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Impact and value of enterprise asset management

There are many reasons for the increased demand for better asset management. Implemented well, asset performance management (APM) can do more than improve maintenance. By connecting systems across your enterprise, it can deliver insights to optimize operations, safety, and drive financial results.

Impact and value of enterprise asset management

Why should every company be concerned about asset management?

continuousEnables a company to keep tabs on all its assets

Asset management makes it easier for organizations to keep track of their assets, giving you the option of knowing their location, how they are being put to use and whether there are changes made to them. Consequently, the recovery of assets can be done faster and more efficiently, leading to higher returns.

riskIdentifies and manages risks

Asset management encompasses the identification and management of risks that arise from the utilization and ownership of certain assets. That means an organization can always be prepared for any risk that comes its way.

virusIncreased visibility

EAM offers a company the right tools to organize its asset portfolio quicker and more efficiently. It increases the visibility of asset health to get more key information and keep the most critical assets and company resources performing at maximum efficiency.

How do you develop a strategic asset management plan?

inventoryComplete an asset inventory

The very first thing, when starting your own asset management journey, is to take count of all the assets. Without knowing all the assets in your organization, it will not be possible to manage them effectively.

lifecycleLife cycle costs

For a precise asset management plan, the entire life-cycle costs of each asset should be calculated. During the asset’s life cycle, unpredictable costs may come up (maintenance expenses, disposal costs…) yet many companies make the mistake of only calculating the initial purchase costs.

supportSet levels of service

Use levels of service to outline the overall quality, capacity, function, and safety of the different services your assets provide. The requirements of maintaining that service will dictate the operating, maintenance and renewal activities that need to occur moving forward. 

marketing(1)Exercise long-term planning

Your asset management should naturally translate into long-term financial planning. A long-term financial plan will help you determine which of your objectives are feasible, which are important, and which can maintain your priority assets over the long term.

 

For more information on how to start your journey with asset management, contact us at info@troia.si or join us at our webinars:

APM1Asset management - basics - Monday, 22.6.2020, 13.00 - 13.45 (GMT +2)

 

APM2Asset management in practice - Wednesday, 24.6.2020, 13.00 - 13.45 (GMT +2)

 

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