What is Asset Management in Maintenance?

What is Asset Management in Maintenance?

These days, companies experience an emerging need to increase productivity and reduce costs. Faced with this situation, companies have invested in asset management to differentiate their businesses and make them more competitive.

But after all, is asset management the same as maintenance management? The answer is no. Both concepts are related and complement each other, but they have different objectives.

Firstly, it is important to be clear what exactly is an asset. Assets are any physical object that is under the domain of a certain organization, such as machines, equipment, office materials, tools, vehicles of the corporate fleet, among others. In general, assets are the material assets of the organization.

Asset management has a primary objective to coordinate the life cycle of assets. It is the set of activities designed to extract value from the company’s assets, which evaluates the opportunities, risks, and desired performance of each asset, to establish priorities. The focus is to maximize the effectiveness of assets throughout their life cycle, minimize failures, reduce losses, and maximize gains.

Differences between asset management and maintenance management

It is essential to comprehend the difference between asset and maintenance management. Although these two concepts complement each other, they are not the same.

Asset management refers to a management system between all departments involved in business processes, maintenance being one of these departments.

Maintenance arises from the need to keep equipment running, with maintenance plans up to date, costs controlled, and within the organization’s expectations. However, to achieve excellence in maintenance, it is essential to enter the asset management field.

If the objective is to optimize the availability of assets during their life cycle, reduce repair costs, increase productivity, and comply with regulations, it is necessary to follow the principles of asset management.

Asset management incorporates maintenance, helping in the process of defining the best strategies to be applied to each asset, to achieve the final objective. The better the asset management, the lower the costs associated with its maintenance.

What are the benefits?

Asset management is directly related to equipment productivity, providing better performance at the most reduced possible cost.

Besides the focus on the life cycle of the assets, establishing the smallest amount of necessary maintenance, and increasing the return on investment, asset management also provides other benefits to the organization:

  • More efficient financial planning
  • Cost reduction
  • Increase in productivity and availability of assets
  • OEE Increase
  • Decision making based on facts
  • Compliance with procedures and technical standards
  • Risk management and safety improvement

The role of technology in physical asset management

Both asset and maintenance management remain not straightforward tasks, and it is laborious to manage everything in detail. This picture is even more rigorous when it comes to an organization that manages a large amount number of assets. To facilitate and support this process, there is the asset and maintenance management software.

This manintenance software allows you to monitor all the assets, obtain information in real real-time, plan and monitor maintenance operations, manage stocks, and provides several performance indicators so you can make better decisions.

Simplify your company's maintenance.

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