{"id":172191,"date":"2020-02-11T11:44:22","date_gmt":"2020-02-11T15:44:22","guid":{"rendered":"https:\/\/fiix.wpengine.com\/?p=172191"},"modified":"2022-06-02T16:44:36","modified_gmt":"2022-06-02T20:44:36","slug":"asset-tracking-best-practices","status":"publish","type":"post","link":"https:\/\/fiixsoftware.com\/blog\/asset-tracking-best-practices\/","title":{"rendered":"Asset tracking best practices: How to make the most of your hard-earned asset data"},"content":{"rendered":"

Today\u2019s asset tracking technology gives us the power to know more about our equipment than ever before. If just thinking about all that data (and its potential) gives you a buzz, you\u2019re not alone.<\/p>\n

But there\u2019s a catch: This wave of asset data looks a lot like a tsunami when you get too close.<\/p>\n

Data is supposed to make things easier. But it\u2019s hard work extracting good quality data from assets, analyzing it, and putting it to good use. In fact, it\u2019s common to spend 80% of your time simply collecting, cleaning, and organizing data<\/a>.<\/p>\n

This article attempts to ease that hassle by providing best practices for asset tracking. It also looks at tips for using data more efficiently once you have it.<\/p>\n

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Table of contents<\/strong><\/p>\n

    \n
  1. What is asset tracking?<\/a><\/li>\n
  2. Asset tracking metrics: What you should measure<\/a><\/li>\n
  3. Asset tracking tools<\/a><\/li>\n
  4. The PDCA model: Bring the data to life<\/a><\/li>\n
  5. Using the data to design with reliability in mind<\/a><\/li>\n
  6. Learn to love the numbers: Why asset tracking matters<\/a><\/li>\n<\/ol>\n<\/div>\n

    What is asset tracking?<\/h2>\n

    Asset tracking is the act of monitoring the usage, performance, and costs of a fixed asset, such as a bottling machine.<\/p>\n

    Today\u2019s asset tracking technology gives us the power to know more about our equipment than ever before…But there\u2019s a catch: This wave of asset data looks a lot like a tsunami when you get too close.<\/p><\/blockquote>\n

    Here\u2019s how Fiix\u2019s solutions engineer Jason Afara defined asset tracking during his years as a maintenance manager:<\/p>\n

    \u201cI looked at asset tracking as a way to measure the performance of my fixed, production-intensive assets,\u201d says Jason.<\/p>\n

    \u201cMy end goal was to see the financial impact of maintenance<\/a> on a piece of equipment. That included everything from downtime to labour, to parts, and how all that impacted production. Ultimately, this information helped me keep assets healthy and forecast an accurate budget.\u201d<\/p>\n

    This a huge step in building a more efficient asset management program. The information you track these critical assets will influence the way you manage parts, create processes, and more.<\/p>\n

    Asset tracking metrics: What you should measure<\/h2>\n

    The first step of a successful asset tracking program is knowing what information you need.<\/p>\n

    We have to give a disclaimer here: This won\u2019t be a definitive list of asset tracking metrics<\/a>. Every facility and business is going to measure things differently. Instead, we\u2019ll look at some broader KPIs so you can decide for yourself what metrics make sense to you.<\/p>\n

    \n
    \"worker<\/figure>\n
    \"Money<\/figure>\n
    \"star<\/figure>\n<\/div>\n

    Safety<\/h3>\n

    \u201cOne of the subjects we talked about at the start of almost every meeting was safety,\u201d says Jason speaking of his experience on the shop floor.<\/p>\n

    \u201cSafety was a part of every discussion about asset tracking, the performance of equipment, and the success of our facility.\u201d<\/p>\n

    Health, safety, and compliance<\/a> metrics usually focus on stats like the number of accidents and the number of hours lost. While this data has its merit, there a few other metrics that help you track how well your facility is at getting ahead of safety risks:<\/p>\n