The analysis of failures in asset management is a fundamental process to ensure the good performance and availability of your equipment. In this article, you will understand what can help you in this area
Managing assets and reducing the number of failures associated with them is critical to any business. However, many organizations still face asset management issues. This means that they are losing money because the assets are being misused or not being managed properly. Here comes the importance of analyzing failures in asset management.
In this article, we’ll show you what’s behind operational failures in this industry and how specialized software can help this management!
Main reasons behind asset management failures
There are several reasons why asset management failures can occur. Some of the main reasons include:
Lack of an integrated approach
Many organizations have not yet adopted an integrated approach to asset management. This means that they often use different systems to manage their assets, which can lead to interoperability and inefficiency issues. Integrated asset management, on the other hand, uses a single platform to manage all your assets, allowing greater control and visibility. In addition, it can also facilitate collaboration between the different departments of the organization.
Mismanagement of information
Without good information management, organizations are unable to make the right decisions about their assets. For example, if an organization does not have an accurate record of all of its assets, it will not be able to plan its use efficiently.
Lack of processes and procedures
Without proper and standardized processes and procedures, organizations face the risk of not being able to perform asset management tasks efficiently. Teams may be unguided on how to identify and resolve common equipment failures. This can lead to delays and errors, which can compromise the quality, performance, and availability of assets.
The role of asset management software in analyzing failures and finding out the causes
An asset management software has all the necessary tools to analyze equipment failures and identify its main causes. With it, it is possible to monitor the performance of the machines, perform preventive maintenance and fix problems before they affect the operation of the company.
The software can assist in the analysis of failures mainly by generating information gathered from the history of the assets. Thus, you can perform:
- monitoring of the equipment with the entire history of the asset. This allows you to evaluate what actually occurred;
- the diagnosis of failure by investigating the events that triggered the equipment failure;
- the prediction of future events by using artificial intelligence that is able to detect trends of machine behavior and predict with a certain degree of accuracy what types of failures will occur;
- the prescription of solutions by presenting possible procedures to solve the failure.
Thus, asset management software becomes indispensable for any organization that wants to achieve operational excellence.
As we have seen, there are several reasons why failures in asset management can occur. It is important that organizations are aware of their risks and take the necessary measures to minimise the damage these errors can cause.
One tool that can help organizations improve asset management is Manusis4. It offers a complete asset management solution that enables companies and their teams to efficiently monitor and manage all their assets, in real time and with accurate and always available data.
To learn more about Manusis4 and how it can help your organization improve asset management, request a free demo right now!