Assets are an important part of any organization, whether physical assets like equipment or digital assets like software. But like any other property, assets have a life cycle that begins with planning and concludes with its disposal. Understanding an asset’s life cycle is critical to maximizing its value and ensuring that it contributes to an […]
Predictive and preventive maintenance both focus on improving asset efficiency and increasing its reliability. However, they both adopt various approaches to achieve these. Knowing the difference between both asset maintenance practices is a great starting point to know which of the two is best for your business. Below, you will find everything you need to […]
Preventative maintenance, also called preventive maintenance, is a widely used form of asset maintenance in a business. As part of an asset management system, or preventative maintenance offers the promise of less asset down-time and more efficiently performing assets. When implemented correctly, preventative plays a significant role in protecting and optimizing assets. To implement preventative […]
Maintenance management is a process designed to ensure assets get the regular maintenance they need. This is important for ensuring all company assets and resources continue functioning efficiently. Maintenance management is usually structured to maximize and optimize asset maintenance services. Are you considering adopting a detailed maintenance management process in your business? Here is everything […]
Every business has a unique maintenance plan for its fixed assets. While some businesses dedicate certain resources and employees to asset maintenance activities, others adopt a more holistic design. This holistic design is called total productive maintenance. Total productive maintenance is a maintenance strategy where all employees take part in maintaining assets within the organization. […]
As an organization that uses machines to perform operational and functional processes, having a machine fail while being operated is detrimental to the business. This can severely affect production, and, essentially, the delivery of services necessary to generate revenue. Machine maintenance limits the occurrence of downtimes due to machine damage. Essentially, machine maintenance keeps all […]
As a business, it can become difficult to keep up to date with and identify all the assets an organization owns. This can make effectively managing all the assets a company owns a problem that affects running business operations efficiently. To solve this problem, many companies make asset labeling to keep track of their assets. […]
Businesses, especially those that are just starting, sometimes only focus on procuring as many assets as they can. More often than not, these businesses pay little to no mind to the most important aspect of managing these assets, which is asset control or tracking. Asset control is a great way to ensure you are always […]
More and more companies are relying on computer software in their day-to-day operations. These assets must be valued and included in financial statements. To do so, you will need to know if the software is considered a tangible or intangible asset. So, is software an intangible asset? In this article, we will discuss the answer in […]
Organizations with quality asset management systems perform fixed asset audits. In this article, we will explain what an audit of fixed assets is, and the common procedures and processes involved. What is a Fixed Asset Audit? A fixed asset audit is the process of cross-checking items to make sure they are still within the business’s […]
