Asset Management category

Asset lifecycle management strategy: What’s the best approach for your business?

5 min read - Assets are the lifeblood of any successful business—from software programs tailored to meet an enterprise’s unique needs to a pipeline that stretches across oceans. One of the most important strategic decisions a business leader can make is how these assets are cared for over the course of their lifespans. Whether you’re a small enterprise with only a few assets or a large-scale corporation with offices spanning the globe, asset lifecycle management, or ALM, is a fundamental part of your operations.…

Asset management vs. parts inventory management: What’s the difference?

5 min read - When it comes to managing assets throughout their lifecycle, business leaders know they need a comprehensive strategy in place to succeed. But they aren’t always clear on the strategic opportunities around parts inventory management and the role it plays in maintenance strategy. While asset management solutions monitor buildings, equipment, vehicles, IT assets and other items a company uses to conduct its business, parts inventory management tracks the spare parts maintenance repair operations (MRO) need in order to repair assets quickly…

7 steps for managing the work order process

4 min read - Work orders are the driving force behind any organization’s asset management apparatus. Whenever a person or entity submits a service request, the maintenance team that receives it must create a formal paper and/or digital document that includes all the details of maintenance tasks and outlines a process for completing the tasks. That document is called a work order. The primary purpose of a work order is to keep everyone within the maintenance operation abreast of the workflow, which ultimately helps…

Preventive maintenance vs. predictive maintenance

5 min read - Your maintenance strategy may not be the first thing that springs to mind when thinking about the bottom line. Yet, given that machinery, equipment and systems keep businesses running, maintenance strategies have a major role to play. Without due care and attention, things break—regardless of whether that’s a transformer in an electricity grid, an axle bearing on a train or a refrigerator in a restaurant. When assets malfunction or aren’t performing optimally, there can be safety issues and financial implications…

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