Preventive asset maintenance can save organizations 12 to 18%, instead of the alternative of reacting to maintenance issues. This is one of the many benefits of asset management.
Organizations that use asset management planning not only save money on their investments. They can also prevent theft, wastage, and over or understocking. It allows businesses to improve the efficiency of their operations.
It can help your business too. Read on to find out what asset management entails, how you can use it, and its benefits.
What Is Asset Management?
Asset management provides you with the tools to manage and track the assets in your business. It's simple and may include tools, equipment, buildings, or plant machinery. It can include any asset (intangible or tangible) that you can manage from a central hub.
This can include:
- Bridge Asset Management
- Building Asset Management
- Infrastructure Asset Management
- Fleet Asset Management
Effective asset management can have many benefits to your business. These include greater efficiency and productivity. The great thing is that you can use asset management planning in any industry.
Airport asset management facilitates efficient maintenance of aircraft. It involves the management of services, parts, and costs. Airlines can maintain multiple planes from the time of acquisition to disposition.
What Is Asset Management Planning?
Asset management planning allows you to create a tactical plan to manage your organization's assets. This can include your infrastructure as well. It ensures your service delivery meets a predetermined standard.
Examples of asset management plans include a bridge asset management plan. This allows cities to maintain and operate their bridges efficiently. While a fleet asset management plan simplifies the process of acquiring, utilizing, and caring for vehicles within an organization's fleet.
Benefits of Asset Management
Businesses can derive many benefits when they use asset management planning in their operations. Some of the benefits include:
An Overview of Asset Costs
Asset management can help you budget for the acquisition of your assets. Analysis of these costs will give you an idea of the funding you will need. It will allow you to decide if your purchase will be cost-effective for your business.
Lessen Equipment Downtime
Proper asset management will allow you to effectively schedule maintenance of your equipment. It facilitates proactive planning. This will cost you less than having unplanned downtime due to an emergency repair. Asset management allows you to put contingencies in place.
Asset management software can assist with equipment compliance. You can generate reports that keep you up-to-date on any relevant checks or paperwork needed. You can make these systems accessible to anyone in your organization involved in the management of your assets.
There are also many companies like Utility Service & Maintenance, INC. that assist companies in various industries with their asset management planning.
Effectively Protecting Your Companies Investment
Assets are a significant investment for many companies. Asset management should be a part of your business operations. It will ensure you get the highest return on your investments.
Asset management helps companies effectively acquire, maintain, and eventually dispose of their most significant assets. It is relevant to most businesses regardless of their industry.
To learn more about building asset management planning check out the Significant Architecture section of our site.