Top Tips Guide: Streamlining Equipment and Asset Management for Business Success

SSG Insight
  • Published date: 20 March 2024
  • Author: Louise Simpson

With over 40 years of industry experience, we believe that one of the first places to start when looking at asset and maintenance management, is with the equipment and assets you want to maintain. Reviewing best practice and equipping you and your team(s) with the essential strategies to streamline your equipment and asset management, is pivotal for seamless operations, minimising costs, and achieving objectives. Here are our top tips to optimise your asset management practices:

  1. Maintaining Assets and Equipment with Routine Preventive Checks 

Prevention is always better than a cure, and the same can be said within asset management. Preventive maintenance offers numerous advantages over reactive maintenance, and adopting a proactive approach will support organisations to achieve greater operational efficiency. Avoiding costly breakdowns and emergency repairs is often a more cost-effective approach, which also increases the reliability and life spans of assets and equipment. Not only does preventive maintenance help maximise the return on investment for assets, it also identifies any safety hazards associated with assets, and helps to maintain compliance.

 

2. Have Step-by-Step Instructions Available for all Maintenance Tasks 

Having step-by-step instructions for all maintenance related tasks is crucial for ensuring assets and equipment are correctly maintained. Consistency is key for maintaining the reliability and performance of assets over time. By following predefined steps, engineers and maintenance technicians can adhere to industry standards and manufacturer recommendations, reducing the risk of errors or oversights. Streamlining the maintenance process allows tasks to be carried out more efficiently, and having documented procedures provides a basis for continuous improvement amongst the workforce.

 

3. Track all Maintenance Activities for Assets and Equipment 

Tracking maintenance activities allows organisations to identify recurring issues or needs for specific assets, and effective analysis of this data will enable proactive planning and resource allocation. To minimise disruptions, this data can be used to schedule maintenance tasks at the most appropriate times, supporting operational efficiency and helping to maximise asset uptime. With cost management high on maintenance managers’ radars, tracking activities provides visibility into maintenance expenditures, and can identify opportunities for cost savings.

 

4. Track Downtime 

Tracking maintenance activities allows organisations to identify recurring issues or needs for specific assets, and effective analysis of this data will enable proactive planning and resource allocation. To minimise disruptions, this data can be used to schedule maintenance tasks at the most appropriate times, supporting operational efficiency and helping to maximise asset uptime. With cost management high on maintenance managers’ radars, tracking activities provides visibility into maintenance expenditures, and can identify opportunities for cost savings.

 

5. Track Maintenance KPIs 

There are various KPIs that maintenance teams can follow that align with individual strategic goals, however two that we recommend tracking are Mean Time Between Failures (MTBF), and Mean Time to Repair (MTTR). Mean Time to Repair is essential for assessing the efficiency of maintenance processes, and measures the average time it takes to restore an asset to it’s normal operational condition following a breakdown or failure. Mean Time Between Failures refers to the time between asset or equipment failures during normal operating hours, and should only be measured on assets that are repairable. More information on our recommended maintenance KPIs can be found here.

 

6. Utilise Data and Analytics 

By leveraging data and analytics for asset and equipment management, organisations can proactively identify issues, optimise maintenance practices, and make data-driven decisions to improve overall operational performance. Data can be collected from various sources, including IoT sensos, equipment logs, maintenance records and performance reports. Implementing a CMMS or EAM streamlines data from disparate sources into a centralised source of truth, enabling comprehensive analysis. Beyond this, a CMMS or EAM platform will transform manual reporting into engaging reports, providing a high-level view of your operations, and creating a robust audit trail that can easily be shared with an auditor.

 

7. Inventory Management 

Efficient inventory management is essential for maintaining the reliability, availability and performance of assets and equipment. By ensuring that the correct parts are available at the right time and in the correct quantities, organisations can minimise downtime and maximise asset value. Procurement processes can be streamlined with effective inventory management, with visibility into stock levels and usage trends, and can help with overall financial performance by reducing excess inventory holding costs and freeing up capital that can be invested elsewhere. Our top tips for proactive inventory management, and the crucial role of critical spares can be found here.   

 

In Conclusion: 

Effective asset and equipment management is essential for organisations to minimise downtime, maximise return on investment, and streamline operations. By implementing our top tips and adopting a proactive approach, organisations can achieve greater efficiency, compliance, and success in managing their assets and equipment.  

To discuss more top tips and all things asset and maintenance related, why not contact a member of our global team today. We would welcome the opportunity to share more about how we can support you to achieve your organisational goals. 

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