Asset Management Archives

Introduction IoT asset tracking isn’t just another buzzword. It’s a powerful way to monitor your assets in real time, and it's transforming how companies manage, track, and optimize their resources. The best part? This technology isn’t tied to a single industry. From logistics to healthcare, businesses across the board are reaping the benefits. In this guide, you’ll discover what makes IoT asset tracking so effective. We’ll break down the tech behind it and show you how companies are using it to gain a competitive edge. What is IoT Asset Tracking?  IoT (Internet of Things) asset tracking refers to the process...

Introduction Fleet owners are always on the hunt for smarter ways to run their operations. And it makes sense. Managing vehicles, drivers, regulations, and all the costs that come with them is a huge investment. So, making calculated decisions isn’t just smart, it’s necessary to keep expenses in check. One proven way to do that? Integrate fleet management analytics into your process. What is Fleet Management Analytics? A fleet management analysis involves gathering information about your fleet from all sources possible. Once you gather all that information, we move on to the next phase—analyze and apply. The goal here is...

Introduction Every company handling high-risk materials or complex processes—especially in heavy industries—needs to apply Risk-Based Process Safety (RBPS) principles. Why? To minimize inherent risks and ensure safe operations. One crucial part of RBPS is asset integrity management, found in the Managing Risk pillar. Keeping your equipment and facilities reliable isn’t just important—it’s essential. It helps you prevent mishaps and plays a big role in achieving long-term reliability. Let’s learn more about asset integrity management. What is Asset Integrity Management? Asset Integrity Management, or AIM, is a systematic approach taken by industries that deal with heavy equipment to keep everything running...

Introduction Every potential machine or process failure has to have a root cause, or the reason why it occurred. The source of potential failure can stem from equipment malfunction, such as a loose electrical connection that could lead to unexpected overheating or human factors like operator errors resulting from inadequate training. Figuring out the root cause of a failure after it occurs matters less than knowing, anticipating, and potentially preventing it before it occurs. Process Failure Mode and Effect Analysis (PFMEA) is an analytical tool that helps with new process introduction, quality risk assessments, and process adaptations. With PFMEA, businesses...

Introduction We wrote this guide with healthcare facility managers in mind. Our goal is to provide a practical solution that helps alleviate the myriad daily challenges you face – from balancing patient care, staff satisfaction, and financial constraints to ensuring patient safety, upholding stringent compliance requirements, and controlling costs. In it, we'll explain what operations and maintenance (O&M) entails in the context of a healthcare setting, and why it is such a critical priority. We'll explore the different types of O&M strategies available, along with their key components and best practices for effective implementation. Ultimately, we aim to equip you...

Introduction Behind the scenes at every hospital, clinic, and laboratory, there is a team responsible for managing the assets and equipment medical professionals use on a daily basis. Asset management, specifically, involves a high degree of risk and responsibility, particularly when dealing with high-tech equipment used in emergency rooms, diagnostic testing, or high-resolution imagery.  Successful healthcare asset management aims to meet important safety and compliance standards, control costs, and maintain efficacy and efficiency. Without support from a Computerized Maintenance Management System (CMMS) solution like LLumin’s CMMS+, this becomes quite a formidable task.  Explore LLumin's software tailored for healthcare and medical...

Introduction Businesses have been compelled to lessen their carbon footprint by lowering operational costs and optimizing energy usage.  Here comes the energy management software, a powerful tool not only to monitor energy consumption but also to find areas of inefficiency and get on board practices that not only save energy but also contribute to sustainability.  This blog learns about energy management system software, how it can cut costs and improve efficiency, and introduces you to the leading name in the industry, called LLumin.  The Growing Demand for Energy Management  With so many companies today running operations in heavy industries and...

Introduction Equipment malfunctions on a construction site can bring daily operations to a screeching halt. Construction project delays, whether big or small, can have drastic financial consequences in terms of emergency repair costs, delayed project deadlines, and damage to a company’s reputation. This is why construction asset management is critical for successful project outcomes. Asset management in construction has a very specific scope. Its purpose is to track, maintain, and optimize the distribution and use of assets, equipment, and other resources. This can encompass everything from heavy machinery to small tools, as well as intangible assets like data and licenses....

What is Mean Time to Failure (MTTF) and How to Calculate It? In a busy facility or manufacturing factory with ten thousand products handled every day, downtime can translate to significant financial losses. Equipment downtime is the period during which a machine, system, or piece of equipment is non-operational due to a failure, maintenance, repair, or other unplanned interruption.  This unproductive time can be caused by mechanical breakdowns, software malfunctions, power outages, human error, or scheduled maintenance. It is an important indicator for businesses seeking to optimize operations in food and beverage manufacturing (or other industries), reduce economic impact, and...

What Is Design Failure Mode and Effect Analysis? Imagine launching a product that customers love for its reliability and performance, only to discover hidden flaws that lead to costly recalls or damaged trust. This scenario is every engineer’s nightmare - exactly what DFMEA (Design Failure Mode and Effects Analysis) aims to prevent. In this guide, you’ll learn what DFMEA is, how it works, and why it’s a step you can’t skip in your product development process. You’ll get actionable tips followed by industry-specific examples, and we’ll break down the DFMEA process that will help you design reliable products from the...