4 characteristics of an effective asset management system

Asset management is crucial to your organization’s success. However, it can also cause challenges to arise, from staff resistance to capacity problems. We’re here to assure you that change is worth it across all levels: from organizational culture to productivity and that all-important bottom line.

Having a plethora of the latest organizational data at your fingertips allows asset managers to provide the most up-to-date information to decision-makers. It also improves interdepartmental coordination, all to help the organization make better decisions about how to maintain and invest in its assets.

The keys to successfully implementing asset management framework

Aligning departmental goals through transitioning to a common direction should feel natural to a company’s overall mission, but sometimes it isn’t the case. Creating staff buy-in is crucial and can be achieved through proper training to highlight the benefits of adapting to new processes for everyone, not just the company.

Sheer organizational capacity can prove to be an issue. Take current management practices and available resources into consideration when deciding the best course of action to implement a new asset management framework. This might include bringing in outside experts and creating a feasible budget.

But what is asset management, exactly?

Asset management is defined as the process of developing, operating, maintaining, and selling assets in a way that is cost-effective. Basically, everything that comprises your plant’s processes and services. The benefits of adopting a streamlined asset management framework include improved data and information collection and understanding of asset status. This allows decision-makers to make more informed risk assessments and engage in proactive maintenance that in turn improves financial management.

Using the quality data collected, decision-makers can fully understand the real-time cost of asset repairs. Along with down-time assessments, they can place importance on the most critical to replace or repair for better investment decisions. This can also keep the rest on a regular maintenance schedule. The awareness will minimize overall downtime and loss of income in the long run as financial resources are better managed.

The key characteristics of an Asset Management Framework are:

1. Establish a hierarchy of staff responsibilities through formal policies and plans that include necessary resource access, training, and leadership support.

2. Promote a collaborative organizational culture through shared information and decision-making, which can be achieved through MAINTelligence™’s streamlined asset management system.

3. Quality data collection and analytics through reliable, industry-leading software.

4. The 3 P’s protocol: preventative, predictive, and proactive maintenance.

Book your MAINTelligence™ demo today to learn more about how DMSI can help you achieve organizational success through effective asset management.