Asset Management Archives

What Is a Maintenance Schedule? A Simple Guide A maintenance schedule lays the foundation for safe, efficient, and productive facilities and equipment. It facilitates the organization and deployment of planned maintenance while ensuring that resources (people, parts, and materials) are properly aligned to meet operational goals.  This guide will delve into the fundamentals of maintenance scheduling, outlining its key principles and introducing you to some important best practices to help you create an effective maintenance schedule. 1. Definition of "Maintenance Schedule" A maintenance schedule, simply put, is a plan that outlines when, who, and how maintenance will be performed. It...

Calculating equipment depreciation is a priority for many businesses. Whether you're planning to invest in new equipment or considering the retirement of older assets, it's essential to monitor both your equipment's depreciation rates, maintenance history, and real-time performance.  This blog will review the most common methods for calculating depreciation, providing insights into this important process. Learning more about this accounting method will help you manage your assets more effectively,  and make better financial decisions. What is Equipment Depreciation? Equipment depreciation is an accounting method used to measure the gradual decrease in the value of your assets over time (or its...

Your maintenance strategy will only be effective if your team has the necessary tools and parts to complete maintenance and repairs. The importance of part inventory management cannot be overstated. This process involves keeping up-to-date inventory levels, knowing where spare parts are located, and managing resources to stay efficient and limit costs. In this article, we’ll explore parts inventory management best practices and explain why using LLumin’s CMMS+ (Computerized Maintenance Management System) software can be pivotal in helping your organization streamline and improve its inventory management processes. What Is Parts Inventory Management? Parts inventory management is a foundational process of the...

Maximum production efficiency is the goal for many manufacturers, leading to reliable output, safer work environments, and improved customer experience. And it requires a concerted effort over time to achieve. This blog will explore how to improve production efficiency and how it’s measured. We’ll also explain why LLumin’s CMMS+ (Computerized Maintenance Management System) can help you track important metrics. Understanding Production Efficiency Production efficiency (PE) optimizes resources to achieve the best possible output with minimal waste. It’s a balance between quantity, quality, and resource utilization. To understand the concept, it’s important to understand how to measure it. The formula for...

The manufacturing industry relies heavily on maintenance to keep equipment up and running at peak performance levels. Corrective maintenance will play a role in a company’s preventive maintenance processes or reactive responses to equipment failures and breakdowns. In this article, we will explore corrective maintenance in more depth. If you’re in a hurry, skip ahead to get the most interesting information: What is Corrective Maintenance? How Does Corrective Maintenance Work? Benefits of Corrective Maintenance in Manufacturing Corrective Maintenance Use Cases Implementation: Challenges and Solutions LLumin’s CMMS+ Overview Improve Your Maintenance Strategy With LLumin What is Corrective Maintenance? Corrective Maintenance refers...

Maintenance key performance indicators (KPIs) are beneficial for determining ways to increase production, limit costs, and extend the service life of machines. They are frequently used to measure improvement in facility operations and may indicate ways to improve facility efficiency. By understanding these maintenance KPIs, maintenance and facility managers gain valuable information on how recent updates and future changes impact facilities and machine longevity. Today, we will discuss common maintenance KPIs, how to calculate them, the usefulness of each KPI to managers, and how LLumin's computerized maintenance management system (CMMS+) software can help improve maintenance KPIs. What Are Maintenance KPIs...

How frequently does your equipment fail? The mean time between failure (MTBF) formula isn’t complicated—all the complexities are introduced upon implementation. However, you will need to collect the right data and analyze it correctly to yield actionable insights. Today, we will explore: The mean time between failure formula How to use the formula effectively (with examples) How to reduce your mean time between failure If you need to know more, reference Mean Time Between Failure (MTBF) and MTTR: a Complete Guide. So, let's dive in and look at the mean time between failure and some examples. What Is Mean Time...

Maintenance planning and maintenance scheduling are not the same thing. On the one hand, you can plan to carry out your maintenance schedule and then postpone actually scheduling it. Scheduled maintenance involves deciding on a certain task to be performed, determining the time or date the maintenance will occur, and then assigning maintenance to the right technician. Understanding and properly implementing scheduled maintenance can improve equipment uptime and performance, efficiency, and lower costs. This article will explain what scheduled maintenance is, how it works, how to calculate it, and how to improve it. What is Scheduled Maintenance? As previously mentioned,...

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...