Develop a strategy for asset management

July 11, 2013
When beginning an asset management process, go slowly and deliberately with the understanding that it is a process rather than an event. Ensure, by free trial runs if possible or in-depth research or observation, that the software you purchase for tracking, generating work orders, inventory control and lifecycle costs are what you will actually use and not too much or too little.

After that hurdle has been crossed you are just beginning a true asset management program. Reliability is related to predictive, proactive maintenance and knowing when and how to run to end of life. This understanding can rarely be obtained quickly or simply. Set yourself up for success by using the boots on the ground as a primary source of input for what works and doesn't work. Track, report and verify constantly and consistently.

If the people who make the financial decisions are not onboard, your program will fail. Cost things correctly, comparing the cost of maintenance versus the purchase of new equipment. Make sure to include all the factors, such as operator and maintenance training, ease of repair and usage of equipment, which will affect throughput of product, cost of product and cost of using the asset.

Develop a program to demonstrate that proper purchasing, operating and maintenance practices are a revenue-generating process. This will help management realize that ROI is much more than simply purchase price, labor and materials.

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