Choosing the right enterprise asset management solution can often be an intimidating and complex task, but don’t worry! In this post, I’m going to briefly walk you through some important features to look for to help you choosing an Enterprise Asset Management solution.

As we all know, managing the company’s asset is important for a variety of reason including:

  • Reduce total costs of asset operation,
  • Reduce the capital cost of asset investment,
  • Improve operating performance,
  • Reduce potential impacts of improper use;
  • Reduce safety risks,
  • Minimize environmental impacts,
  • Improve regulatory performance (such as ISO 55000),
  • Reduce unplanned downtime of assets;
  • Reduce legal risks that are associated with operating assets to name a few.

Without further ado, here are some of the features you should look for when evaluating an enterprise asset management solution:

Inventory Management

Being able to efficiently manage your asset inventory is the most basic feature of any asset management solution. Make sure the solutions you’re evaluating can also maintain detailed records of your asset’s service schedules, location, verification, usage, and maintenance.

The solution should also produce as little disruption as possible and help you select the right equipment for each job, keeping it in working order for as long as possible and replacing it in a well-organized way.

Maintenance Management

What good is an asset management solution if it can’t manage your asset’s maintenance?

The solution must give you the ability to manage maintenance tasks. Including preventative maintenance, corrective maintenance, predictive maintenance techniques and more using tools such as failure analysis and prevention to perform a variety of tasks.

Calibration Management

Calibration management is another critical feature that asset management solutions must have.

Being able to schedule, document, plan, analyze, and manage calibrations on your gages, test equipment, devices, and measurement standards is vital for optimum asset performance.

Failure Management

The goal of failure management is to enable organizations to improve overall quality and reduce costs and risks while also meeting requirements established by international standards and regulations.

To do this, your asset management solution should continuously monitor failures identified by showing reports and charts with indicators such as seriousness and risk priority, which highlights causes considered to be priorities at each moment

As I mentioned at the beginning of the post, this was just a brief walk-through of some of the most important features to look for in an asset management solution.

In the ebook 7 Resources Every Asset Management Solution Should Have, I go into specific details of the functionalities of each of the features listed above and included three other critical features you should look for when choosing an asset management solution.

‘Till next time!

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.