How to Decrease the Turn-Around Times for Asset Breakdowns

An organization's efficient operation relies on the proper functioning of its assets. Whether using manpower or an automated work environment, assets require attention. Neglect or carelessness is detrimental. The operational tasks constantly require assets. Whether the assets are in use, lying as spares, in repair, or are in an idle condition - they all have to be documented in an Asset Management Software.

How are Assets Important to an Organization?

Keeping assets unaccounted for is a futile effort; dependency on human supervision does not guarantee that it would not falter.

It requires a robust system that works by:

First, registering the category of the asset and then at which location or sub-location it is deployed. Second, who is an assigned user for such an asset either as a maintainer or as a user. Third, what's the condition of the asset, whether that's brand new, refurbished, or it's unusable. Fourth, the status of such an asset should also be recorded, whether it's in use, in stock, or gone for repair.

With a combination of these inputs, an asset record should be ensured in the register. This register, in turn, will help in building activity schedules. The scheduled activities are very crucial, as a generic human-dependent approach might not record everything.

There's a high chance of something being missed, something not being dealt with appropriately. Rather an IT Asset Tracking System with its automated capabilities enhances the overall schedules.

Alerts are thrown, records are created, stakeholders are accounted for, the frequency is set, next actionable data is marked, and above all, it records everything leaving no chance of tampering or mismanagement. Now, what may seem difficult becomes system-driven.

All assets have been marked according to their categories; the organization knows

- Where they are located

- Who's the one they are with

- What's their condition and status

These schedules, when linked to specific assets, define the period

- When an activity should happen

- Who's supposed to do it

- By what date it is to be done

- How many days prior a reminder shall come

- Whether that's a single occurrence or multiple repetitions

Any files that are relevant to the activity, like an invoice, workshop manual, instructions, can be attached to it.

Asset Management System: A Powerful Tool

The Asset Management System should also provide more powerful tools to the organization by allowing additional custom feeds in the scheduled activity which allow them to capture and record crucial details that are important for them. The system should also notify what the pending activities are for better accountability.

In times of mobility, the notifications should be connected to handheld devices as well. So, the Asset Management System should also be provided as a web interface, on iOS and Android platforms as an App.

Coming back to the times when asset breakdowns were unforeseen, unpredictable, unmanageable, and unaccountable; but times now have changed.

Asset Management Systems these days are designed to predict the unpredictable, manage the unmanageable, and account for the unaccounted.

Preventive Maintenance

With the help of the system, preventive maintenance activities can be scheduled, keeping in mind the frequency which could either be dependent on usage or time period. Such preventive maintenance keeps the wheels oiled.

As it's said, prevention is better than cure, so a preventive schedule makes sure that asset breakdowns never happen again. Or if they are not preventable fully, at least the turnaround time should be such that makes the organization well-prepared.

When you want to implement preventive maintenance, then you can get it with a CMMS (Computerized Maintenance Management Software) system. A lot of organizations utilize and rely on CMMS software, that is why it has a huge market size.

According to Verified Market Research, “The CMMS Software Market was valued at USD 0.92 Billion in 2019 and is projected to reach USD 1.77 Billion by 2027, growing at a CAGR of 8.58% from 2020 to 2027.”

Complaint Management

The Asset Management System helps in another way by providing a complaint ticketing system. With the help of such a system, complaints can be logged either linking them to an Asset or otherwise. The specific location can be mentioned where such an issue has arisen. The complaint when logged should be assignable to the appropriate usage group who'll be able to address and rectify the same. It should have named users who'll take responsibility to address it. It should also mention who are raising such a complaint when they are raising it also becomes important to calculate the period by which it should be addressed. Even a self-assessed priority helps.

Detailed Description Field

Also, a detailed description field would help in a long way to understand what's the actual fault. Files could be uploaded containing last records, any part details, and even a photo clicked from the mobile showing the trouble.

In case any known inventory items are required, the system could help by allowing the objector to mention what all might be required and in

how much quantity.

Conclusion:

So, the preventive maintenance scheduled activity and the complaint management system's ticket help increase the turnaround time of such asset breakdowns. Also, the system should help by creating schedules for Annual Maintenance Contracts, General Maintenance, Physical Inspection, shutdowns, and Calibrations. They all make the organization run its Assets in a better way, the system not only alerts but it also documents, creates empathy, a sense of accountability between the man and the machine.

There are more features such as Auditing of your assets & Physical verification, Maintenance management, Utility Monitoring, and report on the equipment you can use from anywhere, at any time. Infizo Desk offers a free 14-day trial - no credit card required!

Frequently Asked Questions (FAQs)

Why Avoiding Asset Breakdown Is Crucial for Business?

Asset breakdown can be very dangerous for business. Asset breakdown increases downtime, and asset unavailability increases. Moreover, it can slow down the process of production which can lead to delays in customer disappointment. Moreover, when a sudden asset breakdown occurs, it leads to an expensive repair. It also impacts the productivity of the organization as well as their employees. That is why it is important to avoid sudden asset breakdown.

How Can You Avoid Sudden Asset Breakdown?

Organizations can easily avoid sudden asset breakdown by providing asset maintenance on time. When assets are given maintenance on time, it not only avoids asset breakdown but improves asset performance. It makes assets more reliable, and you will notice that maintenance expenses will decrease as well. When you provide maintenance on time, it will increase asset availability, and downtime will be minimized.

Why Are Assets Important?

Assets are helpful in generating revenue for the organization. They play a crucial role in business growth, and they add value to the organization as well. They are helpful in running the daily operation of a business; if assets are not available due to asset breakdown, then you will notice that the speed of daily operation will be slower.