Got assets? 5 reasons to shift your management approach

At Brightly, we believe that data and the way you frame your approach to maintaining equipment, machinery, and infrastructure can make a world of difference in the long-term efficiency and cost-effectiveness of your operations.

You’re likely familiar with the term "maintenance management," which is used to describe the process of ensuring assets remain in working condition. But what if there's a better way? What if you shift your focus from merely managing maintenance tasks to managing the assets themselves?

And, spoiler alert, what if data is the key to all of it?

Today, we’re spotlighting how asset management—a strategic approach that prioritizes asset health and long-term cost savings—is just the ticket to leveraging your data to move beyond the (work order) ticket.

Why should we think beyond maintenance management?

When people talk about maintenance management, they often refer to the day-to-day tasks involved in keeping assets operational. While this approach is essential to address immediate concerns and prevent catastrophic breakdowns, it is only the first step in a longer asset management journey.

Maintenance management tends to operate in a "break/fix" mentality. Assets fail, so you repair or replace them. This can lead to paying rush rates for parts and servicing to get them operational again. With a maintenance management strategy, you’re not getting any of the benefits of your asset data.

If your asset management stops here, it's reactive—you’re only emphasizing work orders and the timely resolution of issues. You could be unlocking so much more!

What’s different about an asset management strategy?

In short, it’s all about the big picture.

Instead of focusing solely on managing maintenance tasks, asset management takes a broader view, centering on maintaining what you have to extend out asset life. It's a proactive approach that prioritizes the health and well-being of your assets with a keen eye on long-term cost savings—we all like the sound of that!

Shifting to an asset management approach that leverages an asset investment planning (AIP) solution allows you to use the power of your own data. It gets folks off paper and pencil, creates digital asset histories, and, most importantly, centralizes data to make more informed decisions that will benefit your whole asset portfolio.

Speaking of benefits…

5 benefits of an asset management approach

Moving beyond a work-order-of-the-day system might feel daunting, but little shifts can have a huge impact.

1. Get preventive and minimize downtime

Asset management emphasizes preventive maintenance to extend asset life cycles and reduce the likelihood of costly breakdowns. Organizations can minimize unplanned downtime and maximize asset reliability by taking proactive measures, such as regular inspections and maintenance.

2. Gain perspective to optimize your assets

Remember when we talked about the big picture? Asset management involves strategies that consider the entire asset lifecycle—from acquisition or construction to disposal. A wide-angle perspective enables organizations to make informed decisions about asset acquisition, utilization, maintenance, and replacement, ultimately optimizing the asset portfolio.

3. Do more with data

Your assets already give you loads of data, but what are you doing with it? Asset management leverages all that data you captured in your CMMS and uses it to optimize asset performance throughout their lifespan. This can take the form of setting performance benchmarks, monitoring asset health, and making more informed decisions to improve efficiency and productivity. Yay, data.

4. Save big monies

One of the primary goals of asset management—and let’s be real, most behind-closed-door meetings—is to achieve cost savings, in one way or another. Well-maintained assets tend to be more efficient and reliable, reducing operational costs associated with downtime, repairs, and replacements. Additionally, strategic asset management can lead to better budgeting and resource allocation.

5. Get ahead of risks

What do most businesses want? To avoid risks. By providing better insights for data-driven decision making, asset management helps mitigate financial, service, health, and safety risks.

Put your asset data to work with Brightly

At Brightly, we know things like asset inventory, maintenance, and performance all go together, so we’ve built powerful solutions to not only centralize all your asset data, but help you put all that information to good use. With easy-to-use dashboards, you can turn information into insights for enhanced decision-making and proactive preventive maintenance strategies.

By focusing on the health of your assets and taking a long-term perspective, you can unlock the full potential of your organization's assets while minimizing operational costs and risks. It's a journey toward greater efficiency, reliability, and sustainability—one that can lead to substantial benefits for your organization in the years to come.

Ready to shift towards asset management? Schedule a call with a Brightly expert today!