leading to performance indicators, is another important aspect of this strategy. Performance monitoring will help to keep under control the efficient management of the resources employed.

Establishing reliable performance indicators is the basis of any asset management strategy. Indicators can be divided according to their typology into:

  • Productivity indicators.
  • Efficiency indicators.
  • Indicators of effectiveness.
  • Capacity indicators.
  • Quality indicators.
  • Benefit indicators.
  • Profitability indicators.
  • Value indicators.
  • Competitiveness indicators.

Performance indicators will provide the exact measurements to determine that the tasks at hand are performed according to the organisation’s chosen standards, whether based on an ISO norm, standards and audits or internal inspections.

Plan maintenance activities

No successful asset management strategy works without a maintenance plan to sustain it. All company assets require maintenance, whether it is preventive, corrective, technical or other maintenance.

For a reliable asset management, plan preventive maintenance in relation to time intervals, readings and measurements in order to monitor asset condition and accurately anticipate maintenance needs, as well as record all activities and costs, save time and optimise resources.

Precision is in the measurement

To increase asset performance and ensure consistency of service, processes need to be planned and tasks need to be dispatched to collect accurate measurements of assets at full performance.

That means programming, documenting, planning, analysing and executing calibrations on your meters, test equipment, devices and measurement standards.

Use the right software

Use the right software with the right configuration of functionality to best fit your effective asset management strategy. Mobility is a very important factor to take into account and managing incidents in real time will increase productivity by doing more with fewer resources.

Task management software accelerates data analysis and translates it into concrete actions to eliminate the source of inconsistencies, thus reducing the impact on the production chain and their possible recurrence over time, using the mobile terminal itself as a tool.

Creating specific management processes will provide the robustness and agility to achieve objectives. Asset management software will help to:

Analyse the true performance of your business

A good asset management strategy will increase the performance and productivity of the business, avoiding past mistakes, addressing preventive actions in advance, detecting points of improvement and optimising the efficiency of the displaced personnel in charge of maintenance actions.

Optimises asset utilisation and performance with lower operational costs, eliminating unplanned downtime and making the most of the company’s asset management 🙂