As you might imagine, planning and effective scheduling is key to a productive and well-functioning site. One of the key ways planning is consistently brought to a site is through asset maintenance, a way to not only improve operational effectiveness, but a way to decrease costs related to maintenance and deliver sustainable return on assets over the short, medium and long term. Basically, this means that a company intends to understand how an asset is used over the course of its entire life, from the beginning stages until the point where it is disposed of. There’s a lot more to it, though – in this article, we take a look at what asset maintenance is all about.
Understanding asset maintenance basics
If you’re looking to invest in asset maintenance services in Sydney, you’re on the right track to a far more productive site. To get started, it should be understood that for the most part, asset maintenance involves tracking and managing an asset’s performance and availability throughout the duration of a project. This can involve things like the supervising and maintaining timeframes, safety, quality, asset performance and cost efficiency at every turn. In order to ensure that the scope is appropriately wide, maintenance will involve taking close note of a variety of key project criteria. These include planning, scheduling, staffing and execution, as each one of these offers unique challenges that need to be accordingly met. When asset maintenance is being introduced in an environment, maintenance planning and scheduling coordinators have a variety of roles that all contribute to the over maintenance schedule. These include reducing project costs by limiting planned and unplanned downtime, in addition to balancing maintenance costs with replacement costs, ensuring workplace compliance by minimising risk and making sure that all relevant maintenance practices meet regulatory and company requirements (such as WHS) and finally, guaranteeing the optimal performance of assets with the application of preventative maintenance activities and plans according the needs of the asset to ensure better overall efficiency.
How you can benefit from asset management
As you might expect, there are quite a variety of benefits that asset management can afford those planning on running a project. For starters, it can ensure much more predictable and sustainable cash flow, which allows a budget to be better utilised and the final outcome of profit and loss to be better predicted. Asset management also ensures that the actual value of the assets in question is increased on the balance sheet, which then allows for a better expected share price and market share, particularly when considering the long-term. With this approach being accepted within an organisation, an overall positive mindset shift with regards to assets allows for a standardised asset maintenance language to develop, which can then be shared by a variety of organisations in the future.
Asset maintenance is important
There is a distinct reason why asset maintenance is becoming increasingly recognised by businesses and governments around the world – the considerable operational and financial benefits, both in the short and long term, are creating an important discourse relating to the need for assets to be better maintained. Although this is highly important to the long-term health of private companies, in the context of governments, we’re slowly seeing a renewed interest in the management of significant community and public assets.