While the many similarities between asset management and maintenance management make it easy to confuse them as the same thing, there are actually several key differences between the two. Identifying these differences can help you select.
Generally, asset management consists of the activities and practices to track the work of a company’s assets and effectively using those assets to gain value. Asset management systems should strategically align with the business plan so that all asset processes are helping to build successful companies.
When strategic asset management processes are put in place, businesses can see benefits like all equipment performing as intended, lower operating costs, and a higher ROI on their assets.
Maintenance management is using intelligent computer software, such as MicroMain’s CMMS, to better track your business’s resources such as labor, materials, and equipment. Using this important information, you can make more informed decisions when it comes to creating improvements in your maintenance management process.
Using a CMMS for your maintenance management ensures that your company equipment will remain in top working order at all times, thus preventing unexpected repairs and operational downtime.
While maintenance management and asset management are technically different, they are still interrelated and flow well together. Maintenance management helps to guide the physical performance of maintenance equipment and activities efficiently, while asset management helps to analyze all the data for the work needed to perform on the assets themselves.
Asset management assists in identifying and prioritizing the work necessary for specific assets not only for the ROI of the asset, but also to analyze and coordinate strategically with work on other opportunities.
Both maintenance management and asset management are necessary and valuable for every organization in industries like hospitality and recreation, manufacturing, healthcare, education, real estate, government, and more. Both practices can help maintenance managers come to better, more informed decisions in the day-to-day business practices.