{"id":5186,"date":"2020-12-18T20:35:28","date_gmt":"2020-12-18T20:35:28","guid":{"rendered":"https:\/\/mpulsesoftware.com\/?p=5186"},"modified":"2025-07-30T06:18:40","modified_gmt":"2025-07-30T06:18:40","slug":"what-to-know-asset-management","status":"publish","type":"post","link":"https:\/\/mpulsesoftware.com\/blog\/cmms\/what-to-know-asset-management\/","title":{"rendered":"What You Need to Know About Asset Management"},"content":{"rendered":"<p><a href=\"https:\/\/mpulsesoftware.com\/software\/features\/asset-management\/\"><span style=\"font-weight: 400;\">Asset management<\/span><\/a><span style=\"font-weight: 400;\"> helps your organization get the maximum value from the assets it owns.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s common for large organizations to have a formal CMMS asset management plan. But, it\u2019s just as important for small and medium-sized businesses. Creating a strategic plan can impact the uptime and total life of key assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fortunately, CMMS makes it easy.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-flat ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/mpulsesoftware.com\/blog\/cmms\/what-to-know-asset-management\/#Create_a_CMMS_Asset_Management_Plan\" >Create a CMMS Asset Management Plan<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/mpulsesoftware.com\/blog\/cmms\/what-to-know-asset-management\/#Identify_critical_assets\" >Identify critical assets<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/mpulsesoftware.com\/blog\/cmms\/what-to-know-asset-management\/#Capture_purchase_information\" >Capture purchase information<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/mpulsesoftware.com\/blog\/cmms\/what-to-know-asset-management\/#Choose_the_data\" >Choose the data<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/mpulsesoftware.com\/blog\/cmms\/what-to-know-asset-management\/#Let_the_power_of_CMMS_do_the_hard_work\" >Let the power of CMMS do the hard work<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/mpulsesoftware.com\/blog\/cmms\/what-to-know-asset-management\/#Benefits_of_CMMS_Asset_Management\" >Benefits of CMMS Asset Management<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Create_a_CMMS_Asset_Management_Plan\"><\/span><span style=\"font-weight: 400;\">Create a CMMS Asset Management Plan<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Setting up your CMMS for facility and asset management helps your organization get the most out of its investments.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While creating an asset management plan might sound complicated, it actually boils down to making a few proactive decisions about your MPulse data.<\/span><\/p>\n<h3 style=\"padding-left: 40px;\"><span class=\"ez-toc-section\" id=\"Identify_critical_assets\"><\/span><span style=\"font-weight: 400;\">Identify critical assets<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">Pick the ones that would take a significant investment to replace, and the ones that most directly impacted production capacity.<\/span><\/p>\n<h3 style=\"padding-left: 40px;\"><span class=\"ez-toc-section\" id=\"Capture_purchase_information\"><\/span><span style=\"font-weight: 400;\">Capture purchase information<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">For each critical asset, gather information on each asset\u2019s purchase date, purchase price, startup date, and warranty expiration date.<\/span><\/p>\n<h3 style=\"padding-left: 40px;\"><span class=\"ez-toc-section\" id=\"Choose_the_data\"><\/span><span style=\"font-weight: 400;\">Choose the data<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">Identify the data you want to collect, track, and report on.\u00a0<\/span><\/p>\n<h3 style=\"padding-left: 40px;\"><span class=\"ez-toc-section\" id=\"Let_the_power_of_CMMS_do_the_hard_work\"><\/span><span style=\"font-weight: 400;\">Let the power of CMMS do the hard work<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">Every job entered into the work management system created a historical record that calculates the labor costs and links the cost of the parts and inventory used for the job.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Benefits_of_CMMS_Asset_Management\"><\/span><span style=\"font-weight: 400;\">Benefits of CMMS Asset Management<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The advantages of asset management really come into play when it\u2019s time to make important decisions. One of the most frequent is the classic, \u201cDo we repair it or replace it?\u201d question.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Using your CMMS data, you can determine\u2026<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What was the purchase price of the asset?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">When did we acquire it?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How much has it cost to maintain it, especially in the past year?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How much downtime is the asset experiencing lately?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">With a little more information about operations, you can also calculate the opportunity cost due to downtime. Comparing that to the estimated cost (and potential added productivity) of a new asset would give you the answer. Additionally, you\u2019ll have the data to back it up.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re thinking in terms of maximum uptime and total lifecycle cost, you\u2019ll move beyond using your CMMS as a simple work order tracker and PM scheduler.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">CMMS can help you create a wealth of asset information\u2014helping your organization make more informed decisions, and potentially saving it a lot of money.<\/span><\/p>\n<p><a href=\"https:\/\/mpulsesoftware.com\/contact\/\"><span style=\"font-weight: 400;\">Contact us<\/span><\/a><span style=\"font-weight: 400;\"> for more information on facility maintenance and asset management software. We\u2019re here to help.<\/span><\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Asset management helps your organization get the maximum value from the assets it owns.\u00a0 It\u2019s common for large organizations to have a formal CMMS asset management plan. But, it\u2019s just as important for small and medium-sized businesses. Creating a strategic plan can impact the uptime and total life of key assets. Fortunately, CMMS makes it easy. Create a CMMS Asset Management Plan Setting up your CMMS for facility and asset management helps your organization get the most out of its investments.\u00a0 While creating an asset management plan might sound complicated, it actually boils down to making a few proactive decisions about your MPulse data. Identify critical assets Pick the ones that would take a significant investment to replace, and the ones that most directly impacted production capacity. Capture purchase information For each critical asset, gather information on each asset\u2019s purchase date, purchase price, startup date, and warranty expiration date. Choose the data Identify the data you want to collect, track, and report on.\u00a0 Let the power of CMMS do the hard work Every job entered into the work management system created a historical record that calculates the labor costs and links the cost of the parts and inventory used for the job. Benefits of CMMS Asset Management The advantages of asset management really come into play when it\u2019s time to make important decisions. One of the most frequent is the classic, \u201cDo we repair it or replace it?\u201d question.\u00a0 Using your CMMS data, you can determine\u2026 What was the purchase price of the asset? When did we acquire it? How much has it cost to maintain it, especially in the past year? How much downtime is the asset experiencing lately? With a little more information about operations, you can also calculate the opportunity cost due to downtime. Comparing that to the estimated cost (and potential added productivity) of a new asset would give you the answer. Additionally, you\u2019ll have the data to back it up. If you\u2019re thinking in terms of maximum uptime and total lifecycle cost, you\u2019ll move beyond using your CMMS as a simple work order tracker and PM scheduler.\u00a0 CMMS can help you create a wealth of asset information\u2014helping your organization make more informed decisions, and potentially saving it a lot of money. Contact us for more information on facility maintenance and asset management software. We\u2019re here to help.<\/p>\n","protected":false},"author":6,"featured_media":5187,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[12,13],"tags":[],"class_list":["post-5186","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cmms","category-maintenance-management"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What You Need to Know About Asset Management<\/title>\n<meta name=\"description\" content=\"Optimize your organization&#039;s assets with a CMMS asset management plan. 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