February 17, 2025

How to Improve Asset Management: Tracking Assets for Maximum Efficiency

Put Maintenance Management at the top of the family tree. From there, you'll branch out to the members of that family. These include Assets, Inventory, Preventive Maintenance (PM), and Work Orders.

In this article, we'll focus on the first family member. You understand the purpose of maintenance: To keep your assets operating at a baseline functionality. How do you start? Read on for tips on tracking assets, benefits of tracking, and how a computerized maintenance management system (CMMS) benefits.

The Importance of Data Gathering in Asset Tracking

For success, you must familiarize yourself with every intricacy of each asset in your company. Let's bring in the CMMS right at the beginning. This software will help organize your existing maintenance plans.

Within the system, you'll create a list of your assets. You'll include information such as Name, Location (within the facility), Cost, Manufacturer, and any other pertinent data.

You can use barcoding or QR coding to identify your assets further. A quality CMMS will offer scanning from a mobile device.

You want relevant information for everyone who operates and works on the asset. That way, if you have several workers inspecting/cleaning/lubricating/repairing the machine, they all have the same data.

You'll add safety protocols and related inventory. This benefits the worker because he doesn't spend time wondering what parts he needs. Perhaps you've created "kitted" parts, a bundle of parts/supplies you know the worker will use each time he services a particular asset.

Preventative Maintenance & Asset Management Strategies

When you plan your PM strategy, note the cycle and priorities of each job. Use the CMMS to create checklists for the jobs. You can include safety measures in the checklists or attach documentation to the work order.

Train workers for these PMs and implement schedules for each asset. Remember, no plan will succeed unless accompanied by commitment and determination.

Overcoming Challenges in Asset Tracking

Any plan for success faces obstacles. To overcome them, you must anticipate. This means gathering as much relevant information as possible. You might track equipment readings. PSI. Levels. Temperature. Mileage. Hours of operation. These and more help shape your PM strategy.

They also show you potential issues. You'll have an opportunity to prepare and stave off any serious problems.

Discuss with your supervisor or manager about the possible issues. Discuss options and the consequences of each option. For instance, if you choose Plan A, what will be that plan's challenges and solutions?

Do the same with Plan B, C, etc. Decide which plan offers the best solutions and the best chances for success.

Setting Goals for Effective Asset Management

Don't forget about short-term goals. Acknowledge success after completing each phase. Discuss expectations on productivity. Not only with workers but with your assets.

You want to make sure the machine runs as designed. If you experience lower operations than expected, analyze tracked information…or start creating a history.

Periodically discuss that overall strategy and its details. Look for improvements. Using reports from the CMMS, you can better pinpoint areas for adjustment and change.

Discover how streamlined maintenance processes can elevate production. Learn more.

Maintaining Asset History for Smarter Decision-Making

A CMMS shines in this area. You want a system that keeps records of:

• Equipment readings.
• Maintenance history.
• Depreciation values.
• Revisions to existing records.

Equipment readings were mentioned above. How about maintenance history? Why is this important?

You need a record of previous repairs, inspections, cleanings, etc. This helps ensure that you don't under or over-maintain the asset. You understand by neglecting attention, you run the risk of unplanned downtimes and further costs.

However, over-maintaining an asset also risks problems. For example, too much lubrication in a machine doesn't improve the machine's operations. In essence, you have something akin to tires spinning on ice.

You use maintenance history to order further inventory. It and depreciation give you insight into when to purchase a new or a replacement asset.

Record revisions in a CMMS benefit by showing the most recent "state of existence." This helps in planning and scheduling PMs and other repairs.

Why Asset Tracking is Essential for Business Success

How you track your company's assets contributes to how well your maintenance department succeeds. It affects equipment operations. It affects employee collaboration and morale.

Let's use the example of a reactive mindset, where you don't pay attention to assets until they fail or break down. While some companies get by with this, think of the risks. More unplanned downtime, lower asset life expectancy, and increased costs.

However, also think of the production personnel. They expect machines to operate. They expect the maintenance department to keep them operating. If your technicians or mechanics don't track readings or maintenance history, then you risk disgruntled coworkers. Production blames maintenance for failing to keep things in order.

Take time to create a tracking plan. Discuss with not only your team but also with production people. What ideas can they suggest for success?

Invest in a CMMS for better organization. Call 800-922-4336 to discuss how Mapcon's superior CMMS has helped others succeed. Mapcon develops for numerous industries and companies of all sizes. You work hard. Mapcon helps you work smarter.