Asset Management With CMMS = Business Longevity

Written by Susan Fowler | Wed, Apr 18, 2018 @ 07:00 PM

There are many things that CMMS does for your facility but one of the most important is managing assets. Your assets are part of what keeps your facility in business.

A CMMS program allows you to do the following with assets:

Know what you have in assets
Know where your assets are located
Know what your assets are worth
Gives information on improvements that are good for the facility
Who is in charge of the asset
What your gains are from each asset

There are some fundamental things that a CMMS program should do when it comes to managing assets such as:

Be able to track all of your assets, tell you when they were purchased, how they are being utilized, and the original value of the asset
Be able to describe where your assets are located when they have been modified or repaired, what their current condition is, and what their maintenance schedule is
Be able to ensure the amortization rates for your assets are accurate, and their value is accurately reflected in financial statements
Be able to remove assets that have been sold, replaced, or scrapped
Be able to identify “ghost assets,” items that have been inaccurately recorded, lost, or stolen, and remove them from your inventory
Be able to make asset recovery easier

With a CMMS framework emphasizing these features, you are better able to assess your company’s financial strength and flexibility. You are better equipped to understand the capabilities of your assets. And, you are better prepared to optimize them to your greatest advantage.

Additionally, CMMS can save you money. Comprehensive asset management allows you to perform sound risk assessments and find solutions for potential losses and liabilities before anything negative occurs. It also enables you to better maintain your assets through maintenance scheduling and it prepares you better for future events, such as costly asset purchases and replacements.

View full post