Understanding Asset Management And How It Can
Maximize Asset Life And Improve Productivity
The foundation of any business is your assets. There is no space for downtime, productivity losses, or poor quality in the current economic environment. Maintenance teams are recognized for their ability to keep assets running, while businesses are trying to squeeze as much value out of their assets as possible. As a result, it is important that businesses need to invest time in asset management.
What Is Asset Management?
Asset management in the finance industry is connected to investment management. Asset management, when applied to an industrial setting, is the process of maximizing an asset’s value to a company over the course of its full existence and doing it in the most economical way possible. In the context of asset management, “assets” refers to any tangible things, including machinery, structures, automobiles, tools, and real estate.
What Does Asset Management Software Do?
Asset management software is a lifesaver if keeping track of thousands of assets on spreadsheets sounds like a nightmare.
Asset management software is a centralized system that helps your organization keep track of important information about each asset in real-time. This lowers administrative expenses, boosts customer satisfaction, and gives your business more insight into how well its assets are being used and how much it will cost to maintain them.
Advantages Of Asset Management Software
Streamline Asset Management
The eWorkOrders Asset Management module integrates all asset management and tracking into one easy-to-use centralized system. CMMS helps simplify the management of assets, extend asset life span, improve performance, enhance safety programs and streamline processes.
- Analyze maintenance costs for repairs and replacement.
- Add photos to document the tools\equipment\facility condition.
- Works with handheld computers barcode scanners and smartphones with barcode scanner apps.
- Stay on top of preventive maintenance.
Improve Asset Performance
Having effective asset management strategies in place, organizations can see the benefits of equipment performing at peak performance, reduced downtime, lower operating costs, and maximizing ROI.
- Track asset tasks and performance across your entire corporation.
- Minimize asset life cycle costs and maximize profitability.
Tools & Equipment Management
The eWorkOrders Asset Management module integrates all asset management and tracking into one easy-to-use centralized database. CMMS helps simplify the management of assets, extend asset life span, improve performance, enhance safety programs and streamline processes.
- Analyze maintenance costs for repairs and replacement.
- Implement a check-in and check-out process for tracking all assets.
- Add photos to document the tools\equipment\facility condition.
Real-Time Access To Information From Anywhere
eWorkOrders asset management system is accessible from anywhere on a computer or mobile device. This enables technicians and managers to quickly access asset models, warranties, and more. Having real-time information available at all times will help you make a better repair or replacement decisions.
Dashboards & KPIs
Our customized dashboards provides real-time insights into asset performance, total downtime, mean time between failures, mean time to repair, and more. Discover breakdown trends and put preventive maintenance routines in place to extend the lifespan of your assets to their full potential.
Improve Return On Assets (ROA)
eWorkOrders provides powerful tools to help organizations maximize Return on Assets (ROA) and minimize maintenance costs. Optimizing the maintenance of all assets and streamlining processes will lead to decreased expenses and increased revenue.
- Capture and store real-time information from work orders.
- Create reports that drive Preventive Maintenance schedules.
Improve Regulatory Compliance Processes
Our comprehensive set of effective maintenance management tools helps improve processes, make passing inspections easier, and promotes a safe work environment seamlessly. CMMS provides detailed information to create dashboards and comprehensive reports to help organizations meet compliance audits and regulations.
- Make compliance easily traceable for audits.
- Create detailed on-demand reports on assets.
- Automate processes for tracking standards, new codes, and updating assets.
- The ability to access each asset’s warranty information, stored within CMMS software, also proves beneficial in processing claims and recouping costs.
CMMS Reporting and Dashboards
With the reporting features in CMMS software, users can make critical decisions related to asset management, such as repair history for equipment replacement. Although an asset may have reached its anticipated lifespan, following an effective preventive maintenance plan could help continue assets operating for years to come.
Cybersecurity Program
eWorkOrders has an ongoing effort to maintain the security of our systems and our customer’s data. We have utilized a third party, SecuirtyScorecard to analyze and continuously rate how well-prepared we are at preventing cyber-attacks.
We are pleased to announce that we have achieved a perfect SecurityScorecard score of 100 on their scale of 0 – 100. Click here to view our perfect scores in all of the categories.
Selecting A CMMS Solution To Manage Your Assets – Questions You Should Ask
When selecting the best asset management CMMS software, it’s important to consider:
- Security: Is your data going to be protected? Is your vendor going the extra mile to protect your data?
- Function & Feature: Does this software meet your requirements?
- Technology: Does the vendor offer free upgrades?
- Training & Support Services: Does the vendor provide training and support? What other options are available for new employees?
- Legacy Systems Integration: Can legacy systems be integrated into the software? Will the vendor work with you to support this initiative?
eWorkOrders can answer yes to all of these questions – can your vendor do the same?
Achieving Operational Excellence through Asset and Maintenance Reliability
At eWorkOrders, we recognize the importance of asset and maintenance reliability in achieving operational excellence. Our comprehensive approach to asset reliability and maintenance assessments can help organizations optimize their operations, minimize downtime, and increase efficiency. By collaborating with us, organizations can develop a well-defined and properly implemented strategy that ensures asset and maintenance reliability, leading to improved overall performance and competitive advantage.
Asset reliability and maintenance reliability work together to ensure that an organization’s assets are performing optimally and delivering the required output with minimal disruptions or failures.
Asset Reliability is achieved by maintaining assets in good condition, optimizing their performance, and ensuring they can function under various operating conditions.
Maintenance Reliability is achieved by implementing a proactive maintenance strategy that focuses on preventive and predictive maintenance, minimizing the risk of asset failures and increasing their useful life.
Effective maintenance practices are essential to achieving asset reliability, as they help identify and address potential issues before they lead to failures. Conversely, assets that are not maintained properly are more likely to fail, resulting in costly downtime and reduced productivity.
By focusing on asset and maintenance reliability, organizations can optimize their operations, reduce maintenance costs, minimize downtime, and improve overall efficiency.
eWorkOrders Can Help You Manage Your Assets
Effective asset management requires maintenance management, particularly in asset-intensive industries like oil and gas, electricity and energy, and water and wastewater. If you have assets, there needs to be a system in place for tracking and managing vital asset information because of the impact that it can have on your bottom line.
You’ll be able to develop thorough maintenance plans and make data-driven decisions on the management of your assets when combined with our other maintenance management tools. Please feel free to contact us to learn more about the capabilities of eWorkOrders asset management software.
The Power of Reliability: Key Types for Maximizing Asset Performance
