Proper asset management can help your business maximize the value of your physical assets, reduce operational costs, and improve productivity. Unfortunately, relying on manual methods to manage assets can be challenging. These methods are ineffective and prone to error. You can overcome these challenges by investing in Brightly enterprise asset management software. You may, however, wonder about the key things this tool does. You might be doubtful about its functionalities and capabilities. Read on to uncover the key metrics to track with EAM software for asset management.
Asset Utilization Rate
One of the challenges your business might be facing is underutilized or idle assets. Unfortunately, without a tool to help you check the asset utilization rate, this problem might go unnoticed for years. Overcome this obstacle by getting Brightly enterprise asset management software.
The software will help you track if an asset is being used to its full potential. It’ll provide data on assets that are not fully utilized or overburdened. You can leverage this data to optimize asset use, boosting ROI.
Track this metric with ease by getting EAM software with a user-friendly interface and customization option. The goal is to tailor the software to perfectly suit your business’s needs. Besides, getting the software from a reputable company like Brightly to get reliable and timely customer support.
Mean Time to Repair (MTTR)
Unexpected asset breakdowns can disrupt your operations, leading to costly downtime. You need to repair the assets as soon as possible to resume operations. Utilize Brightly enterprise asset management software to track the mean time to repair (MTTR).
The metric checks the average time required to repair an asset after a failure happens. If your business has a high MTTR it means you take too long to repair assets. You need to find the things that are delaying the process to lower the MTTR.
Mean Time Between Failures (MTBF)
Your business needs to track the average time an asset operates before experiencing a failure. You can track this metric using Brightly enterprise asset management software. If an asset has a low mean time between failures (MTBF), it indicates that it is unreliable. Such an asset fails frequently, requiring regular repairs, which can be costly. Your business can overcome this problem by planning for asset replacement.
The plan is to get a new asset with a higher MTBF to streamline operations by reducing downtime. Track this new asset’s data using the EAM software to plan for preventive maintenance. You want to adopt a proactive approach to preventing asset failure and prolong its lifespan.
Conclusion
Leveraging Brightly enterprise asset management software can help your business streamline operations and cut costs. You can use the tool to collect, track, and analyze asset optimization data, helping you make informed decisions. You can know when to consider replacing an asset that keeps breaking down. Besides, the software can help you plan for maintenance and repairs. These things can help you prevent sudden breakdowns, which can halt operations, leading to costly downtimes. So, reach out to Brightly to learn more about EAM software.
