5 best practices for better asset maintenance management and performance

At the core of every successful business lies its workforce, driving its reputation, service, and revenue. However, integral to this operation is a collection of physical assets, encompassing everything from lighting systems and HVAC setups to specialty items such as cooking equipment. These assets need to be in top working order, so the workforce can focus on driving business and not waiting for repairs. A successful asset maintenance management program will then play a pivotal role in ensuring a business’s operational continuity, cost savings, and enhanced customer experiences.

Below are five asset maintenance management best practices we’ve compiled to help make sure facilities managers can meet uptime and performance requirements for continued business success.

1. Keep tabs on the basics of asset maintenance management

An asset data portfolio should begin with the essentials: Who, what, where, and when. An asset maintenance management system should provide a space to collect, track, and manage this information.

• Identify the asset manufacturer, who distributed and delivered the asset, and who was hired to install and configure it.
• Track the model and serial number of the asset, how much it cost, and any other identifying information that can be used to distinguish it from similar assets.
• Locate where is the asset installed and if it has a location-specific identifier, QR code, or another kind of tag that set it apart.
• Keep detailed records that include the date of installation and all repairs.

Keeping this baseline information for assets across an entire portfolio will provide greater insights into when assets will need to be serviced, when they will need to be replaced, and how much a repair should cost.

2. Maintain a detailed history of asset maintenance repairs

Keeping track of when an HVAC unit was serviced is important, but it doesn't given insights into the life of the asset and how long it can stay in service. Facilities managers that collect a detailed history of repairs will know how well—and for how long—assets will continue to work. Doing this will make it easier to predict upcoming repairs needs, budget for those repairs, and decide if it is time to completely replace the asset. Tracking asset repair histories makes it easier to prevent downtime, so locations can stay open and workers can continue to service customers.

3. Keep up with preventative maintenance

A preventative maintenance plan is essential to any asset portfolio. On the one hand, a preventative maintenance schedule is an effective strategy to ensure operational consistency and uptime. It helps to maintain brand value. On the other hand, it’s an effective cost-saving measure. In virtually every case, planned maintenance is less costly than reactive maintenance—especially when it comes to emergency repairs.

In an asset maintenance management program, a detailed record of essential asset data and a history of repairs will equip a facility manager with the tools to anticipate a pattern of asset repair needs. Developing routine maintenance schedules that target critical or older assets will help to reduce the reliance on emergency repairs—freeing up time and energy to focus on long-term facilities strategy.

4. Put warranty agreements to use

When asset manufacturers believe in their products, they offer a warranty. Warranty agreements cover most—if not all—of the costs associated with the most common repair needs. Manufacturer coverage tends to last a year, sometimes longer. This means significant savings—but only if there's the paperwork.

An asset maintenance management system should offer an easy way to upload all the necessary warranty information. When work orders inevitably crop up, the system can provide a quick reference to the warranty agreement to see if the repair costs are covered.

5. Look to the future

Opportunities for investment exist all over a portfolio. Light fixtures could be updated, restroom doors can be upgraded to touchless models, and HVAC units can be fitted with HVAC purification systems to reduce long-term filter expenses. Not having an asset maintenance management program leads to spend more money on fixing outdated equipment instead of having free capital to make needed upgrades.

Over time, modern facilities upgrades pay for themselves. They’re more energy-efficient, more reliable, and often cost less to repair than their predecessors. Over time, customers and workers will feel the difference, too.

A well-functioning maintenance strategy is essential to the success of any modern-day facilities portfolio. To make sure your facilities maintenance strategy is meeting your needs, request a demo to learn more about how our programs can help you.