5 Reasons Why Regulated Asset & Equipment Management is Critical for Business Operations

5 Reasons Why Regulated Asset & Equipment Management is Critical for Business Operations


Do your daily workplace operations take place in equipment-heavy industries such as oil and gas, construction, and aviation? If so, you understand the challenges faced when trying to maximize product and profit while minimizing costs and risks to quality, employees, and your supply chain. Even though these risks and rewards are the backbone of many organizations’ wants and needs, many continue to fall short when trying to manage the assets and equipment that are used in daily workplace operations. The recent Southwest airlines engine failure incident was a reminder to many of these industries the importance of keeping equipment in top shape and performing hands-on inspections thoroughly and more regularly. Setbacks to your assets and equipment result in delays, downtime, and incidents that lead to injuries and financial loss. What are 5 reasons why asset & equipment management are critical for business operations and how can you take the necessary steps within your industry to ensure you don’t fall short anymore?

  1. Reduce the Need for Corrective Maintenance. Traditional maintenance only involves the breakdown of assets and equipment. It is the unscheduled correction to failed equipment to maintain performance. Unplanned repairs can result in $300 billion dollars in costs in the United States alone. With regulated asset & equipment management software, organizations keep track of all their assets. They can track the performance data of an equipment and notify staff to properly schedule preventative maintenance prior to a breakdown. Preventative maintenance will not disturb daily operations because it works to prevent longer delays.
  2. Save Money on Maintenance. During the operational phase of the asset/equipment life cycle, a company can face under maintenance or over maintenance problems. Maintenance is a business expense that can cut into the profits of the company. Overdoing it can bring significant costs. On the other hand, under-maintenance can lead to reduced productivity. With Gensuite’s Inspection Tool application (as part of the asset and equipment software suite), you can find the right balance of corrective and preventative maintenance tasks. Conduct Mobile equipment inspections for operational, safety and compliance needs. Gensuite applications allow you to export findings across all of your apps and sites for improved workflow.
  3. Standardize Management Processes. Asset management allows an organization to understand the capabilities of its assets, and how they can be operated in the most effective manner. Standardize your asset & equipment management processes for the tasks that matter most to you. Whether that be tracking specific part details and managing SOPs or authoring, reviewing, and tracking lock-out tag-out (LOTO) procedures, Gensuite has the applications that matter most to you with customization capabilities.
  4. Manage Assets and Equipment Across Multiple Sites. If you work for a large organization that performs various operations across multiple sites, you understand the need for accurate information. With asset & equipment management software, your company can easily create an inventory report across multiple sites to enhance workflow, communication and create a culture of safety. Equipment management success depends not only on the tools to enhance performance, but the employees and managers that are involved in the maintenance activities.
  5. Optimize Planning and Resource Use. Proper asset management can help optimize operations including planning, resource use and ultimately the implementation of an asset management program. As you obtain information on equipment performance and create a standardized process across your sites, you’ll gain valuable information as to what resources you need and what parts of your asset management program are well planned–then you can begin to enhance weak areas.

The backbone of many organizations is the equipment/assets used to maintain day-to-day operations–and the employees and managers who help enhance a safety culture. Extend the life of your equipment and assets and build a safety culture to maximize operable time with Gensuite Regulated Equipment & Asset Management Software. Knowing the above 5 reasons on why asset & equipment management is critical for business is the first step. Take the second step by discovering the flexibility of Gensuite Regulated Asset & Equipment Management. Request a demo or free trial today!

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