Physical resources are at the core of every organization, and it’s crucial to maintain them so their performance remains consistent over time. These assets need to be in top working condition, enabling the workforce to focus on driving the business rather than dealing with repairs.
A robust asset maintenance management program plays a key role in ensuring operational continuity, cost savings, and enhanced customer experiences. Neglecting regular maintenance can lead to major breakdowns that are often much more expensive to repair than the regular maintenance would have been. For example, a study by the U.S. Department of Energy found that proper maintenance can reduce maintenance costs by 12 to 18 percent.
Below are five best practices in asset maintenance management that can help facilities managers meet uptime and performance requirements for continued business success.
- Monitor the Basics
Start with the fundamentals: who, what, where, and when. An asset maintenance management system should provide a space to collect, track, and manage this information.
- Identify the asset manufacturer, distributor, and installer.
- Track the model and serial number of the asset, its cost, and any other identifying details that differentiate it from similar assets.
- Note where the asset is installed and whether it has a location-specific identifier, QR code, or another unique tag.
- Maintain detailed records including the installation date and all repairs.
Keeping this baseline information for assets across your entire portfolio provides greater insights into when assets will need servicing, replacement, and the expected cost of repairs.
- Balance Needs Against Costs
A key task in optimizing maintenance is performing a life cycle cost (LCC) assessment of the equipment. The LCC or total cost of ownership (TCO) accounts for all possible costs from acquisition to operation, maintenance, administration, and disposal. As equipment nears the end of its life, maintenance costs rise due to increasing failure rates, while the capital costs decrease.
When the maintenance costs balance out the acquisition costs, it becomes impractical to continue maintaining the asset. At this point, the optimal decision is to purchase new equipment rather than maintain the existing one.
- Keep Up with Preventative Maintenance
A preventative maintenance plan is crucial for any asset portfolio. It ensures operational consistency and uptime, maintains brand value, and is an effective cost-saving measure. In almost every scenario, planned maintenance costs less than reactive maintenance—especially for emergency repairs.
A detailed record of essential asset data and repair history enables facility managers to anticipate asset repair needs, develop routine maintenance schedules targeting critical or older assets, and reduce reliance on emergency repairs—freeing up resources to focus on long-term facilities strategy.
- Utilize Warranty Agreements
When asset manufacturers stand by their products, they offer warranties that cover most, if not all, common repair costs for a designated period. Significant savings can be achieved—if the paperwork is in order. An asset maintenance management system should allow easy upload of warranty information for quick reference during repairs to determine if costs are covered.
- Equip Your Team with the Right Technology
To successfully implement asset tracking and preventive maintenance schedules, investing in your team and the necessary technology is essential. Investing in technician training ensures maintenance tasks are properly performed and documented.
Effective training goes beyond just maintenance procedures; it also involves ensuring your team understands and can utilize the technology effectively for optimal job performance.
Wrapping Up
Maintenance optimization is a complex process that requires a thorough investigation of various factors that go beyond mere maintenance and repair. True optimization is achieved when maintenance precisely balances the needs of the equipment, ensuring it is neither under-maintained nor over-maintained.
This balance can only be achieved by analyzing maintenance needs in the context of organizational capabilities and equipment condition data, supported by predictive algorithms and computerized maintenance management software.
If you enjoyed this blog, be sure to check out our article on how leveraging AI in predictive maintenance and asset optimization can benefit your operations.
