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Asset Management Priorities

  
  
  

Why Asset Management Priorities Go Unnoticed

Asset-management priorities may not be the first course of business at your next boardroom meeting. Indeed, the subject may not appear on your agenda at all. Far too often, business executives make the mistake of relegating asset management to tedious, manual and error-prone systems, surely unaware that their lack of attention could cost them in real terms. Much attention is given to capital planning and the purchase of items of equipment, but not much attention is paid once the assets have been installed.

True value can only be attached to a particular item of equipment if it is properly monitored and managed. The net efficiency of an asset is the result of its ability to perform relative to its intended purchase, together with its absolute energy efficiency. This latter metric is often overlooked, yet it has many hidden meanings.

Asset-management priorities may not be the first course of business at your next boardroom meeting. Indeed, the subject may not appear on your agenda at all. Far too often, business executives make the mistake of relegating asset management to tedious, manual and error-prone systems, surely unaware that their lack of attention could cost them in real terms. Much attention is given to capital planning and the purchase of items of equipment, but not much attention is paid once the assets have been installed.

Asset-management priorities should be set to help discover the energy efficiency of each piece of equipment. When measured against a benchmark, individual asset efficiency can be monitored on a real-time basis and this will help to reveal problems as they begin to arise.

More often than not, a problem only appears upon equipment failure, with all the repercussions that could be expected. If an asset starts to consume more energy than normal and this is monitored, it can be an early warning sign.

Asset failure causes a lack of productivity, downtime, expensive technician callout charges and can, in certain circumstances, can lead to the failure of other pieces of equipment, as well. It's inconceivable that executives leave so much to chance by failing to recognize asset-management priorities, but this picture is repeated across the country on a daily basis.

Asset Management Priorities Include Becoming Fully Aware

For an organization to truly "own" its carbon footprint, in environmental and societal terms, it needs to be fully aware of its actual size. Unless asset-management priorities have been established, an equipment inventory cannot be up-to-date and cannot contribute valuable information to a carbon footprint assessment.

Before a carbon footprint can be established and energy efficiency attained, each individual piece of equipment throughout the organization must be identified, categorized, tagged, and monitored. The process of tagging by itself may make the business more efficient and more focused.

Asset Management Priorities, Sustainability and The Future

Often large organizations fear their business is so complex that asset inventory would be almost possible to complete. In reality, dedicated teams that have site survey and tagging experience are not deterred by big projects.

In fact, they specialize in helping large organizations clearly identify what assets they have. Using a specific process, dedicated software, and experienced technicians, even the most complex of distributed organizations can be handled.

Asset-management priorities will become increasingly important as the price of energy and the push for sustainability continues to grow and organizations start to find opportunities to make their businesses more efficient.

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