Asset Maintenance Best Practices for Optimal Asset Performance

Lots of people believe that asset maintenance and asset repairing are the same but it's not. Asset maintenance prevents the requirement of asset repairing. Repairing is something that is broken and now needs to be brought back into running condition. Asset maintenance is an umbrella that records everything to ensure asset is in good condition & well-maintained. For example, in manufacturing machinery, maintenance means regular checkup.

By manufacturing hardware, resource support can mean normal examinations and fixes. However, in order to achieve top performance from your assets, there are a few best asset maintenance practices that one must follow & this is what we will discuss in this blog. So, let us begin!

What Are the Best Practices for Asset Maintenance for Optimal Performance?

Asset maintenance best practices for optimal performance are discussed below:

1. Take a Systematic Approach to Asset Maintenance

Lots of organizations keep track of maintenance manually, as a result, their assets are left unmaintained and their performance starts decreasing, and chances of sudden equipment failure are also enhanced.

That is why it is important that a systematic approach is taken to provide maintenance to each asset so that no asset is left for maintenance.

Asset management software can be helpful in keeping track of maintenance and it will alert your maintenance for each upcoming maintenance so that no asset maintenance is skipped. This software centralizes information and planning & scheduling of asset maintenance can be done easily.

Recommend To Read: Asset & Inventory Tracking App: One Solution for All Industries

2. Keep Assets Maintained

Keeping assets maintained is very important for better asset performance. It is not only helping organizations in decreasing maintenance expenses, and you can increase productivity.

If assets are not maintained, then not only asset failure chances are increased but their asset life decreases as well. Furthermore, it is also helpful in decreasing the overall downtime and optimizing the uptime of assets.

3. Collect Data

Data is the key to business growth and when you have access to the information you can take better decisions about your assets. Collecting data is one of the most important asset maintenance practices.

When you have enough data to make informed decisions then obviously you can get the better-expected result. If you make decisions based on assumptions, then you will not get the expected results. Getting data on each piece of equipment will help in anticipating asset maintenance and you can plan accordingly.

4. Utilize Preventive Maintenance

One of the key practices for asset maintenance is utilizing preventive maintenance. It is helpful in scheduling asset maintenance before asset failure can occur. Moreover, it also assists in keeping track of maintenance and optimizing asset performance as well.

Preventive maintenance provides several benefits such as improved asset performance, decreases unplanned downtime, boosts asset performance, and minimizes sudden equipment failure chances.

Missed To Read: Asset Maintenance: Types with Benefits and Drawbacks [Infographic]

5. Create a Checklist for Every Maintenance Work Order

when an organization is equipped with lots of assets and equipment then there is a lot of pressure on the maintenance team to perform maintenance on each asset as quickly as possible. and this is where the chances of mistakes are most.

In order to avoid this issue, a work order checklist can be created. In this checklist activities that need to be done in each asset are mentioned individually, other than this, what are the issues coming and so on.

This checklist is very helpful to the maintenance team as they do not forget any activity. Most importantly, their time is saved as they do not have to find issues on their own. It makes them more productive and enables them to deliver efficient work.

6. Analyze Key Performance Indicators (KPIs)

When you analyze key performance indicators you will know when your asset is working fine and when it is not. KPIs enable maintenance managers to optimize asset performance and unleash the full potential of the asset.

When optimizing performance is your goal then KPIs are crucial. Following KPIs and setting benchmarks is the last key to opening an upgraded asset.

7. Ensure Inventory Availability

While performing maintenance most of the time parts are changed as they are not in good condition due to (wear and tear) so it’s important to change those parts. So that equipment performs effectively and efficiently, however when that is not done it leads to several other issues such as decreased asset performance.

Therefore, it is important to keep inventory available so that maintenance can be performed efficiently. Hence the organization must keep track of inventory so that the maintenance team can do their work efficiently.

Conclusion

So these are the best asset maintenance practices for optimal performance. Other than this, organizations need to eliminate traditional approaches for asset maintenance such as the utilization of spreadsheets and asset tracking manually.

These practices are not good for any business, specifically when asset performance and asset optimization is your objective.

The best practice is to utilize cloud-based asset management software. Once you invest in asset management software you will start to notice its benefits.

Also Read: Best Tips to Choose the Right Asset Management Software for Your Organization

Frequently Asked Questions (FAQs)

Q.1 - What Are the Benefits of Cloud-Based Asset Management Software?

The benefits of cloud-based asset management software are given below:

1. Access to data from anywhere

2. Data security

3. Real-time information

4. Accurate and customized reports

5. Asset & inventory tracking

6. Quick and informed decisions

Q.2 - How Is Asset Tracking Done?

For asset tracking, asset tracking technology comes in the form of tags or labels. Each tag has a unique identification number so this identification number is stored in the automated software whenever this unique ID number is scanned. It fetches all the information related to it. This label is a sticker to the asset and synchronized with software to retrieve information easily.

Q.3 - What Are the Various Types of Asset Tracking Techniques Available?

For asset tracking, lots of asset tracking techniques are available in the market such as barcode, QR (Quick Response) code, RFID (Radio frequency Identification), GPS (Global positioning system), IoT (Internet of Things), NFC (Near field communication), etc. All these technologies have their own advantages and disadvantages as well.