Assets are the most valuable parts of your business. Without assets, a business cannot run its operations. Taking care of your assets means paying attention to your business.
In today’s economic landscape, any form of downtime, production losses, or compromised quality is simply not acceptable. Many facilities depend on reactive maintenance processes, which means they only perform maintenance tasks and repairs after equipment has broken down. As a result, they face unplanned downtime and reduced productivity.
That’s why it is essential to have a structured, effective asset maintenance management plan in place. Let’s dive deeper into what asset maintenance is and why it is important for your business.
What is asset maintenance?
Many people often associate “maintenance” with “repair,” but there’s a difference. Effective asset maintenance is all about preventing the need for repairs.
Asset maintenance comprises all activities involved in keeping your assets in optimal condition. For machinery used in a manufacturing organization, it may involve regular inspections and necessary repairs, whereas, for a delivery truck, it can be about ensuring the gas tank is consistently filled and the windshield wipers always have cleaning fluid.
In short, asset maintenance involves the steps taken to ensure the assets of an organization are kept and maintained in prime working condition for an extended period, without any disruptions.
Maintaining your facility as a whole, including temperature control, cleanliness of common areas, and quick replacement of burnt-out light bulbs, depends on an asset maintenance plan. Also, using an advanced asset maintenance software is key to achieving this goal.
What is an asset maintenance plan?
An asset maintenance plan encompasses all aspects, procedures, and backup plans associated with upkeeping an asset throughout its lifespan.
Because 82% of companies experience unplanned downtime for critical assets every three years, it is essential to have a structured asset maintenance plan. A well-structured asset maintenance management plan guarantees the availability, performance, safety, and reliability of a business’s most critical assets.
Without an asset maintenance plan, businesses are bound to face consequences. Broken-down equipment can lead to production slowdowns, increased repair expenses, and compromised safety within the work environment.
While creating an asset maintenance plan may seem complicated, the process becomes easier with an asset management system as it streamlines everything. For instance, it automates tasks such as tracking, maintenance scheduling, and reporting, saving time and reducing manual errors. Using a robust asset management system, organizations can implement asset maintenance strategies effectively.
An asset maintenance plan includes a well-structured strategy that outlines how an organization will manage and maintain its physical assets. It basically entails schedules for repairs, inspections, and replacements along with information on budgeting, resource allocation, record-keeping, and safety protocols.
What is an asset maintenance strategy?
An asset maintenance strategy is devised to maintain assets to an adequate standard by addressing statutory, technical, and operational needs.
Types of asset maintenance strategies
Different types of asset maintenance strategies have been discussed as follows:
– Preventive
The preventive maintenance strategy aims at regular and scheduled maintenance to reduce the chances of equipment breakdown. For example, changing the oil in machinery at specified intervals to ensure it performs in an optimal condition.
– Predictive
The predictive maintenance strategy utilizes IoT sensors and data analytics to prevent asset failures. For example, using sensors to monitor the vibration levels of machinery to enable early detection of potential issues.
– Condition-based
Similar to the predictive maintenance strategy, the condition-based strategy uses sensors for real-time monitoring of moving equipment to identify when maintenance is required. For example, using sensors to monitor temperature levels in electronic equipment.
– Reactive
Despite being less preferred by maintenance teams, this strategy involves repairing an asset only after it has failed. For example, only replacing a bulb after it has burnt out.
Why is asset maintenance management important?
As per a report by the U.S. Department of Energy, as much as 20% of energy usage in industrial facilities can be linked to inefficient equipment and machinery.
Having an efficient asset maintenance plan means you can extend the lifespan and improve the efficiency and reliability of your equipment. In the case of machinery, this means there will be fewer breakdowns and subsequent repairs. In an office space, this means a clean and comfortable environment that promotes maximum productivity for your team.
Well-maintained assets contribute to the ideal functioning of your facility, operating at cost-effective levels of efficiency. Hence, it is important to maintain your assets in optimal condition by engaging in effective asset maintenance management.
Also Read: What is Preventive Maintenance? Types, Examples, Benefits, and Process
5 proven tips for asset maintenance management
Here are 5 proven tips for asset maintenance management.
1. Generate a database
Creating a database or registry of your assets is essential as it helps you store all the necessary asset information in one central place. This database can include important documents such as user manuals and detailed descriptions of each asset, enabling employees or clients to access them after each scan.
Additionally, you can use asset tracking software to ensure the asset location is automatically updated in its record with every scan. Organizations use asset tracking tools to keep track of all their important physical assets in one place.
2. Gather data
By tracking assets, you can stay updated on asset performance and gather valuable analytics over their lifespan. This data collection empowers you to make well-informed decisions, leading to savings and improved performance through strategic maintenance scheduling.
Preventive maintenance has proven to be more effective than reactive maintenance. A thorough understanding of the lifecycle of an asset enables the maintenance team to perform timely preventive measures at critical stages, ultimately enhancing its useful life.
Tracking the asset lifecycle can also help in strategic planning for an asset’s eventual breakdown and allow for financial arrangements for its replacement.
3. Establish a maintenance schedule
During the active phase of an asset’s life cycle, organizations must stay on top of their asset maintenance game. Yet, sometimes, organizations may hesitate due to concerns regarding expenses. Maintenance is a necessary cost, but allocating excessive resources to maintenance activities can lead to significant unnecessary financial costs.
On the other hand, inadequate maintenance can result in decreased productivity. Maintaining accurate asset records helps prevent asset downtime, ultimately boosting productivity and minimizing costs. Additionally, users can pre-schedule maintenance activities and receive timely notifications for routine repairs.
4. Empower your team with the right technology
To effectively implement asset tracking and preventive maintenance schedules as part of a successful maintenance strategy, it’s important to invest in both your team and the technology that backs them.
Investing in your technicians ensures that maintenance tasks are accurately executed and documented. It is true that great training leads to well-prepared staff but sometimes training may go beyond merely educating how to perform maintenance tasks.
For a successful maintenance operation, it’s crucial to provide your team with the appropriate technology to carry out their tasks efficiently and to ensure they are proficient in using it.
5. Deploy inventory tracking
Efficient inventory tracking is the foundation for the success of a business and an integral feature of an asset maintenance program. There is nothing more frustrating than embarking on a project only to discover you don’t have the essential parts required to complete the job. However, with a robust inventory tracking system, you can reduce such setbacks during asset maintenance.
Implementing an inventory management feature helps you streamline asset management. This feature automatically updates inventory levels as maintenance projects are carried out, accounting for specific parts used.
Conclusion
In a nutshell, assets are the backbone of business operations, and a well-structured asset maintenance management plan is crucial to ensure they run in optimal condition.
Implement an asset maintenance plan and use the right technology, such as EZO CMMS software to extend the lifespan of your assets and improve their performance, reliability, and safety.
Frequently asked questions (FAQs)
What is asset maintenance?
Asset maintenance includes a set of activities aimed at ensuring that equipment, machinery, vehicles, and other facility assets function in their optimal condition through scheduled repairs and servicing.
What is an asset maintenance plan?
An asset maintenance plan is a strategic approach across a company that specifies how asset maintenance should be performed. It generally includes what type of maintenance is required, its timing, responsible personnel, duration, and associated costs.
What is the difference between asset and maintenance management?
While there is a technical difference between asset management and maintenance management, they seamlessly complement each other. Asset management aims at analyzing data for the work needed on the assets themselves for better performance whereas maintenance management ensures the effective execution of maintenance tasks and performance of the equipment.
