A buyer’s guide to Asset Management Software

What is Asset Management?

Effective asset management is ultimately about prioritizing scarce resources to manage your assets across a range of objectives including environmental goals, operational drivers and cost-effective capital planning.

Software provides the means to meet these goals with tools to manage data, compliance, and any work on your assets or infrastructure. For regulated and asset intensive industries, often with an aging workforce, implementing a comprehensive and intuitive software platform is becoming increasingly critical.

The single highest success factor in implementing asset management software is its ability to capture meaningful asset data – temperature, condition, pressure, work history, and a variety of other calculated variables that will inform the level of risk on a particular asset.

Data must be captured from a variety of inputs, including lab results, SCADA, inspection forms, and GIS and subsequently, this data must be analyzed so that operators can prioritize daily action.

Many companies already use a Computerized Maintenance Management System (CMMS) or Work Order Management System, however, these are often very focused, helping maintenance staff complete work on assets as defined by a schedule or individual condition.

An overall asset management approach, however, will accommodate a rich analysis of enterprise data to help inform which work gets performed and when.