Want More Cost Savings for Your Organization? Here’s How
Asset Management is at the core of any organization’s success. If handled well, it contributes to the overall productivity and efficiency. As a result of which the organization is able to save a lot of money on multiple levels.
An asset management system like the Computerized Maintenance Management System (CMMS) can help organizations function better in so many ways. We have described below 4 major advantages that CMMS brings to the asset management system of a company, and thus helps save more money through optimization.
Consolidates Important Asset Information
Each and every asset comes with various types of important information such as its operation and maintenance manual, warranty details, serial number, equipment model images, identity tags etc. To consolidate such vast quantum of data for numerous assets, and make it easy to access, is what the CMMS software does for various kinds of organizations.
Also, the scope of accessibility to this important pool of information is increased many folds, thanks to mobile CMMS. Users can now use this data from anywhere and at any time. They can promptly respond to breakdowns, check for asset availability, and even conduct planned maintenance on critical assets. This is a huge advantage in today’s fiercely competitive market, when everyone is trying to put in the maximum efforts and stay ahead of their competitors. This feature of CMMS thus enables the organizations to save more time and money.
Offers Efficient Inventory Management
Asset and inventory management can now be merged with the help of the advanced CMMS programs. This ensures that the organization doesn’t suffer monetarily through extra expenses from over-stocking or face unproductive downtimes due to under-stocking of the inventory. Besides, the program allows for tagging of assets which prevents thefts so that the organizations can save money on replacement costs.
Builds Robust Preventive Maintenance Program
Preventive maintenance (PM) software is vital for boosting the longevity of your assets. The program helps the users schedule periodic equipment inspections and maintenance, which eventually enhances the performance and drastically reduces the equipment downtime.
The software stores data based on which it creates a solid strategy suitable for preventive maintenance of assets. This data comprises valuable information like date of installation, warranty, maintenance manual, history of past inspections etc., all of which help the user carry out correct inspections. The data is also used to create a checklist of tasks which can be followed by the workers easily. The overall result is that the organization saves a lot of money by not spending extra on over-maintenance or losing money through faulty equipment due to under-maintenance.
Provides Improved Access with Visual Asset Mapping
Organizations with massive facilities can benefit the most from this aspect of asset management software. Visual asset mapping with advanced tools not only simplifies access to assets for new and existing employees, but also makes it easier for the users to work with asset information.
This feature offers highly developed dashboards which use interactive floor plans. The assets are plotted as per their location in each department across the facility. Users can easily locate the assets and also obtain important information by clicking on the icons representing the assets. Even the relative work order history can be obtained in a similar way. Hence, visual asset mapping is a critical facet which helps managers maintain and work with assets in a more quick and efficient way.
Apart from the above mentioned benefits, asset management software can also help managers ensure the accuracy of amortization rates. Periodic evaluation of assets ascertains that the financial statements of the business are accurate.
Hence, be it accessibility, centralizing or enhanced resource usage, CMMS or a more comprehensive solution like EAM or Equipment Asset Management are helping organizations gain overall improved operational efficiency. And hence, more cost savings. So, it is time to look beyond the traditional methods and opt for such systems which are a beneficial investment for your organization.
Writer of this blog post for Maintworld-magazine: Lindsey Walker . Lindsey works for NEXGEN Asset Management as their Marketing Manager. With a B.S in Business Information Management, she excels at business development, project management as well as asset management. Her passion for writing allows her to find time from her busy work schedule to share her knowledge on asset management, geographic information systems (GIS), software implementation, training curriculum development, and similar topics. When she isn't working or writing, she loves to work out, do puzzles and listen to instrumental music.
GE Digital announced the general availability of enhanced Compliance Management features in its Asset Performance Management (APM) Integrity software for the oil and gas, chemical and power industries. Developed in collaboration with one of the largest U.S. petroleum refiners, Compliance Management is a major development of GE Digital’s inspection data management capability, an integrated component of the APM Integrity solution .
Here is the reality. If you are looking to improve equipment reliability across your entire site, you might wait for Big Data, IioT or I4.0 to break through, or to do it for you, but I would recommend that you start a lubrication revolution.