Developing a Comprehensive Asset Management Program: Why Accuracy Matters
When companies set out to establish or improve their asset management programs, they often face the challenge of not having an accurate, up-to-date list of their assets. A catalyst for some organizations to improve their asset tracking is compliance with the ISO 55000 standards. These standards require companies to link their strategic goals to their physical assets, track the current condition of assets, and assess how likely they are to meet future operational demands.
In other cases, businesses are prompted to seek asset-management solutions when they look to replace aging equipment. To do this effectively, organizations need a comprehensive asset register or asset health index—a task that requires an
accurate inventory of assets.
Key Steps to Effective Asset Management
To develop a strong asset-management program, companies typically start with two foundational processes: Asset Data Collection (ADC) and Asset Hierarchy Development (AHD). These steps, when integrated into a CMMS (Computerized Maintenance Management System) like Faciliteasy, allow companies to manage their assets with greater accuracy, accountability, and insight.
1. Asset Data Collection (ADC)
ADC involves gathering detailed information about each asset, including its characteristics, condition, and maintenance needs. This data is then entered into a
CMMS like Faciliteasy, where it can be easily accessed and updated. Accurate data is essential for informed decision-making across the asset lifecycle and is fundamental to performing asset-criticality analysis, managing spare parts, building a bill of materials (BOM), and developing proactive maintenance strategies.
2. Asset Hierarchy Development (AHD)
AHD helps organizations create structured relationships between different assets, such as company-wide systems, site-specific assets, and individual equipment. A well-defined asset hierarchy in a CMMS provides a framework for work management, failure tracking, maintenance cost accounting, and downtime tracking. This structure enables accurate work assignment, better component management, and cost allocation, ultimately feeding into an asset-health register that supports long-term capital planning.
The Role of Faciliteasy in Asset Management
While it may lack the flashiness of advanced technologies like IoT, building a strong foundation with accurate asset data is critical to achieving reliable asset management. Faciliteasy’s CMMS solution is designed to help organizations gather, store, and analyze asset data effectively. By developing a thorough asset hierarchy and accurately tracking asset conditions, Faciliteasy enables businesses to achieve higher asset reliability and performance.
Whether motivated by compliance, aging assets, or a need for better asset control, organizations can greatly benefit from a robust asset-management program supported by Faciliteasy's intuitive software.