Asset Management: 4 tips for successful maintenance!!

Do you know how to efficiently manage your company's assets?

Performing good asset management is essential for the development of your maintenance business.

This type of control consists of monitoring the life cycle of machines and equipment, from their acquisition, to their movements and, finally, their disposal.

Without this attention to equipment, your team runs the risk of not using your assets intelligently and even suffering unexpected costs.

Companies dealing with external technicians for asset leasing, installation and maintenance need to pay special attention to service control.

This is because, generally, employees from external teams carry equipment and products with them on their visits, without necessarily having to use them.

This reality can make the data on the movement of equipment uncertain, which hinders its management.

For this reason, in this article, you will learn best practices to make asset management more appropriate for your business.

What are the benefits of asset management?

The benefits of implementing asset management are very significant for your company's maintenance management.

This type of management allows tracking and optimizing the use of machines and equipment in your business.

With data control over your assets, you will have access to the equipment availability index, increasing your service control and the productivity of your technicians.

In addition, through this type of management, it is possible to plan all actions strategically, to increase the quality of services provided to customers.

One of the biggest benefits of asset management is the possibility of  planning preventive maintenance . Preventive maintenance is carried out in order to prevent equipment failures.

This type of maintenance can increase the useful life of assets, which directly impacts your customers' productivity.

But how to manage this assertively? What steps to follow? Calm down, I'll explain the best asset management techniques!

What are the best practices for asset management?

There are very important practices for your management with regard to the control of your company's services.

Through these actions, the control of your external team and the management of your company's assets will be optimized.

Check out the best practices to implement asset management processes in your company:

1. Inventory organization

Inventory control is a very important action for implementing asset management in your company's PCM sector.

With the stock organized, you can check the availability of machines and equipment for your customers.

The first step to start organizing your company's inventory is to register all the products and equipment that the company has.

You can create a document or spreadsheet that has the following fields:

• Asset name;

• Brand and model;

• Date of acquisition.

If you have more than one piece of equipment of the same make and model, it is interesting to identify it using asset numbers or codes.

In this way, it will be possible to distinguish the oldest equipment or the ones that have more failures, even having more than one equipment of the same brand and model.

Also remember the importance of defining the minimum and maximum amount of certain assets in the company's inventory.

Example:  If your technicians use certain parts on a daily basis in service, what is the minimum amount of inventory to order new parts without having to stop operations?

Record the data and follow the numbers constantly for better control, as these numbers influence the operational performance of your company.

2. Asset validity monitoring

You know that an unexpected stop can cause great damage to your business customers, and can even cause dissatisfaction with the expenses caused.

It is normal for machines to wear out over time due to constant use. However, it is important to track the useful life of each asset.

Your technicians must constantly monitor the wear on each piece of equipment, with the intention of predicting undesirable failures.

You, as a manager, must always verify that the asset is in favorable conditions of use and that the devices are being cleaned properly and constantly.

Also track the amount of maintenance performed on an asset and use  maintenance indicators to  support decision making.

You can calculate the MTTR and MTBF of your assets through our free spreadsheet! To download the worksheet, just click on the banner below!

3. Control of contracts

Another important practice in asset management is contract management, as it ensures the control of asset leases and presents reliable data about services.

In order to carry out an efficient control of contracts, it is necessary to store the sales, purchase and service documents of your maintenance company.

These documents serve as a way to consult and verify details about your relationship with customers and suppliers, in addition to being a rich database for your company.

In addition to presenting a history of transactions, this type of control allows the verification of readjustments and the validity of contracts, to keep the manager aware of all the movements of the company's assets.

4. Reporting

But it's important to remember that it's no use having all the previous data at hand if you, the manager, don't know how to make decisions based on them.

It is necessary to monitor your company's maintenance indicators and transform them through strategic actions to improve your management.

For this, you will need to monitor the performance of the services of your external team, gather information about the services performed and produce reports.

With these reports in hand, it remains to analyze them to improve the quality of services, increase the amount of planned activities and reduce corrective maintenance.

Asset management systems

Currently, there are asset management systems that help, in an automated way, with the control of equipment, inventories and services of maintenance companies.

These systems are responsible for facilitating the control of managers of external teams, such as, for example, In Motion Facilities  that allows you to manage your company's assets quickly and easily.

With In Motion Facilities, you can control inventory, manage contracts, track asset movements, work with budgets and produce complete reports for your company.

The use of asset management systems is the best option for managers who need to control services in a simple and effective way.

Keep in mind management best practices when establishing asset management processes for your company.

How about sharing this content with other managers?