Holiday Shopping List: Asset Management Strategies

As the New Year approaches, it is the perfect time to keep a list of improvements you can make to your asset management strategy to strengthen the ROI of your EAM/CMMS investment going forward. As you prepare for the holidays by making a shopping list, don’t forget to make a list of improvements for your EAM/CMMS! Keep this list in mind as you manage your assets – it may help liven up your EAM/CMMS for festive cheer.

Asset Performance Management (APM)

APM is a strategy to help analyze asset data to improve and ensure the reliability of your assets to achieve optimized process results for your organization. APM technology helps your assets achieve peak performance by minimizing downtime and using past data to recognize the places that need significant improvement. You can target specific assets critical to your business to schedule preventative maintenance to ensure that nothing goes wrong at a crucial time. Minimizing unplanned downtimes also helps improve equipment efficiency and reliability such that your work environment becomes safer and more optimized. But APM is only as good as the data it uses for analysis – garbage in – garbage out. Consider improving your master data and restructuring your asset hierarchy to get the most out of APM analysis.

Predictive Maintenance

Another good strategy to cross off the list and adopt is preventive maintenance. Adopting a standard for and reorganizing your asset hierarchy can be the beginning of a strategy to improve your maintenance strategies. A good predictive maintenance program would provide targeted improvements to locations and activity by ensuring that the most critical assets are maintained-well so they can achieve top performance. Preventive maintenance also help with preparing companies and readying them for regular asset maintenance to reduce unwanted downtimes. Adopting a the right proactive maintenance strategies, in most cases, is better than reactive maintenance for the longevity of your business.

Industrial Internet of Things (IIOT)

Lastly, adopting IIOT can enable smart asset monitoring, which can help with the abovementioned strategies. Monitoring your assets remotely can reduce the instances employees must go to the plant and physically monitor the equipment in person. Reducing onsite visits can help save time and increase workers’ ability to work on other projects requiring those employees. IIOT can also be adapted for predictive maintenance as it helps monitor and collects asset data from various plant locations.

NRX AssetHub for Asset Management

NRX AssetHub is our software solution to help you adopt better asset management strategies and get the most our of your EAM/CMMS solutions. Our asset hierarchy reorganization projects have helped many streamline production processes and adopt more efficient maintenance techniques to improve the ROI of their EAM/CMMS. If you want to get started, download one of our brochures (for free) or book a demo with our team to learn more!