When it comes to property management there are various things to consider, and considering all these things is not a cakewalk. When, where, what, and how to maintain any sort of property is one of the major questions that are to be addressed.
Although they are sometimes used interchangeably, asset, facility, and maintenance management are not the same thing. Let’s look at what distinguishes them, as well as what binds them together.
WHAT EXACTLY IS ASSET MANAGEMENT?
A valued good that helps the firm is referred to as an “asset.” It might be a material item such as equipment, buildings, or property or an intangible item. Companies understandably want to maximize the return on their investments, and asset management tries to maximize the value of assets throughout their lifespan. As a result, physical asset management is the process by which businesses try to commission, operate, maintain, improve, or dispose of their assets in the most cost-effective way possible.
Examples of Asset Management
It is prevalent in asset-heavy businesses like oil and gas, electricity and energy, or water and waste. In manufacturing, asset management is also critical. Monitoring asset performance results in more timely maintenance, less downtime, and output losses, and lower repair costs. Furthermore, organizations cannot plan for the future without asset lifecycle management.
Consider a lift if it sounds like maintenance. Lifts often last 20 to 25 years. In the meanwhile, they require upkeep. They must be decommissioned and replaced at the end of their lifespan. Asset management encompasses the entire process of acquiring, running, planning, maintaining, and replacing it. Maintenance is what happens during the usable life of the item.
Reliability management is an asset management technique that focuses on improving asset reliability while also taking criticality and condition into account. It is inextricably connected to reliability-centered maintenance.
WHAT EXACTLY IS FACILITY MANAGEMENT?
Unlike asset management, facility management goes beyond cost-effectiveness. Facility management includes both “hard services“, plumbing, HVAC, and other technical interventions; and “soft services.” The objective of these so-called “soft services,” such as cleaning or interior design, is to give consumers better functionality, comfort, and safety. However, efficient facility management is not just concerned with comfort. It also saves money!
Examples of Facility Management
This explains why facility management is used in so many different situations. Facility management, as opposed to asset management, which is mainly linked with industrial settings, is beneficial in social housing, student halls, schools, hospitals, condominiums, and real estate. It is frequently connected with the service sector in terms of companies, such as office buildings, hotels, and lodgings, etc.
Returning to our lift example, or perhaps the moving walkway used to illustrate this article. It is a necessary asset for providing a pleasant experience to users, particularly those carrying bags. It must be maintained regularly to function. However, cleaning it, changing the floor matting, guiding the user flow one way or the other, or simply placing hand sanitizer nearby are all examples of facility management.
WHAT EXACTLY IS MAINTENANCE MANAGEMENT?
As we have seen, maintenance management is an important component of both asset management and facility management. As a result, it is essential for any business or government body with significant infrastructure. Maintenance prevents downtime and service interruptions, and managers must carry it out on a restricted budget with as little waste as possible.
Maintenance management must choose the appropriate strategy for each asset, whether reactive, preventive, condition-based, or predictive maintenance. Then, all of the plans must adhere to the same timetable and budget. Maintenance typically outsources to fulfill every need, which adds to the challenge of coordinating many suppliers and teams.
Examples of Maintenance Management
Maintenance management is influenced by the infrastructure, assets, and goals of the organization. HVAC Lifts are examples of common maintenance chores.
- Plumbing
- Upkeep of electrical systems
- Maintenance of the grounds
- Industrial maintenance, such as lubrication and welding
- Maintenance of cold rooms or cold storage
- Roof maintenance, repainting, and other upkeep duties
ASSETS, FACILITY, AND MAINTENANCE MANAGEMENT
Maintenance supervisors must be aware of what is going on and where to respond to requests and direct personnel where to go. Previously, they may have been various databases or spreadsheets, but those days are long gone. The majority of computer maintenance management systems offer adequate functionality to suit any requirement.
Because the three are so obviously intertwined, the same organization may commonly meet the needs of asset, facility, and maintenance managers. Asset managers must create an asset registry, keep inventories, and quickly assess the status of each item. Facility managers, in turn, require detailed asset inventories that are sometimes divided by building, floor, or room.
With expert maintenance and facility management firms like Ganpathy Manpower, you can now choose and outsource the facility management services as per your specific requirements. This implies that instead of establishing numerous areas or regions to look for you can get all the services for your business or property at a single location.