{"id":2657,"date":"2021-04-29T16:39:48","date_gmt":"2021-04-29T11:09:48","guid":{"rendered":"https:\/\/factech.co.in\/blog\/?p=2657"},"modified":"2026-05-10T14:16:30","modified_gmt":"2026-05-10T08:46:30","slug":"asset-maintenance-and-management-system","status":"publish","type":"post","link":"https:\/\/factech.ai\/blog\/asset-maintenance-and-management-system\/","title":{"rendered":"How Optimizing Asset Operations Can Save You Huge Costs?"},"content":{"rendered":"
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Optimizing Asset Operations with an Asset Management<\/strong><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n

Asset management is the process of considering the commissioning, operational, and end-of-life phases of physical assets. However, current asset management models show inefficiencies in<\/span>
\nterms of addressing life cycle cost comprehensively.<\/span><\/p>\n

Following are the major steps:<\/span><\/p>\n

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  1. Asset registry:<\/strong> Record the details like make, model, current status, location, condition, etc. This information is compiled for all the assets with a unique id. Watch a video here.<\/a><\/span><\/li>\n
  2. Asset hierarchy:<\/strong> Establish a parent-child relationship between the assets to correctly maintain a cause and effect knowledge and to better organize the part and sub-parts.<\/span><\/li>\n
  3. Preventive maintenance:<\/strong> Schedules are prepared for planned tasks with the frequency of tasks to be performed on the assets along with the checklists.<\/span><\/li>\n
  4. Breakdown maintenance:<\/strong> Reactive maintenance is recorded with the job details, nature, and extent of faults.<\/span><\/li>\n<\/ol>\n

    \"Asset<\/span><\/p>\n

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    Usually, assumptions are made to determine the maintenance cost at an early stage, and<\/span>
    \nmaintenance cost benchmarks can be used, such as maintenance cost as a percentage of<\/span>
    \nequipment replacement value. If it is found that it may not be cost-effective to operate specific equipment within the expected reliability parameters, alternative solutions should be considered. Trade-offs between initial capital expenditure and operation and maintenance costs should be analyzed<\/span>
    \nand the best solution selected.<\/span><\/p>\n

    Asset Maintenance System<\/span><\/strong><\/h2>\n

    How can we attain a great asset management s<\/span>ystem<\/span><\/span>?<\/span><\/p>\n

    With the use of technology, things which were previously not feasible like real-time recording and extraction of data are now possible, provided the system is easy to use and proper training is done for the staff.<\/span><\/p>\n

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    1. Recording, browsing, and fetching the information with a digital asset registry system helps in bringing more control on the assets. Critical alerts based on the daily transactional work orders and inventory movement can be expected.<\/span><\/li>\n
    2. The main objective is to extend the asset life so a good digital system can ensure that a PM schedule is not missed and if missed it should be escalated instantly. Also, It should address the issue of scale and should be able to work correctly in a complex environment where thousands of assets with defined interoperability are there.<\/span><\/li>\n
    3. The events of breakdown should be handled very intelligently by the system. consider a scenario in which a particular part is getting defected after the lubricating oil from a different vendor was used. Previously it was working fine. So in this case a system must be able to relate the even of changing the brand of oil with increased failure. There are lot many such scenarios where a correct and detailed recording of a breakdown even should be entered and a proper algorithm should be run to get the desired information that could help in decision-making.<\/span><\/li>\n<\/ol>\n

      So, a CMMS\/CAFM solution if implemented thoroughly with great stress on maintenance staff training then the asset lifecycle cost is greatly reduced and operations are optimized.<\/span><\/p>\n

      Contact Now to Digitize your Asset Maintenance<\/a><\/strong>.<\/span><\/p>\n

       <\/p>\n

       <\/p>\n","protected":false},"excerpt":{"rendered":"

      Optimizing Asset Operations with an Asset Management Asset management is the process of considering the commissioning, operational, and end-of-life phases of physical assets. However, current asset management models show inefficiencies in terms of addressing life cycle cost comprehensively. Following are the major steps: Asset registry: Record the details like make, model, current status, location, condition,<\/p>\n","protected":false},"author":6,"featured_media":2658,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[104],"tags":[141,1276,176,308,1028,181,1300],"post_folder":[],"class_list":["post-2657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asset-management","tag-asset-infinity","tag-asset-maintenance-system","tag-asset-management","tag-asset-management-system","tag-cloud-based-asset-maintenance","tag-planned-preventive-maintenance","tag-what-is-asset-life-cycle"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t