Manufacturing asset management - Key strategies for success

Managing assets effectively is pivotal for manufacturers and requires a proactive approach. It ensures operational continuity, aligns with compliance, and minimises risks. With manufacturing being such a core sector within the UK, refined asset management practices can contribute significantly to a strong and healthy economy.

Benefits of effective asset management in manufacturing

Improves workflow

Streamlined asset management enhances workflow by ensuring all equipment operates at its peak. With well-maintained and properly monitored machinery, manufacturing processes flow seamlessly, minimising delays or bottlenecks.

Reduces downtime

By monitoring asset health and addressing potential issues proactively, manufacturers can significantly reduce unplanned downtime. Predictive maintenance strategies, such as using IoT sensors, further prevent unexpected disruptions.

Maximises resource utilisation

By keeping a precise record of asset performance and maintenance schedules, these businesses are able to maximise the utilisation of their resources. This reduces waste, supports sustainability goals, and ensures every asset provides its full value.

Enhances compliance and safety

Properly maintained assets are more likely to meet health and safety standards. Compliance with industry regulations becomes effortless, safeguarding employees and protecting organisations from potential legal repercussions.

Prolongs asset lifespan

With preventive and predictive maintenance strategies, companies can extend the lifespan of their equipment, avoiding untimely replacements and optimising their return on investment.

Key challenges in manufacturing asset management

Equipment failures

Machinery breakdowns are one of the most critical challenges in manufacturing. This not only affects the ability to meet production schedules but also leads to unplanned repair costs, idle labour, and wasted material. Poorly maintained assets are often the root cause of such failures, as wear and tear goes unnoticed until it results in a stoppage.

Costly downtime

When production stops unexpectedly due to equipment faults or inefficient inventory control, businesses lose both time and money. Missed deadlines can damage customer relationships and reduce trust, while delayed deliveries can lead to lost contracts or penalties.

Aging assets

Manufacturing equipment naturally ages over time, leading to a steady decline in performance and efficiency. Older machinery not only demands more frequent maintenance but also becomes prone to breakdowns, which can disrupt operations further. These assets often consume more energy and may lack compatibility with modern automation and monitoring systems, resulting in inefficiencies. Manufacturers face the challenge of balancing the cost of repairing with the larger investment of replacing them.

Compliance with industry regulations

Non-compliance can result in hefty fines, legal penalties, or even the temporary suspension of operations. Besides financial consequences, non-compliance can damage a manufacturer's reputation, reducing trust among clients and partners. Staying aligned with regulations involves staying up to date with evolving demands and putting the frameworks in place to meet these standards. Regular inspections, proper documentation of maintenance activities, and investments in newer, compliant technologies can simplify this process.

Skills gap

Many companies struggle to upskill their existing workforce or recruit individuals with the technical expertise needed to operate advanced systems. Employees unprepared to use digital tools may make errors, encounter inefficiencies, or prolong implementation timelines for new technologies. Closing this skills gap involves investing in ongoing training programmes that focus on both technical and practical competence.

Best practices for manufacturing asset management

1. Implement predictive maintenance

Predictive maintenance uses advanced technologies like data analytics to forecast when equipment might fail. This proactive approach minimises unplanned downtime, reduces repair costs, and ensures machinery remains operational for longer periods. By identifying potential issues in advance, manufacturers can schedule maintenance during non-peak times, minimising disruption.

2. Utilise real-time data for asset monitoring

Real-time data allows businesses to continuously monitor equipment performance and flag anomalies instantly. Timely alerts from automated monitoring systems enable immediate action, preventing small issues from escalating into major failures. This not only improves production flow but also helps companies achieve greater operational transparency and informed decision making.

3. Create a comprehensive asset inventory

An accurate and detailed inventory of all manufacturing assets is crucial for effective management. Tracking information such as location, purchase date, usage patterns, and maintenance history provides valuable insights. This data helps manufacturers decide when to repair, replace, or retire assets, resulting in better resource allocation and efficient capital planning.

4. Regularly schedule preventive maintenance

Production planning involves performing regular equipment inspections and servicing before problems arise. This reduces unexpected breakdowns while also extending the operational life of the equipment. Clear maintenance schedules and checklists ensure all necessary steps are completed, contributing to improved reliability and overall efficiency in operations.

5. Establish performance benchmarks

Setting measurable KPIs, such as energy consumption, downtime frequency, and production output, enables organisations to evaluate the efficiency of their equipment. Regularly monitoring these benchmarks allows for the identification of underperforming machinery and timely implementation of corrective measures, improving overall productivity.

6. Leverage automation and AI

Automation and AI-driven solutions support smoother asset management by automating routine tasks. AI-powered tools identify patterns and predict potential failures, allowing manufacturers to optimise workflows, manage spare parts efficiently, and generally stay ahead.

7. Enhance collaboration

Collaboration between teams and management requires seamless communication and coordination. Information sharing around asset health, repairs, and operational requirements allows stakeholders to act proactively. This type of teamwork fosters a culture of accountability and responsiveness, improving asset reliability and workplace productivity.

8. Training staff on asset management

It is essential for staff to be equipped with the necessary knowledge for efficient asset management. Additionally, employees can also reduce the risk of accidents if they are familiar with all the associated processes.

Beyond just technical skills, training provides greater confidence for these workers. It also indirectly creates a more reliable production line and ensures a smoother operation. Training employees continuously ensures they remain adaptable to change and can meet changing industry demands.

Best tools for manufacturing asset management

Mastering asset management can feel complex, but with the support of the right technology, your business can streamline operations, maximise productivity, and ensure long-term competitiveness.

OneAdvanced’s suite of manufacturing software, for example, gives you complete visibility and control over assets, enabling better decision-making and smoother workflows. From tracking asset performance in real-time to scheduling maintenance and predicting potential failures, these integrated systems help you to prevent costly downtime and keep production on track.

With access to centralised and up-to-date information, you can efficiently manage resource allocation, extend the life of your equipment, plan replacements with confidence, and deploy your people in the right place at the right time. All while keeping you ahead in today’s dynamic manufacturing environment.