In this presentation, we discuss why you should be tracking Key Performance Indicators, and what Key Performance Indicators are important in asset management.

1. 5 Critical
Asset Management KPIs

2. When you don’t have a measurement of your
performance, it makes it hard to improve.

3. That’s why it’s important to use Key Performance
Indicators, especially in asset management.

4. Key Performance Indicators (KPIs) are
statistics that serve as standards for your
organization to measure its success.

5. Key Performance Indicators enable you to
track the performance of your department
and to further improve your asset
management process.

6. Let’s take some examples of top
asset management KPIs.

7. Number of assets needing an audit
1.

8. This is a simple count of the number of assets
that your organization still needs to audit by a
certain date.

9. Knowing the number of assets that need to
be audited gives you a quick idea of your
progress in the audit process.

10. Number of Assets without life-cycle status
2.

11. This is a count of all assets in your system
that do not have a life-cycle status.

12. The lower the number, the more accurate
and helpful your system will be in tracking
these assets through their life-cycle.
Life-cycle stage:
In Use
Life-cycle stage:
Requires
Maintenance
Life-cycle stage:
Retired

13. Number of assets with bad serial numbers
3.

14. This is a simple count of how many
assets in your system have invalid
(or bad) serial numbers.

15. Without proper tracking, your asset
management system will not be able to
manage all assets effectively and you will
likely lose track of these assets.

16. Inventory accuracy
4.

17. Inventory accuracy is the measure of difference
between asset records and actual assets.

18. Low inventory accuracy
leads to uninformed
management decisions,
as well as possible
disruptions in operations
from missing assets.

19. Equipment reliability
5.

20. Equipment reliability is a measure of the
likelihood an asset will remain in-service for
its lifetime.

21. The more reliable your business’ equipment
is, the less downtime you experience and the
more efficient your operations become.

22. To wrap it all up…

23. Deciding on the Key Performance
Indicators to track can present a
challenge for asset managers.

24. But it’s vital to choose KPIs wisely in
order to avoid wasted time and effort.

25. To learn more about other best practices in
asset management, visit assetworks.com
Visit assetworks.com