CMMS Maintenance Care Blog

    Asset Management With CMMS = Business Longevity

    Posted by Susan Fowler on Wed, Apr 18, 2018 @ 03:00 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. 

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    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.

     

    Read More:  Stretch the Longevity of Your Equipment with Asset Management Software

     

    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.

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