The management of physical assets (their selection, maintenance, inspection and renewal) plays a key role in determining the operational performance and profitability of industries that operate assets as part of their core business.
The benefits from implementing a Facility Asset Management Software package are significant and it is therefore important to commit the required time and resources to the selection process, to ensure the most suitable system is chosen.
Factors such as current and projected scale of business, workload volumes, and the efficiency and success levels at which your business is being managed must be considered in the assessment. There are levels and thresholds at which adopting Facility Asset Management Software becomes cost effective and this is different in each business situation. Invariably, the quality of analytical information gained from the software will lead to an increased understanding of how your business is performing, which, with appropriate action, can lead to greater efficiencies, service levels and profitability. Such factors are different in each organization, which is why a detailed and wide-ranging approach is necessary.
When considering the purchase of a new Facility Asset Management Software system, it is worth setting clear and measurable criteria against which fair comparisons and informed decisions can be made. The process review should include:
- Definitions for equipment groups and models
- The current method of information capture (including cost codes and management structures associated with equipment)
- The linking of assets to CAD drawings
- The management of asset information based on groups and model types
- The elements that affect reliability
- Servicing and repair, including planned maintenance scheduling
- The process for highlighting the most cost-effective method of maintaining an asset
- The optimum method to determine reliability and service levels
- The processes for evaluating the true cost of an asset over a period of time and life-cycle costing
The following information provides an outline of some of the asset functionality that is available and should be considered during a Facility Asset Management Software application process.
- Maintaining an asset register that includes planned maintenance, health and safety schedules, surveys and depreciation
- Definition of an asset in terms of location, equipment group, model, equipment ID and attributes such as characteristics, criticality, manufacturer, quantity, installation and warranty
- Building of a register of material assets for subsequent use in events processing
- Creation and maintenance of attachments, planned maintenance schedules, health and safety maintenance schedules, preferred service providers
- Assessing an asset’s maintenance history
- Creation and recording of condition surveys
- Ability to search for a particular asset based on any assigned criteria
- Undertaking of life-cycle analysis including replacement planning/forecasting