Asset Management Products
Staying in Step with Equipment Manufacturers, Service Providers, and Lifecycle Costs
When equipment maintenance is reactionary instead of preventative, the integrity of the business process is threatened. Often, management relies on an emergency network of standby service providers and must budget for call-out costs, periodic downtime, and other wastage.
From a productivity standpoint, it would be far better to rely on cutting-edge asset management products to stabilize the process.
Without a dedicated software solution that manages assets, companies take on significant risk. The failure of significant equipment, in most cases, causes downtime. Such occurrences almost always have additional effects and lead to considerable disruption.
In order to exercise complete control, organizations must fully comprehend the characteristics of all of their assets. Asset failure should be avoided at all costs, yet without competent asset management data failure is almost inevitable.
Proactive, preventative maintenance is essential. After all, every asset has its own life cycle and understanding that cycle allows for better asset management. A mechanical object will fail after a certain period of time and the objective is to know when that failure is imminent.
True Efficiency Defined Through Asset Management Products
Often, the fact that a piece of equipment is using more energy than it ordinarily does is an indicator that something is going wrong and failure may be imminent. However, if that asset has not been tagged and subsequently monitored through an asset management product, then managers will have no way of knowing whether it is operating as it should or is facing failure.
In order to determine the true efficiency, the performance of an asset must be tracked from the moment that that is introduced to the moment that it is decommissioned. This data will include all maintenance events, energy used, and initial investment costs. When organizations are in possession of all of this data, they can determine the total cost of ownership of the asset.
Maximum Asset Efficiency
Equipment manufacturers don't build products that last indefinitely without any latency. This is just an economic fact of life. Indeed, many manufacturers earn more revenue from the sale of replacement components than they do from the original sale of the major asset, anyway. While we expect equipment to wear out and need replacing, the secret to retaining a satisfactory return on investment is to maximize its use over time.
When asset management products are utilized by organizations, the asset management process is automated and requires little employee intervention. Such systems coordinate between service providers, administrators, and accountants and oversees operations while minimizing costs and risk.
In this day and age, no company should rely on work flow processes that are based on multiple inputs and the exchange of paper-based instructions. Automation is the key and asset management products the vehicle.