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How to Undertake Asset Management using CMMS Software

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23 April 2021

How to Undertake Asset Management using CMMS Software

Asset tracking is an essential feature for any organization to make maximum returns from its investments. Asset maintenance management provides clear data to strategically optimize the assets and equipment owned by the organization.

Why is Asset Management required?

Asset maintenance is important in industries that own a large number of machinery and equipment. Since these assets are very often expensive and represent a large portion of capital investment, their proper maintenance is crucial to get the maximum use out of them.

How can a CMMS be useful?

A computerized maintenance management system, or CMMS, is a business tool that centralizes maintenance information and facilitates the processes of maintenance operations. It works as an Asset Management Software, managing equipment maintenance, work order, track inventory as well as retain a variety of equipment asset-related information.

The functions of asset management software in CMMS software helps to actively track and manage assets across multiple business locations, allowing maintenance managers to access relevant information at any time, from any device, quickly on demand.

Functions of an Asset Management Software in CMMS

There are many functions of a CMMS that aid in asset maintenance management:

Tracking Every Asset

All the assets of an organization are always tracked. However, it may not be financially viable to track every single asset at all times, hence more important assets are better tracked. Organizations classify their assets into more important and less important on the basis of a number of factors as sensitivity, criticality, value, or compliance requirements.

Gathering Information

A variety of information on the equipment is tracked, such as model numbers, purchase dates, warranty details, serial numbers, etc. This information further helps with the asset’s operation, recalls, maintenance work, etc.

Keeping track of equipment spares & supplies

It is also important to keep track of equipment asset spares such as part vendors, parts and supplies needed by different equipment. Organizations try to manage their facilities at the lowest cost in the least possible time. For this to happen, consolidated paperwork and supplies of the abovementioned assets help a long way.

Collecting asset maintenance history

Collecting and logging in the information about any changes to assets, maintenance history, costs incurred, etc. will come in useful when replacing equipment. Features and costs of the old equipment can be compared with that of the new equipment, resulting in effective purchase decisions. Similarly, operational history such as calibrations, changes, damages, etc. can also be recorded in one place to make the review process easier while looking for relevant information on troubleshooting a problem.

Asset maintenance management is very helpful for CMMS to make operations easier and more efficient. It makes the management of assets easy, operations of the organization robust and also creates a thorough guide to look up for any future purposes. CMMS enables the management team to make smart decisions on the back of efficient operations and cost-saving on assets, hence increasing the organization’s savings as well.

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