The Beginners Guide to Enterprise Asset Management

Asset management is about letting the asset do the work for us. The job is to keep the asset running. Focusing on additional uptime is the goal.

The Basic Asset Management Hierarchy

This is what different types of Asset Management stages look like:

Reactive – Fix it AFTER it fails.

The first step of enterprise asset management is reactive maintenance. Although it sometimes occurs, we want to avoid this type of maintenance due to the unforeseen stop in asset productivity. Of course this directly & in-directly impacts our bottom line. For instance, equipment will experience downtime causing us to slow our production, directly impacting the bottom line. Downtime with assets also indirectly effects our bottom line by halting worker wrench-time and efficiency. 

Planned – Fix it BEFORE it fails

Having a planned approach to managing assets is about inventory. When a machine is experiencing downtime the reason is often associated with just a replaceable part of the machine. A quick fix can get your company up and running again in no time, however without a planned schedule and an inventory of spare parts, your business is losing uptime and money. It’s important to have a system which can take your inventory into account and monitor your spending on parts.

Predictive – Measure & Fix

When your company is taking a predictive maintenance approach it’s often easier to identify issues before they happen. You have real data to help you decide on which assets are working for your companies long-term strategies and which are not. You’re integrating real, predictive technology into assets to help you better understand what your assets doing today and what it will do tomorrow.

Reliability – Fix & Improve

The second to last step in keep assets healthy over time is to focus on reiterative learning and knowledge. A good asset management system lets you store information about an asset, like warranties and schedules. A great asset management system, on the other hand, is about curating information from manufacturers and industry leaders to alert and teach your technicians about when and how to solve issues. Interactive means, such as mobile devices are a great way to reference an old forgotten trick or look up how-to information.

Enterprise – Improve & Sustain

Once your company has reached a level where you’ve reached total productive maintenance, your utilization of Barcodes & NFC tags will be evident. An additional investment in personal and curating their skill-set will be vital. Integrations between purchasing systems and procurement are important in this case.