Managing an asset means following its life cycle from acquisition to replacement. In this article, we will look at the best practices to increase its efficiency and to make the best decisions, answering the key question: How to do Asset Management?
Asset management is a set of activities that aim to sustainably extract the maximum value of the company’s assets. This includes balancing costs, opportunities and risks in relation to the expected performance of the assets, so that the strategic planning is realized and the organization aims are achieved.
Management, financial, economic, engineering and other practices are combined with the aim of providing the best level of service, but in the most economic way. How?
Evaluate the criticality of assets
Since asset management is directly related to the business performance and results, it is necessary to balance the risks and make investment decisions that allow the maximum income of the assets, that make possible the reduction of losses, and that guarantee the maximum reliability and quality.
It is therefore essential to analyze the criticality of the assets and that the practices are defined based on this principle. Assets that are crucial to the smooth running of the business and that directly interfere with the results have to be at the top of the list.
Software like Infraspeak allows you to access, in a few clicks, all available information and documentation of the assets, which assists decision-making. This includes personalized datasheet, list of last failures, history of measurements and interventions, and more.
Operating and maintaining assets in an environment where there are budgetary constraints requires a prioritization 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 critical-function asset in the organization that must be prioritized and managed with the highest care and according to very specific rules.
On the other hand, there are assets that, although important and necessary, do not interfere directly with the course of operations and, for that reason, can have a different and reactive management. While it is necessary to track and optimize all assets, there are some that you will have to take special care.
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. In this field, maintenance helps in selecting the best strategies to apply, from corrective techniques – to less critical assets – to preventive tasks.
This will reduce costs (better use of labor, optimized stocks, etc.), increase the performance and effectiveness of the assets and reduce the associated risks.
To manage an asset it is important to control, on a single platform, all information related to the asset. In maintenance software such as Infraspeak it is possible, for example, to ensure that all equipment is monitored and complies with all rules and regulations (eg. HSSE, ISO). The important thing is to keep assets running smoothly, to make the most of them, to optimize efficiency and to ensure that the life cycle is extended to the maximum.
Asset management involves: focus on the life cycle, improvement of operational performance, optimization of the useful life, and resource, maintenance and failures management.
Learn more about Infraspeak and how we can help you do asset management in here.