Asset Management Archives

Getting the most out of expensive equipment is a major concern for businesses of all sizes. As technology advances, more businesses are shifting away from break-fix maintenance and toward strategies that provide greater control over the operational life of business-critical assets, with the advantages of increased lifespan, reliability, and performance. This mini-guide will explain what Asset Performance Management (APM) is, how it works, the benefits of APM, and the best practices for effectively implementing it. We will also highlight how LLumin's advanced Computerized Maintenance Management System (CMMS+) can support the condition-based, predictive, or prescriptive maintenance required for this proactive management...

If you're wondering how to determine the useful life of assets, you're probably concerned about how long your assets will last, will their value to the organization rank higher than their cost, and of course, over time, what will they be worth from a financial perspective. This information is critical to consider, particularly considering how these timeframes will affect your P&L. However, the useful life of assets varies, depending on the asset type, the manufacturer, and the care given. This article will introduce you to basic concepts, provide practical advice on determining your asset's typical useful life and possibilities for...

Choosing the right Enterprise Asset Management (EAM) solution will be pivotal in managing assets in many industries, from manufacturing and energy to healthcare and hospitality. The ideal EAM solution should enhance operational oversight, control, and efficiency in several ways: Visibility and Control: An effective EAM system will provide organization-wide oversight to company stakeholders, enabling management of assets across all departments.  Streamlines Resource Allocation: EAM solutions integrate various systems to minimize supply chain inefficiencies, ensuring the timely availability of necessary supplies, labor, and resources. Maintenance Management: An effective EAM solution can instantly notify maintenance teams of unusual equipment failure patterns, allowing...

As we complete another year and head into 2024, it’s important to recognize that Enterprise Asset Management (EAM) is rapidly evolving, driven by technological advances and fast-changing business models. Staying ahead of these trends will be important for organizations that need to retire old paper-based processes and siloed asset management systems. This article will discuss the top EAM trends to watch in the coming year. We will highlight how these cutting-edge trends align with LLumin’s Computerized Maintenance Management System (CMMS+). We will also explain why LLumin's CMMS+ can improve and optimize your EAM practices. The Top 4 EAM Trends to...

In this blog, we will delve deep into the world of asset downtime, its precise categorization, and why it matters more than ever. What is Downtime? Asset downtime refers to the period when a piece of equipment or machinery is not operational due to maintenance, repairs, or unexpected breakdowns. It's the time when your valuable assets are not contributing to production, resulting in potential financial losses. It is generally categorized into two different types: Planned and Unplanned.  Planned Downtime Planned downtime is a deliberate action, often strategically planned to coincide with non-peak production hours or periods when the majority of...

When mission-critical equipment fails and causes downtime, it can be extremely costly. When machines stop unexpectedly, it disrupts production, reduces profitability, and strains resources. This article will look at the most common causes of equipment downtime and share strategies for reducing it.   We'll also discuss how a comprehensive Computerized Maintenance Management System (CMMS) like LLumin's CMMS+ can help reduce downtime and improve equipment performance. Common Causes of Equipment Downtime Equipment downtime is caused by various factors and challenges. Factors can include delayed or missed maintenance, inefficient or incomplete maintenance, and unexpected breakdowns. Improvements to a company's overall maintenance strategy can...

In today's complex business landscape, effective asset management is critical for organizations, particularly those that rely on critical assets and infrastructure. Enterprise Asset Management (EAM) software has emerged as a vital solution, enabling businesses to optimize asset management processes and improve operational efficiency. Computerized Maintenance Management Systems (CMMS) software also plays an important role in asset management. LLumin's CMMS+, for example, provides robust functionality that aligns with EAM objectives. CMMS+ provides significant benefits, whether used as a standalone EAM solution or in conjunction and integrated with existing business or industrial automation systems. This article will explore EAM implementation and best...

A comprehensive asset management strategy can help a company navigate the challenges of maintaining expensive infrastructure and equipment. Whether you're a seasoned maintenance manager looking to improve your strategy or new to streamlining organizational processes, this guide will provide the tools and information you need to create an effective asset management policy. It will also highlight the importance of using advanced asset management software, like LLumin’s Computerized Maintenance Management Software (CMMS+), to support your new policy.  Why You Need an Asset Management Policy Managing assets without a clear policy covering risk, cost, compliance, and performance objectives can be risky. It's...

Enterprise asset management (EAM) is a systematic way of maximizing the return on investment (ROI) from assets, machinery, and heavy equipment. It can help organizations track and manage physical assets and plan maintenance and repair more effectively. Without EAM, heavy assets can become a major source of liability and financial loss for a company. Today we will provide a brief overview of EAM and how it supports managing heavy assets and extending asset lifecycle. Then we will discuss the top enterprise asset management best practices that asset-heavy firms can use to efficiently maximize their return on assets (ROA) before showcasing...

A maintenance, repair, and operations (MRO) storeroom houses critical parts and tools used in the operation and maintenance of critical equipment. An efficient MRO storeroom is clean and optimally organized, which helps companies reduce waste, lower costs, and shorten maintenance cycles and repair times.   Today we will discuss a variety of MRO storeroom best practices to increase efficiency, optimize the total cost of your storeroom, and keep your assets and equipment up and running. 9 MRO Storeroom Best Practices For Optimization The following MRO storeroom best practices are designed to help you streamline your processes and improve the cost-efficiency of...