In November 2024, the UK’s National Audit Office refused to certify the Whole of Government Accounts for the first time due to audited data deficiencies. Among these were missing information about £134 billion in property, plant, and equipment. But a lack of visibility isn’t only a problem when it comes to audits. Organisations struggle to derive maximum value from their assets when they don’t have a full view of the asset lifecycle.
A lack of visibility can lead to untracked warranties, missed maintenance, expensive breakdowns, and replacing assets prematurely. Mastering the asset lifecycle is the solution, and this becomes significantly easier with FMIS’ equipment maintenance software, which is designed to manage the entire lifecycle from acquisition to disposal.
Asset Acquisition
Acquisition is the first stage of the asset lifecycle, typically involving the purchase, delivery coordination, and installation. At this time, organisations’ teams record asset information such as the manufacturer’s details, asset manuals, warranty terms, and serial numbers.
FMIS’ equipment maintenance software simplifies this process in various ways. Organisations can configure fields based on asset type and upload multiple attachments, such as instruction manuals or warranty documents.
The software enables teams to access warranty, insurance, and registration information, as well as the full history of specific assets. It also allows for spreadsheet imports and record creation through goods receipts, non-PO goods receipts, or barcoding audits. The result of using this centralised register is an accurate and dependable foundation for asset life cycle visibility.
Maintenance Scheduling
Rather than relying on reactive maintenance, organisations should implement proactive maintenance aimed at minimising unexpected breakdowns, failures, and premature replacement. A recent report found that companies whose reactive maintenance is lower than 30% experience 78% fewer unplanned production interruptions. However, for organisations with many assets, proactive maintenance schedules can be difficult to manage.
Equipment maintenance software from FMIS changes this by offering a dual approach, namely, either scheduling maintenance by time/date or by meter-based usage (whether cycles, kilometres driven, or hours run). For example, an organisation can schedule vehicles to be serviced after every 10,000km or annually, whichever comes first. Additionally, they can define tasks to be performed, parts to be used, or third-party purchasing, and they can set automated maintenance work orders or reminders. This can help prevent assets from being over- or under-serviced.
Tracking: From Repairs to Transfers
Tracking events in the life of an asset is an essential aspect of asset lifecycle mastery. This is a mammoth task when performed manually, as teams need to track maintenance, repairs, transfers, and availability. It’s also a task that can lead to higher administrative overheads.
Using FMIS’ equipment maintenance software, organisations can log and manage repair work orders and requests, prioritise urgent work, and track costs against the asset. For example, the software supports proactive scheduling and reminders for upcoming mantenance work, ensuring that downtime is minimised. The software also simplifies transfer tracking, providing organisations with asset histories and ownership trails when equipment is loaned. Altogether, this supports accountability and reduces overheads.
Lifecycle Analysis and Cost Transparency
Performing a cost analysis enables organisations to assess the total costs associated with their assets over their entire life cycle. Once they have a complete picture of immediate and long-term costs, they can make informed decisions to improve operational efficiency and reduce the total cost of ownership. Cost transparency is a crucial aspect of this process, although it can be challenging to achieve without the right tools.
Equipment maintenance software from FMIS supports evidence-based capital planning and budgeting by compiling the total cost of ownership, which includes asset purchase prices, maintenance spend, downtime costs, parts, and repairs. For example, if an organisation sees that one of its older production machines needs to be repaired more frequently and that keeping it ultimately is more expensive than replacing it, they can then plan to acquire a new machine.
Replacement and Renewal
Knowing when to upgrade, repair, or replace assets can be difficult without a clear view of downtime frequency and maintenance costs. Historical asset data also makes it possible for organisations to figure out the best specifications for new assets and the best timing for replacing them.
With FMIS’ equipment maintenance software, organisations can easily identify assets that have reached the end of their lifespan, based on cost, performance, or compliance risks. While simplifying the disposal or replacement process, the software retains historical asset data for audits and future reference. This helps ensure organisations don’t face unplanned expenses.
Gain Mastery Over Asset Lifecycles
Managing assets over their lifecycles requires Herculean effort and, sometimes, considerable human resources. Avoid a lack of transparency and visibility, human error, overworking employees, and poor audits by gaining mastery over asset life cycles with reliable equipment maintenance software from FMIS. If you’re looking for greater resilience, financial control, cost savings, and accountability, this is a significant step in the right direction.
