Equipment and Facility Asset Management: Best Practices and Modern Solutions

Posted 5.10.23 by:

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Managing a vast array of equipment or facilities is no easy feat. It’s sort of like a symphony; when everything is playing together in unison, it’s a beautiful thing to behold. However, when just one instrument goes off, it’s easy for everything to come to a halt.

For enterprise leaders like you, who command vast industrial landscapes, every asset, whether it’s a specialized machine or a safety inspection form, demands virtuoso-level management.

Welcome to the magnum opus of Equipment and Facility Asset Management, where cutting-edge solutions like 1st Reporting conduct a harmony of efficiency, real-time oversight, and bespoke adaptability.

In this article, we’ll chart the scores for optimizing both your equipment and facility assets, composing a strategy that is music to the ears of your operations, finance, and risk management teams. From golden best practices to the game-changing tempo set by 1st Reporting, prepare to redefine the rhythm of your enterprise asset management.

Table of Contents

Traditional Methods vs. Modern Solutions

Here are a couple of sobering facts: 80% of employees waste at least 30 minutes per day retrieving information (source).

In the past, tracking assets meant meticulous data entry, manual inspections, and volumes of paperwork, akin to navigating a labyrinth with a dim lantern. You can rest easy knowing those days are over. Embrace a new era where cloud-based platforms like 1st Reporting serve as your beacon, illuminating the path to efficient, real-time asset management.

The Limitations of Traditional Systems

  • Scalability: Outdated methods of tracking equipment or facility assets could be slowing down your entire operation. Consider something as simple as a pre-use forklift or equipment safety inspection. Managing one or even a few of these sorts of assets is easy on paper. However, when it becomes a hundred or even dozens spread over multiple locations, you can imagine that trying to make sense of daily inspection reports to vet the ones that show critical repair concerns is most challenging.
  • Real-Time Updates: Real-time updates are impossible with old-fashioned paper reporting. Now, in order to achieve such a goal, personnel and management will tie up phone connections, possibly missing other critical data in the process.
  • Customization: Have you gone through a regulation change that caused all of your existing forms to be null and void? Trying to adapt a paper form to update against new regulations is never a straightforward task unless the document was digitally created, to begin with.

The Advantages of Modern Solutions

  • Cloud Computing: Cloud computing has revolutionized team collaboration. Considering equipment and facility fixed assets, cloud computing management solutions like 1st Reporting enable you and your team to interact on a report in near real-time with only the speed of your connection slowing you down.
  • Real-Time Analytics: If your equipment or facilities are great in number, making sense of reports via analysis is easy when working with an intelligent computing platform like 1st Reporting. Generate real-time reports that reveal the trends you need to find – at the moment.
  • Tailored User Experience: More modern solutions like 1st Reporting deliver a customizable experience with custom digital form building built-in. You can create custom and dynamic forms to suit your organization’s branding, needs, and reporting.

This transition away from outdated methods isn’t just an upgrade; it’s a complete overhaul of how you manage your assets, offering greater efficiency, robust customization, and real-time data analytics. Consider what this could do for your response times.

Creating Enterprise Asset Management Systems

If you’re facing an asset management crisis, fear not! There’s hope on the horizon with an actionable and systematic approach to asset management. 

Example Approach to Asset Management

I’ve created a four-step system for managing assets from vehicles to equipment to facilities. Here’s the breakdown:

  1. Organize Everything
  2. Document Observations
  3. Track: 
    1. Breakage
    2. Repairs
    3. Upgrades
    4. Processes 
    5. Efficiencies
  4. Utilize Predictive Management

Organize Everything

The first thing to do is organize your assets. Break them down by type, use, or other factors relevant to your asset group.

Document Observations

It would be best to foster a positive culture among your personnel. This positive culture must embrace documentation. For example, always have personnel check in with a superior with daily equipment reports to ensure that equipment documentation is completed to suit safety and regulations.

Track Data

If you are working with vehicles, equipment, or facilities, there are a number of trackable factors needed for proper asset management. These might include the following:

  • Location: Utilize GPS tracking to know where each vehicle is at any given time.
  • Maintenance Schedules: Keep detailed logs for regular service checks, repairs, and part replacements.
  • Fuel Efficiency: Monitor fuel consumption rates to identify anomalies or opportunities for optimization.
  • Driver Behavior: Review speed, idle times, and harsh braking incidents to ensure compliance with safety protocols.
  • Utilization Rates: Track how often and for what purposes vehicles are being used.
  • Operational Status: Continuously monitor whether the equipment is operational, idle, or undergoing maintenance.
  • Maintenance Histories: Maintain up-to-date records of all services and repairs to extend equipment lifespan.
  • Performance Metrics: Evaluate key performance indicators (KPIs) like productivity rates, error rates, and uptime.
  • Asset Lifespan: Assess the overall condition and expected remaining lifespan of the equipment.
  • Location: If equipment is mobile or gets transported between sites, tracking its location is essential.
  • Occupancy Rates: Monitor how much of your facility’s space is being utilized and consider optimizations.
  • Energy Usage: Track electricity, water, and gas consumption for sustainability and cost-efficiency.
  • Security: Employ surveillance systems and regularly review footage and security logs.
  • Maintenance Schedules: Just like equipment, facilities also need regular maintenance, track cleaning, repairs, and inspections.
  • Environmental Conditions: Monitor parameters like temperature, humidity, and air quality to maintain optimal working conditions.
How To Track Equipment and Facility Data

Using custom forms to suit each purpose is a smart idea. However, using custom digital forms to track equipment, vehicles, and facility assets is the most efficient and effective means of scaling asset management.

You can utilize forms like the Driver Vehicle Inspection Report, Service Vehicle Tool Inventory Checklist, or Equipment Inventory Template, to name a few examples.

There are two methods for managing assets over time. Traditional methods involve a lot of paper, ink, floor space, and time, and digital (modern) methods require some time to set up and then little to no time to manage. Here’s a breakdown of the basic steps:

Traditional Methodology
  1. Print forms for all asset documentation purposes.
  2. Set up file systems for organizing completed forms
  3. Schedule time to review forms and schedule follow-up work as required.
Digital Method
  1. Customize digital forms to suit your business/organization, including branding and dynamic form functions.
  2. Set up custom automated notification triggers based on report submissions.
  3. Click for scheduled reports and automated analytics information.

Utilize Predictive Management

Predictive management refers to the use of data analytics, machine learning algorithms, and statistical models to forecast future outcomes. This forecast allows you to make proactive, data-driven decisions. 

Unlike reactive management, which deals with issues as they arise, predictive management enables you to anticipate challenges and opportunities, giving you the upper hand in strategic planning.

Predictive management is easy when you have Report Activity Trend and Incident Activity Reports available with a click.

Both of these reports are standard as a part of the 1st Reporting app. This platform enables managers like you to easily manage equipment, vehicle, or facility assets with ease. However, let’s discuss how a digital platform can make your job easier by identifying the right features.

Asset Management Features You Need

  • Data-Driven Decision Making: With digital platforms replacing paper reports, choose one like 1st Reporting with built-in trend and activity reports. It makes decision-making easy when you have the data to support your decisions.
  • Customization: Ensure you choose a platform that is customizable to your brand, your corporate identity, and, of course, to the custom situations that define the operations of your teams. These might include equipment, vehicles, or other mobile asset management, for example.
  • Real-Time Monitoring: Utilizing a digital platform is as good as its slowest communication. With a robust cloud-based solution like 1st Reporting, you can ensure real-time communication is possible by setting up custom notifications. You can make them trigger from report submissions, updates, modifications, and more, making it easy to manage in real time. 
  • Team Collaboration: Look for platforms that enable team collaboration. That’s where a cloud-based storage solution that meets or exceeds ISO standards and certification is the only way to move forward. 1st Reporting is the industry standard when it comes to reporting and collaborations with commonplace systems like Microsoft Office® and Power BI®.
  • Emergency Response: Faster notifications and instant access to collaborative features mean that your response times will be decreased substantially. With all else considered, can you afford not to make the move?

The Role of 1st Reporting in Revolutionizing Asset Management

We’ve touched on some of the features of modern solutions for asset management. However, those aren’t the only things that a robust solution like 1st Reporting has to offer. Let’s review some of the features that 1st Reporting is delivering today:

  • Cloud Storage: ISO-certified and secure cloud storage solutions for collaborative action on any device.
  • GPS Features: Customizable management of reports using GPS positioning to manage assets in the field visually.
  • Custom Notifications: Custom notifications with a variety of trigger options allow you to set up how you want assets managed, who is notified, and for what reason, making automating managing assets at the enterprise level easy.
  • Form Customization: Create custom and dynamic forms, reports, checklists, and actionable lists to manage, automate, and collaborate like never before, from anywhere, on any device.

1st Reporting is available for your devices at Google Play and The Apple App Store.

Seizing the Future: The Next Chapter in Enterprise Asset Management

Managing assets in today’s rapidly evolving business environment is akin to conducting a complex orchestra—every instrument, or in this case, every asset, plays a critical role. You’ve seen how traditional methods are not only cumbersome but can lead to inefficiencies that ripple across your organization. From paperwork labyrinths to lack of real-time updates, the limitations are palpable.

Modern solutions like 1st Reporting offer a dynamic shift. They put real-time data analytics, cloud computing, and customizable features at your fingertips. Whether it’s your team tracking the fuel efficiency of your vehicles or monitoring the occupancy rates of your facilities, the 1st Reporting platform is engineered to provide the actionable insights your organization needs. It serves not just as a tool but as a strategic asset in itself, illuminating the path to unprecedented operational efficiency and risk mitigation.

As an enterprise leader, the question you should be asking yourself isn’t “Should I make the switch?” but rather, “How quickly can I transition to modern asset management solutions?”

Don’t just upgrade—transform. Embrace predictive management and let data-driven insights inform your next big decision. Explore the power and flexibility of 1st Reporting to orchestrate a seamless, harmonious flow of asset management that resonates with your operational, financial, and risk management goals.

Take action now. Reevaluate your current asset management system, weigh it against the capabilities of modern platforms, and make the leap into a future defined by efficiency, scalability, and strategic foresight.

Start reporting today

Join the globally-recognized brands that trust 1st Reporting to safeguard their organizations.

Join the globally-recognized brands that trust 1st Reporting to safeguard their organizations!