As we stated in the Part 1, effective asset management is essential to any successful business operation. Streamlining asset management with a low-code platform can help decision-making processes and reduce operational costs.
Employing best practices can help a company gain efficiencies. As technology continues to evolve, the integration of low-code applications into asset management will undoubtedly play a pivotal role in shaping the future of efficient business operations.
In this blog, we take a look and the next 3 key areas of asset management best practices and again provide some ways to streamline each. We hope this blog series will help you in creating your asset management plan and get you thinking on areas you could streamline the work processes involved in a comprehensive asset management plan.
Implement a robust preventive maintenance program based on asset usage, manufacturer recommendations, and industry standards. This practice not only prolongs asset life but also minimizes unexpected downtime.
Preventative maintenance involves conducting planned maintenance activities to prevent asset failures and extend their lifespan. It aims to address issues before they become critical. Here are some best practices:
- Maintenance Scheduling: Develop a maintenance schedule based on manufacturer recommendations, usage patterns, and predictive analytics. Regularly inspect and service assets as per the schedule. In a low-code environment, you can set up service and inspection schedules and reminders for each person on your team, or for department heads to know when inspections are due.
- Lubrication and Cleaning: Keep assets clean, and if needed, properly lubricated to prevent wear and tear. This simple step can significantly extend the life of mechanical assets. With a fleet team of business vehicles, for example, your cars and trucks need regular oil changes, maintenance, and cleaning to be in working order when someone needs to use one. Same with any operational equipment, working parts need to be inspected, clean and lubricated on a regular basis. Set a regular cleaning schedule with reminders in an app.
- Component Replacement: Replace worn-out components before they lead to larger system failures. Regularly inspect critical components and replace them at recommended intervals. With standard replacement parts, set alerts for when items need replaced or reordered and schedule teams to perform replacements.
- Calibration and Testing: Regularly calibrate and test assets to ensure they are operating within desired parameters. This is crucial for assets with sensitive measurement components. Keep all asset calibration test information in one place so when it fails a parameter test you know when the last time it was tested.
- Training and Documentation: Of course, with any maintenance schedule, you’ll want to train maintenance staff on proper procedures and protocols. Maintain accurate documentation of maintenance activities, repairs, and replacements. You could use TrackVia to set up training schedules for technicians and streamline all documentation procedures to be performed with a field application to ensure data accuracy and speed up the process.
Example of Preventative Maintenance
An airline conducts regular inspections and maintenance checks on its aircraft engines to ensure they are functioning optimally. With TrackVia, the maintenance crews use a tablet to perform engine checks via the online checklist and can order parts needed, all with a few clicks. Prompts can be set to be sure they are checking all elements required. They replace worn components proactively, avoiding costly mid-flight engine failures.
Documentation and Reporting
Documentation and reporting are essential components of effective asset management. They provide a structured way to capture, store, and communicate information about assets and their lifecycle. Proper documentation and reporting lead to better decision-making, improved accountability, and regulatory compliance.
- Maintenance Records: Maintaining detailed records of maintenance activities, repairs, and replacements helps in tracking the history of an asset. For instance, a manufacturing company keeps records of each maintenance task performed on production machinery. If a machine experiences recurrent issues, these records can reveal patterns that help identify the root cause.
- Warranty Information: Documenting warranty details ensures that assets are repaired or replaced within the warranty period. For example, a software company keeps track of software licenses and their expiration dates. This prevents unnecessary expenses by utilizing free upgrades or replacements provided under warranty.
- Depreciation Tracking: Accurate documentation of asset values and depreciation over time is crucial for financial reporting and taxation purposes. A real estate company maintains records of property values to calculate depreciation accurately and comply with tax regulations.
- Regulatory Compliance: Many industries require compliance with specific regulations. Documentation of assets and their maintenance history helps demonstrate adherence to these regulations during audits. An energy company documents maintenance activities on power generators to comply with safety standards.
- Reporting for Decision-Making: Regularly generated reports based on asset data facilitate data-driven decisions. An airline generates monthly reports on aircraft performance, maintenance costs, and fuel consumption to optimize operations and plan future investments.
Example of Documentation and Reporting
The medical industry is no stranger to regulatory compliance, and hospitals are often subject to audits. To quickly prepare for AAMI audits, one TrackVia customer, Northside Hospital, created custom workflow applications to get better visibility into their instrument sterilization process and data. Similar to a maintenance record, they could detail out the processes used, incorporate checkpoints, gain data from cleaning checks and testing data, and more. They found areas that were at risk and where they could improve, and now can easily create reports for regulatory compliance audits.
Proper training for staff members who interact with assets is vital for their effective and safe usage. Well-trained users can identify issues early, adhere to maintenance schedules, and maximize the lifespan of assets. Well-trained users can contribute to asset longevity and minimize instances of misuse. Training reduces the risk of accidents and ensures that assets are used optimally.
- Equipment Operation: In a laboratory, researchers receive training on how to operate complex scientific equipment. This ensures accurate data collection, reduces the risk of equipment damage, and enhances research quality.
- Safety Procedures: Employees working with industrial machinery need training on safety protocols. A manufacturing plant conducts regular training sessions on operating machinery safely to prevent accidents and injuries.
- Software Utilization: A company adopts a new project management software. Training sessions are conducted to teach employees how to use the software effectively, ensuring proper data input and utilization of its features.
- Maintenance Awareness: Maintenance staff are trained to identify early signs of wear and tear. A property management company provides training on spotting minor building maintenance issues before they escalate, minimizing repair costs.
- Emergency Response: Employees are trained to handle asset-related emergencies. In a data center, staff members are trained to respond swiftly to cooling system failures to prevent overheating and potential data loss.
Example of User Training
As a standard part of user training, a manufacturing company provides all new employees standardized training on the equipment they will be using, including safety and maintenance procedures that need to be followed. They provide updated training every year to ensure safety measures and maintenance operations are being followed. Within TrackVia a training app could be assigned to a new employee and all training materials provided to them within a personalized dashboard that would include yearly reminders for training updates and new equipment or procedures. The maintenance check forms that they need for their department could also be assigned to them for easy access on the dashboard.
Low-Code: Revolutionizing Asset Management
Low-code applications present an innovative approach to transform asset management practices. These platforms empower organizations to create customized software solutions with minimal coding efforts. Here are some of the ideas on how low-code can revolutionize asset management:
- Rapid Application Development: Low-code platforms provide a visual interface with pre-built components, accelerating the application development process. This agility is invaluable in responding to evolving asset management needs promptly.
- Tailored Solutions: Every organization has unique asset management requirements. Low-code applications allow you to create tailored solutions that align precisely with your processes, ensuring maximum operational efficiency.
- Reduced IT Dependency: Traditional software development often requires extensive IT involvement. Low-code platforms enable non-technical users to design and modify applications, reducing the backlog of IT requests and promoting swift implementation.
- Integration Capabilities: Asset management often interfaces with other business systems, such as finance or procurement. Low-code applications seamlessly integrate with existing software, providing a holistic view of operations and eliminating data silos.
- Scalability: As your organization grows, asset management needs evolve. Low-code applications can be effortlessly scaled up or adapted to accommodate increased demands without disrupting operations.
- User-Friendly Interface: Low-code platforms offer intuitive drag-and-drop interfaces and visual development tools. This empowers users of varying technical backgrounds to actively participate in application development.
- Analytics and Reporting: Low-code applications can integrate data from multiple sources to provide insightful reports on asset utilization, maintenance costs, and performance metrics. These reports facilitate data-driven decision-making.
- Data Security: Low-code tools like TrackVia can offer industry specific operational environments (government, HIPAA) as well as the options to create roles and permissions. This can allow for better data security and/or data sharing withing departments. Keeping your data safe when needed.
Incorporating thorough maintenance, documentation, reporting practices, and user training into asset management strategies enhances organizational efficiency, reduces risks, and fosters a culture of accountability. These practices contribute to a comprehensive approach that aligns with the broader goals of efficient asset utilization and optimized operations, as outlined in Part 1 of this blog series.
Streamlining these processes with a low-code tool can make processes more efficient and provide even better data driven insights. If you’re considering implementing a low-code tool for your asset management operations, look no further than TrackVia. We’ve helped organizations such as UC San Diego and many others make their asset management processes more effective.
Get a free demo and see how TrackVia could help your organization.