Asset Management Archives

Introduction Construction equipment failure is an inevitable occurrence. It often comes with money-wasting downtimes, increased safety risks, and costly emergency repairs. Unfortunately, the operations manager, maintenance supervisor, or plant manager is held responsible for these outcomes, and this could lead to reprimands at best or job termination in the worst-case scenario. The best way to reduce the frequency of equipment failure is by creating a practical construction equipment maintenance schedule. This is a timetable that outlines the regular inspections, servicing and repairs you need to keep your construction equipment performing at its best. In this article, we'll show you a...

Efficient asset use is a game-changer in healthcare. It’s about getting the most from your equipment, facilities, and staff without sacrificing quality. Why bother? Simple. Better asset use means better patient care, lower costs, and smoother operations. With more tech and patients than ever, smart asset management is essential. In this post, we’ll go over some of the most effective asset utilization strategies in healthcare and how you can put them to use. What Is Asset Utilization? An illustration of people balancing health and wealth on a scale. Simply put, asset utilization refers to how a company uses its assets...

Introduction If you’re tired of seeing your assets depreciate faster than you can manage, you must equip your business with asset life cycle management. Managing an asset's life cycle can be overwhelming, but it doesn’t have to be – especially if you’re using the right strategies. In this post, we’ll go over some of the most effective asset life cycle management strategies and how you can master them to transform your approach and ease your business operations. What Is Asset Life Cycle Management? Asset life cycle management (ACLM) is a process companies use to manage their physical assets throughout their...

Introduction Every business, from startups to enterprises, has assets in its inventory that require regular tracking. These assets may be machinery, equipment, or a piece of technology. Skipping these audits would be like driving a car without changing the oil. Eventually, it’ll break down. Asset audit is a great way to identify hidden inefficiencies, prevent costly breakdowns, and ensure that every part of your business runs at peak performance. In this post, we'll learn why these audits are important and how they can save your business time, money, and a lot of headaches. What Is an Asset Audit? An asset...

Introduction The best equipment maintenance software for 2024 will provide your organization with the features and support it needs to keep business-critical equipment up and running at peak performance for more extended periods of time. The right computerized maintenance management system (CMMS) software can help your organization avoid costly maintenance repairs and unexpected downtime.  The best software on the market for 2024 includes advanced features like: Features of the Best Equipment Maintenance Software in 2024 Asset Management: Preventive Maintenance Scheduling: Work Order Management: Inventory and Procurement Management: Reporting and Analytics: Tracking and managing business-critical equipment, including maintenance history, location tracking,...

Introduction Preventive maintenance inspections ensure equipment operates smoothly and identify potential issues before they escalate into costly downtime. Adhering to best practices and utilizing a preventive maintenance checklist can streamline this process. The advent of advanced Internet of Things (IoT) technologies has revolutionized the inspection process. With machine-level sensors and centralized Computerized Maintenance Management Systems (CMMS) like LLumin’s CMMS+, organizations can monitor equipment conditions around the clock and accurately predict when maintenance is needed. This approach enhances the efficiency of preventive maintenance programs and reduces the safety risks associated with manual inspections. This article provides a comprehensive overview of preventive...

Introduction When asset and equipment management leads to high costs and downtime, a preventive maintenance strategy can be one of the most effective ways to improve outcomes. Meter-based maintenance is a form of preventive maintenance that schedules maintenance based on actual equipment usage rather than time-and-calendar-based maintenance schedules.   In this article, we’ll explore the fundamentals of meter-based maintenance, its importance, and best practices for implementation. We will also introduce LLumin’s Computerized Maintenance Management System (CMMS+) software and explain how it can optimize your maintenance strategy.  Preventive Maintenance (PM): Time Vs. Usage To understand meter-based maintenance, we must first consider the...

Introduction When equipment fails unexpectedly, restoring normal operations can take considerable time and money. Unplanned downtime presents significant challenges across industries, leading to lost productivity, increased costs, and decreased customer satisfaction and trust. Reducing unplanned downtime requires a proactive approach. If you're wondering how to reduce unplanned downtime, strategic planning and adherence to best practices will be essential. This article will explain unplanned downtime and offer recommendations for reducing it effectively. Additionally, we'll discuss how LLumin’s Computerized Maintenance Management System (CMMS+) can help your organization manage and prevent it. What Is Unplanned Downtime? Before we start, it will be important...

Equipment reliability, facility safety, and efficiency are important goals for many businesses. Breakdown maintenance is a well-known approach among various maintenance strategies available to achieve these objectives. Although this strategy is not ideal for all facilities and equipment types, it is commonly used for non-business-critical equipment and parts and components that are inexpensive to replace or non-repairable. Breakdown maintenance focuses on repairing equipment only after it fails. While this approach may initially seem counterintuitive compared to more proactive methods, it has specific applications and benefits that make it appropriate to use in certain situations. This article is a comprehensive guide...

Maintenance and asset management will vary by industry. However, certain effective best practices stay fairly consistent. In this article, we will explain why it’s important to maintain equipment reliability and provide some key tips and best practices for improving it. Further, we will discuss the advantages of using LLumin's Computerized Maintenance Management System (CMMS+) software, which can help you fully optimize your maintenance operations approach. Tips for Improving Equipment Reliability Before exploring ways to improve equipment reliability, we should discuss its importance. Unreliable equipment often results in lower productivity, higher safety risks, and costly emergency repairs. Additionally, unexpected breakdowns, downtime,...