Best Practices in Equipment Management - Part 1 - Importance of Asset Management Culture

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17.06.2021

Best Practices in Equipment Management

Part 1: Create a Good Asset Management Culture

The basis for value adding equipment managegment is in the leadership. The organizations that manage their assets efficiently have usually at least one named individual who leads the equipment operations. In larger organizations, each department or unit should also name an individual responsible for equipment. This individual is then key in communicating with the individuals responsible for the equipment on organizational level.

The most important task of the named responsible individual is to manage the equipment. On top of that, in the best case examples, this individual doesn't only manage equipment but also creates a culture where everyone is involved and committed to the equipment management targets and understands the importance of good control of assets. This is highly important because in the beginning equipment management easily adds to workload before reducing it in the long run. If the people in the organization can't see the importance of the initial effort, there will be no commitment to change the ways of working.

Therefore it is recommended to communicate openly to the whole organization why equipment management is important and why there will be a focus on it. An excellent method is to determine the monetary value of the equipment and the annual investments in it. When the scale is understandable, the importance of the saved time and money becomes that much more important to achieve.

Equipment management is by no means only the responsibility of the finance department and a side note to annual statements. The most significant cost savings are gained when the whole organization is committed to doing things smartly.

NEXT:

Part 2: Invest in a Modern Equipment Management System