What Are the Best Tips for Facility Asset Management?

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  • Written By: D. Nelson
  • Edited By: M. C. Hughes
  • Last Modified Date: 18 August 2019
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A facility is a location where an organization performs daily operations. For example, a company in the manufacturing industry may have a facility where products are manufactured and another facility that acts as a warehouse. When a professional practices facility asset management, he or she normally is concerned with upkeep of the actual location, cutting cost related to missing or damaged equipment and products, and creating systems that can help to generate the greatest profits. Some of the best tips for facility asset management are to create a process or workflow model that illustrates steps of daily operations, implement asset management software, and train employees and assess their performances.

Key factors that are considered in facility asset management are the cost and well being of equipment, the upkeep of a facility itself, and the efficiency of work. In most cases, these three factors are interrelated, meaning that one often affects another. Many managers find that a good first step in creating a workflow plan for asset management is to create positions that are responsible for certain duties. For example, a manager might find it beneficial to assign a warehouse management post that is responsible for inventory tracking and other warehouse operations. A warehouse manager might also be responsible for supervising operations performed by warehouse workers, who are in turn responsible for specific tasks.


Once a manager has created specific positions, he or she can then create a workflow model. This can function as an abstract for daily operations that illustrates how departments communicate. A workflow abstract can also demonstrate how certain documents, such as shipping orders, are passed from one department to another, creating more transparent processes.

Many professionals responsible for facility asset management find that implementing asset management software can save time, improve efficiency, and cut cost. Some functions of this software include the capability to automate workflow, providing workers with clear operational guidelines and to generate invoices. Software can also include user friendly interfaces for clients who would like to place orders.

A good tip for software implementation is to allow plenty of time for training and for optimizing systems. Many managers prefer to introduce a new system into one facility first in order to judge functionality and make changes where a system might be failing. Giving employees plenty of time to get used to using software before it becomes a primary database can reduce instances of human error.



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