What you will find in this text:
- The digital transformation in the asset management process
- Asset management policy
- Asset hierarchy
- Asset tracking
- Buying asset management software
All businesses have assets, and these assets can take many forms. There are the physical assets such as machinery and equipment; there are transformational assets such as raw materials that enter the business in one form, and leave in another, for example ingredients to be made into a food product, or materials such as wood that is then put through a manufacturing process to be turned into furniture etc.
Additionally, there are assets that are less tangible, such as your staff, digital assets and cash in the bank. Many of these assets need to be managed for the effective running of the business. But with such a diverse array of assets, covering so many different aspects of the business, keeping track of everything, and ensuring assets receive the right maintenance or other special attention, at the right time, can be difficult. This is where asset management software comes into play, giving you control, and a clear overview of your assets.
The digital transformation in the asset management process
Advancements in technology and connectivity have created something of a revolution within the world of asset management. Connected devices can issue their own reports, a vast amount of data can be gathered and analysed. Information can be sent to whoever needs it, instantly, regardless of their location. Digital technologies allow for the tracking of assets throughout their lifecycle.
This becomes particularly impressive when these are not static assets, but materials that enter the production cycle. Being able to track these assets on their journey through the business process, gives an amazing level of traceability. From spare parts to ingredients, any important asset can be tracked in real time thanks to the latest technological developments.
Asset management policy
An effective asset management strategy should be based on a robust and unambiguous asset management policy. Such a policy should establish goals and identify roles and responsibilities. An asset management policy is essential for meeting the requirements of the ISO 5500 standard for asset management, so whether you feel you need it or not, it’s certainly good business practice to put together a policy for your company.
Such a policy also puts forth the message that executive level staff are aware of the importance of asset management, not simply dismissing it as the remit of the maintenance team.
An asset hierarchy is a hierarchical index of your assets. Or to make it clearer, an index of your assets, drilling down to their component parts. Every parent-child relationship needs to be understood, what parts rely on which other parts.
By understanding these relationships, you have a vastly improved picture of the impact of part failure, and a wider understanding of which assets are essential and what can be taken offline without affecting the business processes. This allows for better scheduling of maintenance and inspections, with the least disruption. By understanding these links, failures can be tracked to their root cause, removing guesswork, and ensuring a similar failure is prevented in the future.
It's important that such a hierarchy is accurate, so it is wise to give the task of creating or adding to the system to the staff members who best understand each particular asset. It’s also vital to have everyone onboard with the asset hierarchy system to ensure that it is upgraded whenever there is a change, or an issue is detected. An asset hierarchy is most functional when it’s accurate and fully up to date.
The problem with asset management, is that assets can often move. You may have several premises, and equipment may move from one location to another. Perhaps assets move according to their state, as part of a production process.
By using a computerised asset tracking system, you can discover the whereabouts of every asset you track, easily, simply by using a mobile app. Assets may be identified by RFID chips or via a barcoding system. So, when you need to locate a spare part, or want to find out where a particular customer’s order is, you can find out instantly.
Buying asset management software
When choosing asset management software, it pays to do your research and purchase the software that is going to work well for your particular business. You’ll want a product that is going to be easy to implement and that will integrate well with your current systems. You should look for software that gives you a clear indication that your business will benefit by improving efficiency and boosting productivity.
Your asset management software should be intuitive to use, to ensure your staff breeze through the onboarding process regardless of their familiarity with IT processes and technology devices. Choose asset management software that will collect your data and regularly back it up to the cloud, to ensure you don’t lose your valuable information should your computer fail or be lost to fire, flood or theft. Finally, you should choose an asset management system that offers you useful high-level reporting.
It’s clear that the world of asset management is changing fast. New technological innovations present us with some remarkable opportunities that bring many benefits to all types of businesses. By implementing asset management software, you can improve your efficiency and save money.
Maintenance can be easily scheduled so it is never overlooked, and so downtime and unexpected failures are reduced. It improves safety and you ensure that your business is compliant with all regulations.
By tracking assets, you can prevent theft, reduce customer complaints, and by analysing data, make accurate forecasts for the future of the business. Such forecasts can be incredibly useful for decision making processes, and it gives you the confidence that your decisions are built on accurate facts rather than gut feeling or guesswork.
If you’d like to take your business into a new era of maintenance management and asset tracking technology, do visit www.fracttal.com to take a closer look at the innovative Smart Maintenance Platform and discover more about the smart maintenance process.
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