{"id":5726,"date":"2021-11-04T06:08:34","date_gmt":"2021-11-04T12:08:34","guid":{"rendered":"https:\/\/limblecmms.com\/?p=5726"},"modified":"2025-05-30T13:06:06","modified_gmt":"2025-05-30T19:06:06","slug":"physical","status":"publish","type":"post","link":"https:\/\/limblecmms.com\/blog\/physical\/","title":{"rendered":"6 Simple Fixes For Common Physical Asset Management Mistakes"},"content":{"rendered":"

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As business owners and <\/span>maintenance managers<\/span><\/a>, our daily imperatives can lead us into the trap of focusing on short-term results. Applying short-term thinking to business areas like physical asset management is a recipe for disaster.\u00a0<\/span><\/p>\n

<\/span>In this article, we’ll take a step back to understand why some of our thoughts and actions regarding physical assets may cause us to overspend or underperform as a business. We’ll highlight the most common errors and discuss the right way of approaching physical asset management.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row kd_background_image_position=”vc_row-bg-position-top”][vc_column][vc_column_text]<\/p>\n

What is physical asset management?<\/span><\/h2>\n

Physical asset management is as much a way of thinking as it is a series of tactical and operational tasks. It represents a systematic way of managing physical assets with a focus on their sustained performance – emphasizing performance over their lifetime rather than a daily, monthly, or annual cost and uptime.\u00a0<\/span><\/p>\n

In other words, physical asset management gives us a framework to make smart decisions <\/span>throughout the life-cycle of the asset<\/span><\/a>, from planning to disposal.<\/span><\/span><\/p>\n

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That results in us <\/span>achieving the lowest total cost of ownership<\/b>, allows us to develop <\/span>long-term funding strategies<\/b>, <\/span>minimizes whole-of-life capital spending<\/b> while <\/span>optimizing asset efficiency and return-on-investment (ROI)<\/b>.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row content_placement=”middle” kd_background_image_position=”vc_row-bg-position-bottom” kd_top_separator_style=”skew-left” kd_top_separator_height=”separator-height-small” kd_bottom_separator_style=”skew-left” kd_bottom_separator_height=”separator-height-small” kd_top_separator=”true” kd_bottom_separator=”true” css=”.vc_custom_1682969576554{margin-bottom: 40px !important;padding-top: 120px !important;padding-right: 40px !important;padding-bottom: 50px !important;padding-left: 40px !important;background: #dde4e8 url(https:\/\/limblecmms.com\/wp-content\/uploads\/cta-laired-hex-4.webp?id=9077) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;border-radius: 0px !important;}” css_tablet_landscape=”.vc_custom_1682969576554{padding-bottom: 80px !important;}” css_tablet_portrait=”.vc_custom_1682969576555{padding-bottom: 80px !important;}” css_mobile=”.vc_custom_1682969576555{padding-bottom: 80px !important;}”][vc_column][vc_row_inner kd_background_image_position=”vc_row-bg-position-top”][vc_column_inner]

Checklist for Creating a Preventive Maintenance Plan<\/h2>
Following a consistent Preventive Maintenance Plan can make life easier. Use this checklist to create your own!<\/h6><\/header>[\/vc_column_inner][\/vc_row_inner][vc_row_inner content_placement=”top” kd_background_image_position=”vc_row-bg-position-top”][vc_column_inner width=”1\/2″ css=”.vc_custom_1631866454223{padding-right: 50px !important;padding-left: 0px !important;}” offset=”vc_col-lg-6 vc_col-md-12 vc_col-xs-12″ css_tablet_landscape=”.vc_custom_1631866454223{padding-right: 0px !important;}” css_tablet_portrait=”.vc_custom_1631866454223{padding-right: 0px !important;}” css_mobile=”.vc_custom_1631866454224{padding-right: 15px !important;}”][vc_raw_html]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[\/vc_raw_html][\/vc_column_inner][vc_column_inner width=”1\/2″][vc_single_image source=”external_link” alignment=”center” css_animation=”fadeIn” custom_src=”https:\/\/3975608.fs1.hubspotusercontent-na1.net\/hubfs\/3975608\/Content%20Downloads\/PM%20Checklist%20mockup.png”][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row kd_background_image_position=”vc_row-bg-position-top”][vc_column][vc_column_text]<\/p>\n

6 common physical asset management mistakes<\/span><\/h2>\n

In operations management, our focus is often on the immediate – those imperatives and concerns impacting us today or this week. Yet, in solving those problems, we can fall into the trap of eroding business value over the long term.\u00a0<\/span><\/p>\n

The following are six common physical asset management mistakes – accompanied with practical solutions.<\/span><\/p>\n

Mistake #1: Confusing maintenance with an asset management system<\/span><\/h3>\n

Our thinking about <\/span>asset management<\/span><\/a> often begins when a piece of equipment is delivered and installed, and it ends when the asset is replaced. At best, we feel that carrying out the <\/span>original equipment manufacturers (OEMs)<\/span><\/a> prescribed maintenance is extracting maximum value, while at worst, we consider ourselves clever if we can boost profitability by shaving some cost off the maintenance budget, scrimping on required tasks.<\/span><\/p>\n

Solution: Understand maintenance as a subset of asset management<\/b><\/p>\n

When we broaden our knowledge of an asset management system, we understand the considerable analysis and consideration that must go into equipment selection. Before equipment purchase, we’ve:\u00a0<\/span><\/p>\n