Do I even need to say that a good asset strategy must reduce asset costs and increase asset productivity? Accurately managing asset inventories, maintenance, calibrations and performance along with keeping a detailed history of costs are some of the critical aspects of a successful asset strategy. To be successful, your asset management strategy has to be built on 5 pillars. Find out how they are structured in this article.

Here are the 5 Pillars of a Successful Asset Management Strategy:

Classification

The foundation of a successful asset management strategy relies on how you first register an asset. Adequately classifying your assets can be the difference between success and failure.

Classify your assets by building a dynamic structure based on asset properties and attributes. This will make classifying and managing your assets much simpler.

Centralized Information

Next, it’s essential to centralize all of your asset’s important information in one place.

It’s very common to see companies use various types of software and spreadsheets to manage different information about their assets. Needless to say, this tends to create lots of redundancy and confusion.

Having an Enterprise Asset Management Software will give you the ability to quickly access important asset information, from a central location reducing confusion, re-work and improving management efficiency.

Indicators

Managing asset indicators is another important aspect of successful asset management strategy, after all, how will you know how your asset is performing if you’re not keeping track of important performance indicators?

Ideally, our goal as asset managers is to have highly reliable assets, meaning, assets with a low mean time to repair, a high time between failures, high availability and low downtime.

 Maintenance

No successful asset management strategy works without an asset maintenance plan.

Every asset in your company needs maintenance regardless how reliable it is. This can be preventive maintenance, corrective maintenance, predictive maintenance techniques and more.

If you want to successfully manage your company’s assets, you must schedule preventive maintenance based on time intervals/meter readings, keep track of preventive maintenance, manage both planned and unplanned maintenance activities, optimize and plan inventory to precisely meet maintenance needs, along with scheduling and recording all activities and costs.

Calibration

In order to increase productivity, optimize resources, guarantee consistency and compatibility of products and acceptability, you have to be able to adequately manage your asset calibrations.

This means scheduling, documenting, planning, analyzing and executing calibrations on your gauges, test equipment, devices and measurement standards.

It’s also important to control and manage due dates for both internal and external calibrations.

Having a solid asset management strategy is a key ingredient to boosting performance and productivity rates at your business and avoiding mistakes and re-work.

Watch this video and find out how SoftExpert EAM optimizes asset utilization and performance at lower operating costs by eliminating unplanned downtime to maximize the lifetime value of all asset types across the enterprise.

Gus Oliveira

Author

Gus Oliveira

Gus Oliveira has a degree in Business Administration as well as a degree in Economics from The University of Massachusetts – Dartmouth (USA). Oliveira has experience in the software industry for Business Excellence also in the financial and business development field, working in large companies both in the United States and in Brazil as a financial analyst, business strategy consultant and a senior project consultant.

You might also like:

Get free content in your inbox!

Subscribe to our Newsletter and get content about corporate management's best practices produced by specialists.

By clicking the button below, you confirm that you have read and accept our Privacy Policy.