{"id":10214,"date":"2024-10-22T04:20:41","date_gmt":"2024-10-22T04:20:41","guid":{"rendered":"https:\/\/www.hashmicro.com\/ph\/blog\/?p=10214"},"modified":"2025-05-21T04:57:29","modified_gmt":"2025-05-21T04:57:29","slug":"management-manufacturing","status":"publish","type":"post","link":"https:\/\/www.hashmicro.com\/ph\/blog\/management-manufacturing\/","title":{"rendered":"Key Benefits of Asset Management in Manufacturing"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Asset management in manufacturing is the process of managing all physical assets to ensure they operate at their best throughout their lifecycle. By implementing effective asset management strategies, companies can monitor, maintain, and optimize the use of each asset.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The company uses asset management to manage all assets it owns. In general, companies that use manufacturing asset management are large-scale companies.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This article will discuss the key benefits of using the asset <\/span><a href=\"https:\/\/www.hashmicro.com\/ph\/blog\/what-is-process-manufacturing\/\"><span style=\"font-weight: 400\">management manufacturing<\/span><\/a><span style=\"font-weight: 400\"> industry.\u00a0<\/span><\/p>\n<a href=\"https:\/\/www.hashmicro.com\/ph\/asset-management-software?medium=moneysite-banner\" target=\"_blank\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2022\/03\/Asset-Management-Software.png.webp\" data-desktop-src=\"https:\/\/www.hashmicro.com\/blog\/wp-content\/uploads\/2022\/03\/Asset-Management-Software.png.webp\" data-mobile-src=\"\" alt=\"AssetManagement\" class=\"responsive-image-banner\" width=\"620\" height=\"255\"><\/a>\r\n\r\n<script>\r\n    \/\/ check which image to use based on screensize\r\n    document.addEventListener(\"DOMContentLoaded\", function() {\r\n        function updateImageSource() {\r\n            var images = document.querySelectorAll('.responsive-image-banner');\r\n            var screenWidth = window.innerWidth;\r\n\r\n            images.forEach(function(img) {\r\n                var mobileSrc = img.getAttribute('data-mobile-src');\r\n                var desktopSrc = img.getAttribute('data-desktop-src');\r\n\r\n                if (screenWidth < 576 && mobileSrc) {\r\n                    img.setAttribute('src', mobileSrc);\r\n                } else {\r\n                    img.setAttribute('src', desktopSrc);\r\n                }\r\n            });\r\n        }\r\n\r\n        \/\/ Initial check\r\n        updateImageSource();\r\n\r\n        \/\/ Update on resize\r\n        window.addEventListener('resize', updateImageSource);\r\n    });\r\n<\/script>\n<div id=\"toc_group_article\" style=''>\r\n\t<p style='font-size:25px;font-weight:bold; margin-bottom:0px'>\r\n\t\tTable of Contents\r\n\t<\/p>\r\n\t<ul id=\"list_toc\" class='list_toc'><\/ul>\r\n<\/div>\r\n\r\n<div id=\"placeholder-toc\"><\/div>\r\n<div id=\"toc\">\r\n    <div class=\"header\">\r\n\t<span class=\"toc-title\" id=\"toc-title\">Content Lists<\/span>\t\r\n\t <i class=\"toc-icon\">\r\n        <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"30\" height=\"30\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#000\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" class=\"header-icon\">\r\n          <path d=\"m6 9 6 6 6-6\" \/>\r\n        <\/svg>\r\n      <\/i>\r\n\t<\/div>\r\n    <div class=\"list\">\r\n      <ul id=\"toc-list\"><\/ul>\r\n    <\/div>\r\n <\/div>\r\n\r\n<style>\r\n\/* Simple styling for the TOC *\/\r\n\t\r\n\t#toc ul li:last-child {\r\n    padding-bottom: 16px; \/* Adjust the value as needed *\/\r\n}\r\n\r\n.td-fix-index {\r\n\t transform: unset !important;\r\n     -webkit-transform: unset !important; \r\n}\r\n.footer-contact .td-fix-index {\r\n\t transform: translateZ(0) !important;\r\n     -webkit-transform: translateZ(0) !important; \r\n}\r\n\t.tdb_single_content .tdb-block-inner.td-fix-index{\r\n\t\tposition: static;\r\n\t}\r\n\t\r\n\r\n\t\r\n#toc {\r\n  background-color: #FFF;\r\n\tpadding: 17px 24px 20px 24px !important;\r\n  margin-bottom: 20px;\r\n\/*   border: 1px solid #9C171E; *\/\r\n  border-radius: 6px;\r\n\tdisplay: none;\r\n  max-width: 100%;\r\n  transition: .4s ease height;\r\n\tmargin-left: 0;\r\n\toverflow: hidden;\r\n}\r\n\r\n#toc .header{\r\n  display: flex;\r\n  align-items: center;\r\n  justify-content: space-between;\r\n\tbackground-color: transparent;\r\n}\r\n\t\r\n\t#toc.sticky .header{\r\n\t\tpadding: 4px 0;\r\n\t}\r\n\t\r\n.header p{\r\n  font-size: 18px !important;\r\n  font-weight: 600 !important;\r\n  color: #393939;\r\n   margin-bottom: 0;\r\n  \/* margin-top: 20px; *\/\r\n}\r\n\r\n.toc-icon{\r\n  float: right;\r\n\/*   visibility: hidden; *\/\r\n}\r\n\r\n\t.toc-title{\r\n\t\tmargin-right: auto;\r\n\/* \t\tpadding-left: 20px; *\/\r\n\t\tfont-weight: 600;\r\n\t\talign-self: center;\t}\t\r\n\r\n#toc ul {\r\n  list-style-type: none;\r\n  padding-left: 0;\r\n  padding-top: 20px;\r\n  margin-top: 0px;\r\n}\r\n\t\r\n#toc.sticky ul{\r\n\toverflow-y: auto;\r\n\tmax-height: 250px;\r\n\tmargin-top: 0px;\r\n\tpadding-top: 20px;\r\n\/* \tborder-top: 1px solid #d3d3d3; *\/\r\n}\r\n\t\r\n#toc ul li {\r\n\/*   margin-bottom: 10px; *\/\r\n  margin-bottom: 10px;\r\n\tmargin-left: 0;\r\n\ttransition: .2s ease;\r\n\tcursor: pointer;\r\n}\r\n\t\r\n\t#toc.sticky ul li {\r\n\t  margin-right: 10px;\r\n\t}\r\n\t\r\n.td-post-content #toc-list li a:hover, .td-post-content #toc-list a.active{\r\n\tbackground-color: #FFF;\r\n\/* \tpadding: 8px 16px 8px 16px; *\/\r\n\tpadding: 4px 16px 4px 16px;\r\n\tborder-radius: 6px;\r\n\tcolor: #9c171e !important;\r\n\tfont-weight: 600 !important;\r\n}\r\n\t\r\n\t.td-post-content #toc-list li:hover a, .td-post-content #toc-list a.active{\r\n\t\tcolor: #9C171E !important;\r\n\t\tfont-weight: 600 !important;\r\n\t}\r\n\t\r\n.td-post-content #toc-list a.active{\r\n\tfont-weight: bold !important;\r\n\tcolor: #9C171E !important;\r\n}\r\n\t\r\n#toc a, .td-post-content #toc-list a {\r\n  text-decoration: none;\r\n  color: #ea1717 !important;\r\n  transition: .2s ease;\r\n\tfont-weight: 400 !important;\r\n\tdisplay: block;\r\n\t\r\n\tpadding: 4px 16px 4px 0;\r\n}\r\n\r\n#toc.sticky {\r\n  position: fixed;\r\n\/*   top: 73px; *\/\r\n\tbottom: 0;\r\n  z-index: 100; \r\n  box-shadow: 0 2px 5px rgba(0,0,0,0.1); \r\n\twidth: 100%; \r\n\tbackground-color: #FFF;\r\n\/* \tbackground-color: #FFF1F1; *\/\r\n\tborder-bottom: 1px solid #ea1717;\r\n\/*   border: 1px solid #393939; *\/\r\n  box-shadow: 0px 0px 14px 0px #00000040;\r\n  cursor: pointer;\r\n\tanimation: fadein .3s ease;\r\n\tpadding: 12px 16px !important;\r\n}\r\n\t\r\n\t.fadein{\r\n\t\tanimation: fadein .3s ease;\r\n\t}\r\n\t\r\n\t.fadeout{\r\n\t\tanimation: fadeout .3s ease;\r\n\t}\r\n\t\r\n\t\r\n\t@keyframes fadein{\r\n\t\t0% {\r\n\t\t\topacity: 0;\r\n\t\t}\r\n\t\t100%{\r\n\t\t\topacity: 1;\r\n\t\t}\r\n\t}\r\n\t\r\n\t@keyframes fadeout{\r\n\t\t0% {\r\n\t\t\topacity: 1;\r\n\t\t}\r\n\t\t100%{\r\n\t\t\topacity: 0;\r\n\t\t}\r\n\t}\r\n\r\n\t\r\n#toc.sticky .header p{\r\n\tmargin-bottom: 10px;\r\n\tmargin-top: 10px;\r\n}\r\n\r\n#toc.sticky .toc-icon{\r\n  visibility: visible;\r\n\/* \ttransition: 0.4s ease; *\/\r\n}\r\n\t\r\n\t.toc-icon{\r\n\t\talign-items: center;\r\n    \tdisplay: flex;\r\n\t}\r\n\t\r\n\tsvg.header-icon{\r\n\/* \t\tbackground-color: #9c171e; *\/\r\n\t\tbackground-color: #FFF;\r\n\t\tborder-radius: 30px;\r\n\t\tpadding: 5px;\r\n\t}\r\n\r\n#toc.sticky .list{\r\n\/*   max-height: 0; *\/\r\n  transition: height 0.4s ease;\r\n}\r\n\t\r\n\t#toc .list{\r\n\/*   max-height: 0; *\/\r\n  transition: height 0.4s ease;\r\n}\r\n\r\n#toc .header.active .toc-icon{\r\n\ttransform: rotate(0deg); \r\n\topacity: 1;\r\n}\r\n\r\n\t#toc .header.active + .list {\r\n\t  max-height: 200px; \/* Adjust this value as needed *\/\r\n\t  opacity: 1;\r\n\t}\r\n\t\r\n\t#placeholder-toc{\r\n\/* \t\tdisplay: none; *\/\r\n\t}\r\n\t\r\n\t@media (min-width: 768px) and (max-width: 991px){\r\n\t\t#toc.sticky{\r\n\/* \t\t\ttop: 104px; *\/\r\n\t\t\tbottom: 0px;\r\n\t\t}\r\n\t\t\r\n\t\t#toc{\r\n\t\t\twidth: unset !important;\r\n\t\t}\r\n\t}\r\n\t\r\n\t@media (max-width: 767px){\r\n\t\t#toc{\r\n\t\t\twidth: 100% !important;\r\n\t\t\tdisplay: inline-block;\r\n\t\t}\r\n\t\t\r\n\t\t#toc.sticky{\r\n\t\t\twidth: 84% !important;\r\n\/* \t\t\ttop: 81px; *\/\r\n\t\t\tbottom: 60px;\r\n\t\t\tmargin-left: auto;\r\n\t\t\tmargin-right: auto;\r\n\t\t\tpadding: 0 16px;\r\n\/* \t\t\tright: 5%; 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\/\/ Set width to match the parent element\r\n\t\t\t\t\ttoc.setAttribute('style', 'width: ' + tocParent.offsetWidth + 'px !important;');\r\n\t\t\t\t}\r\n\t\t\t}\r\n\t\t  });\r\n\r\n\t\t  \/\/ Close TOC when a link inside it is clicked\r\n\t\t  var tocLinks = document.querySelectorAll(\"#toc .list a\");\r\n\t\t  tocLinks.forEach(function(link) {\r\n\t\t\tlink.addEventListener(\"click\", function() {\r\n\t\t\t  var panel = document.querySelector(\"#toc .list\");\r\n\t\t\t  panel.style.height = '0px'; \/\/ Set height to 0 for full collapse\r\n\t\t\t  icon.style.transform = \"rotate(180deg)\";\r\n\t\t\t  toc.style.backgroundColor = \"#FFF\";\r\n\t\t\t});\r\n\t\t  });\r\n\t\t});\r\n\t\r\n\/\/ \tmake the heading at the center of the viewport\r\n\/\/ \tdocument.addEventListener('DOMContentLoaded', function() {\r\n\/\/     \/\/ Add click event listener to all links in the TOC list\r\n\/\/     document.querySelectorAll('#toc-list a').forEach(anchor => {\r\n\/\/         anchor.addEventListener('click', function (e) {\r\n\/\/             e.preventDefault(); 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\/\/ Add other TOC class names here if you have more than two instances\r\n  tocClasses.forEach(tocClass => {\r\n    window.addEventListener('scroll', () => scrollSpy(tocClass));\r\n  });\r\n<\/script>\r\n\t\r\n\r\n<!-- ToC List for desktop side bar, diganti jadi inject by php, di code snippet \"Sidebar Accordion\" -->\r\n<!-- <script>\r\n\tdocument.addEventListener('DOMContentLoaded', function() {\r\n        let headerCounter = 0; \/\/ Counter to generate unique IDs\r\n\r\n\t\t\/\/ Function to generate ID in header0, header1, etc. format\r\n\t\tfunction formatId() {\r\n\t\t\treturn `header-${headerCounter++}`; \/\/ ID format: header0, header1, etc.\r\n\t\t}\r\n\r\n\/\/ \t\tfunction formatId(text) {\r\n\/\/             return text.trim().replace(\/[^\\w\\d]+\/g, '_');\r\n\/\/         }\r\n\t\r\n        \/\/ Function to create nested list\r\n        function createNestedList(parentNode, children) {\r\n            if (children.length === 0) return;\r\n\r\n            const nestedUl = document.createElement('ul');\r\n            children.forEach(child => {\r\n                const nestedLi = document.createElement('li');\r\n                const nestedA = document.createElement('a');\r\n                nestedA.textContent = child.title;\r\n                nestedA.href = `#${child.id}`;\r\n                nestedLi.appendChild(nestedA);\r\n                nestedUl.appendChild(nestedLi);\r\n\r\n                if (child.children.length > 0) {\r\n                    createNestedList(nestedLi, child.children);\r\n                }\r\n            });\r\n\r\n            parentNode.appendChild(nestedUl);\r\n        }\r\n\r\n        \/\/ Object to store list of h2 and h3 with their titles\r\n        const headings = [];\r\n\r\n           \/\/ Get all h2 and h3 elements\r\n        \/\/ Get all h2 and h3 elements\r\n\t\tconst elements = document.querySelectorAll('.td-post-content h2');\r\n\r\n\t\telements.forEach(element => {\r\n\t\t\tif (element.tagName === 'H2') {\r\n\t\t\t\tconst id = formatId(); 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This process aims to maximize asset utilization and reduce associated costs and risks. This process can help companies manage their assets.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If this is applied to the manufacturing industry, then this process is referred to as Manufacturing Asset Management (MAM). <\/span><a href=\"https:\/\/www.hashmicro.com\/ph\/blog\/manufacturing-overhead-cost\/\"><span style=\"font-weight: 400\">Manufacturing Asset Management<\/span><\/a><span style=\"font-weight: 400\"> (MAM) is the process of managing physical assets used in the manufacturing industry, including equipment, machinery, and other infrastructure.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">MAM&#8217;s main objective is to ensure that these assets are used optimally throughout their life cycle, from procurement to maintenance, refurbishment and write-off.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The MAM system focuses on the company&#8217;s physical assets, but this process has an impact on other resources such as finance, information, and even human resources. Asset management that is integrated with other assets will produce maximum output.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In manufacturing and heavy equipment companies, asset management often includes asset maintenance. Here, asset managers work with maintenance teams who are responsible for carrying out maintenance, as well as other tasks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Maintenance focuses on handling damage quickly and with minimal disruption, while asset management aims to reduce the level of damage, extend the service life of assets, speed up operational processes, and increase efficiency throughout the factory.<\/span><\/p>\n<h2><b>Common Challenges in Managing Manufacturing Assets<\/b><\/h2>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-18184\" src=\"https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/Common-Challenges-in-Managing-Manufacturing-Assets.webp\" alt=\"Manufacturing-Assets-Management-Challenges\" width=\"1200\" height=\"675\" srcset=\"https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/Common-Challenges-in-Managing-Manufacturing-Assets.webp 1200w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/Common-Challenges-in-Managing-Manufacturing-Assets-300x169.webp 300w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/Common-Challenges-in-Managing-Manufacturing-Assets-1024x576.webp 1024w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/Common-Challenges-in-Managing-Manufacturing-Assets-768x432.webp 768w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/Common-Challenges-in-Managing-Manufacturing-Assets-747x420.webp 747w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/Common-Challenges-in-Managing-Manufacturing-Assets-150x84.webp 150w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/Common-Challenges-in-Managing-Manufacturing-Assets-696x392.webp 696w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/Common-Challenges-in-Managing-Manufacturing-Assets-1068x601.webp 1068w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><span style=\"font-weight: 400\">Companies that do not use <\/span><a href=\"https:\/\/www.hashmicro.com\/ph\/blog\/production-planning-system\/\"><span style=\"font-weight: 400\">manufacturing management<\/span><\/a><span style=\"font-weight: 400\"> software will face problems. Here are the 3 main problems which can be seen below:<\/span><\/p>\n<h3><span style=\"font-weight: 400\">1. Unplanned downtime<\/span><\/h3>\n<p><span style=\"font-weight: 400\">Unexpected equipment failures can lead to costly production halts. Without proper preventive maintenance and real-time monitoring, manufacturers often face unplanned downtime, which disrupts operations and impacts profitability.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">2. High maintenance costs<\/span><\/h3>\n<p><span style=\"font-weight: 400\">Balancing between preventive and reactive maintenance can be challenging. Inefficient maintenance practices, such as waiting for equipment to fail before repairing, result in increased costs, excessive downtime, and shortened asset lifespan.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">3. Aging equipment<\/span><\/h3>\n<p><span style=\"font-weight: 400\">As assets age, they become less reliable and more prone to failure. Managing the replacement or refurbishment of outdated machinery while maintaining production efficiency is a significant challenge, especially when capital investment is limited.<\/span><\/p>\n<h2><b>Best Practices for Effective Manufacturing Asset Management<\/b><\/h2>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-18185\" src=\"https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/Best-Practices-for-Effective-Manufacturing-Asset-Management.webp\" alt=\"Construction-inventory-management-HashMicro\" width=\"1200\" height=\"675\" srcset=\"https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/Best-Practices-for-Effective-Manufacturing-Asset-Management.webp 1200w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/Best-Practices-for-Effective-Manufacturing-Asset-Management-300x169.webp 300w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/Best-Practices-for-Effective-Manufacturing-Asset-Management-1024x576.webp 1024w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/Best-Practices-for-Effective-Manufacturing-Asset-Management-768x432.webp 768w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/Best-Practices-for-Effective-Manufacturing-Asset-Management-747x420.webp 747w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/Best-Practices-for-Effective-Manufacturing-Asset-Management-150x84.webp 150w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/Best-Practices-for-Effective-Manufacturing-Asset-Management-696x392.webp 696w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/Best-Practices-for-Effective-Manufacturing-Asset-Management-1068x601.webp 1068w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><span style=\"font-weight: 400\">Of course, there are things we can do to overcome challenges. 3 best practices for effective manufacturing <\/span><a href=\"https:\/\/en.wikipedia.org\/wiki\/Asset_management\"><span style=\"font-weight: 400\">asset management<\/span><\/a><span style=\"font-weight: 400\"> which can be seen below:\u00a0\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400\">1. Implement predictive maintenance<\/span><\/h3>\n<p><span style=\"font-weight: 400\">To combat unplanned downtime, manufacturers should adopt predictive maintenance practices. By utilizing IoT sensors and advanced analytics, manufacturers can monitor equipment health in real time and predict potential failures before they occur. This proactive approach minimizes unexpected breakdowns and keeps production running smoothly.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">2. Establish a comprehensive maintenance strategy<\/span><\/h3>\n<p><span style=\"font-weight: 400\">To reduce high maintenance costs, create a balanced maintenance strategy that combines preventive and predictive maintenance. Regularly scheduled maintenance ensures that equipment is serviced before failures occur, while predictive maintenance identifies specific components that may need attention based on performance data. This strategy optimizes resource allocation and minimizes costly emergency repairs.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">3. Invest in equipment upgrades and lifecycle management<\/span><\/h3>\n<p><span style=\"font-weight: 400\">To address the challenges posed by aging equipment, manufacturers should develop a robust asset lifecycle management plan. This includes regularly evaluating the performance and reliability of existing equipment, planning for timely upgrades, and making informed decisions on equipment replacements. Investing in modern, efficient machinery enhances productivity and reduces long-term maintenance costs.<\/span><\/p>\n<p>Implementing <a href=\"\/ph\/blog\/manufacturing-inventory-software\/\">manufacturing inventory management<\/a> can also help establish effective asset management.<\/p>\n<h2><b>How Software Asset Management Increases Manufacturing Efficiency<\/b><\/h2>\n<p><img decoding=\"async\" class=\"wp-image-22104 size-full aligncenter\" src=\"https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/stock-replenishment-demand-forecasting.webp\" alt=\"stock replenishment demand forecasting\" width=\"800\" height=\"435\" srcset=\"https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/stock-replenishment-demand-forecasting.webp 800w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/stock-replenishment-demand-forecasting-300x163.webp 300w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/stock-replenishment-demand-forecasting-768x418.webp 768w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/stock-replenishment-demand-forecasting-772x420.webp 772w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/stock-replenishment-demand-forecasting-150x82.webp 150w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/stock-replenishment-demand-forecasting-696x378.webp 696w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<h3><span style=\"font-weight: 400\">1. Optimizing equipment utilization<\/span><\/h3>\n<p><span style=\"font-weight: 400\">Effective asset management to optimize asset utilization in manufacturing. This is because <a href=\"https:\/\/www.hashmicro.com\/ph\/blog\/manufacturing-asset-management-software\/\">manufacturing asset management<\/a> can analyze and monitor all the performance of the assets owned, increasing the efficiency of existing assets.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">2. Reduced downtime<\/span><\/h3>\n<p><span style=\"font-weight: 400\">Implementing this management is preventive and predictive, making it easier for companies to predict which assets need to be replaced or repaired periodically. This aims to maintain production continuity and increase operational efficiency in the manufacturing industry.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400\">3. Cost saving<\/span><\/h3>\n<p><span style=\"font-weight: 400\">With asset management, goods maintenance strategies will be better. If an item is starting to become unstable, the company can immediately repair it. This can reduce company costs because repairing is more affordable than replacing it with a new one.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">4. Improve quality control<\/span><\/h3>\n<p><span style=\"font-weight: 400\">The quality of all assets managed will be monitored. To produce quality products, the assets used must also have optimal capabilities. Optimizing assets will increase high-quality products.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400\">5. Facilitate strategic decision making<\/span><\/h3>\n<p><span style=\"font-weight: 400\">With comprehensive data on asset performance, utilization, and <\/span><a href=\"https:\/\/www.hashmicro.com\/ph\/blog\/oee-overall-equipment-effectiveness\/\"><span style=\"font-weight: 400\">overall equipment effectiveness<\/span><\/a><span style=\"font-weight: 400\"> (OEE), companies can make better decisions to help them stay competitive in an increasingly tight market by providing input into Monitor key performance indicators (KPIs) to identify trends.<\/span><\/p>\n<h2><b>Definition of Factory Asset Management and The Key Component<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Factory asset management is a strategic approach to overseeing and optimizing the lifecycle of assets within a manufacturing facility. This discipline encompasses the planning, acquisition, operation, maintenance, and disposal of physical assets such as machinery, equipment, and tools.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Key Components of Factory Asset Management<\/span><\/h3>\n<h4><span style=\"font-weight: 400\">1. Asset tracking and inventory management<\/span><\/h4>\n<p><span style=\"font-weight: 400\">Effective asset management begins with accurate tracking of all assets within the factory. This includes maintaining an up-to-date inventory that records the location, condition, and usage of each asset. Technologies such as barcoding and RFID (Radio Frequency Identification) can facilitate real-time tracking.<\/span><\/p>\n<h4><span style=\"font-weight: 400\">2. Maintenance management<\/span><\/h4>\n<p><span style=\"font-weight: 400\">Regular maintenance is crucial for ensuring the longevity and performance of factory assets. Implementing a maintenance management system (MMS) helps schedule preventive maintenance, track repairs, and manage maintenance costs. Using data analytics to forecast equipment failures, predictive maintenance strategies can further enhance reliability.<\/span><\/p>\n<h4><span style=\"font-weight: 400\">3. Performance monitoring<\/span><\/h4>\n<p><span style=\"font-weight: 400\">Continuous monitoring of asset performance is essential for identifying inefficiencies and areas for improvement. Key performance indicators (KPIs) such as uptime, throughput, and energy consumption provide insights into how well assets are performing against set benchmarks.<\/span><\/p>\n<h4><span style=\"font-weight: 400\">4. Lifecycle management<\/span><\/h4>\n<p><span style=\"font-weight: 400\">Managing the entire lifecycle of an asset\u2014from acquisition to disposal\u2014ensures that resources are utilized effectively. This includes evaluating the total cost of ownership (TCO), making informed decisions about upgrades or replacements, and planning for end-of-life disposal in an environmentally responsible manner.<\/span><\/p>\n<h2><b>Optimize Your Manufacturing Asset Management with HashMicro: The Right Solution for Efficiency and Savings!<\/b><\/h2>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-14797\" src=\"https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/HashMicro-Manufacturing-PH-Dashboard.webp\" alt=\"\" width=\"782\" height=\"479\" srcset=\"https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/HashMicro-Manufacturing-PH-Dashboard.webp 782w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/HashMicro-Manufacturing-PH-Dashboard-300x184.webp 300w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/HashMicro-Manufacturing-PH-Dashboard-768x470.webp 768w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/HashMicro-Manufacturing-PH-Dashboard-686x420.webp 686w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/HashMicro-Manufacturing-PH-Dashboard-150x92.webp 150w, https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/HashMicro-Manufacturing-PH-Dashboard-696x426.webp 696w\" sizes=\"(max-width: 782px) 100vw, 782px\" \/><\/p>\n<p><span style=\"font-weight: 400\">All manufacturing activities that use asset management that has been integrated with other modules will produce more comprehensive data. Not only that, <a href=\"https:\/\/www.hashmicro.com\/ph\/blog\/best-manufacturing-software\/\">manufacturing software<\/a> also increases operational efficiency and productivity by managing production workflows, reducing errors and minimizing costs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/www.hashmicro.com\/ph\/blog\/mes-manufacturing-execution-system\/\">Manufacturing execution systems<\/a> enable real-time monitoring and analysis of production, support strategic decisions, and strengthen the business&#8217;s position in competition. These systems\u2014<a href=\"https:\/\/www.hashmicro.com\/ph\/blog\/manufacturing-accounting-software-philippines\/\">manufacturing accounting software<\/a>\u2014 include resource planning, supply chain management, quality control, preventive maintenance, and production analysis.<\/span><\/p>\n<p><span style=\"font-weight: 400\">There are currently only a few companies providing manufacturing asset management systems in the Philippines. HashMicro provides this system which has been integrated in accordance with existing regulations.<\/span><\/p>\n<p><span style=\"font-weight: 400\">There are many <\/span><a href=\"https:\/\/www.hashmicro.com\/ph\/blog\/benefits-of-manufacturing-software\/\"><span style=\"font-weight: 400\">benefits of manufacturing software<\/span><\/a><span style=\"font-weight: 400\"> that can be obtained through the HashMicro system. The following is an explanation of the function of HashMicro&#8217;s manufacturing software:\u00a0<\/span><\/p>\n<ul>\n<li><b>Real-time data collection with Kiosk mode<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Kiosk mode makes it easier to input data directly from the production floor, speeding up data-based decision making and reducing the risk of manual input errors.<\/span><\/p>\n<ul>\n<li><b>Tracking costs for materials, labor, subcontractors, and overhead<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">With comprehensive cost tracking, companies can monitor production costs in more detail, including raw materials, labor, subcontractor costs, and overhead.\u00a0<\/span><\/p>\n<ul>\n<li><b>Planning and monitoring the production process<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Monitoring the production process helps companies identify problems or delays quickly so they can take corrective action immediately.<\/span><\/p>\n<ul>\n<li><b>Manufacturing process scheduling<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Effective scheduling also helps companies avoid production bottlenecks, so that product delivery to consumers is more timely.<\/span><\/p>\n<ul>\n<li><b>Predict consumer trends and demands<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Companies adjust production capacity to meet market needs, avoid stock shortages, and reduce excess production which risks increasing carrying costs.<\/span><\/p>\n<a href=\"https:\/\/www.hashmicro.com\/ph\/offer\/download-erp-pricing-list?medium=banner-article\" target=\"_blank\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/bir-skema-harga.webp\" data-desktop-src=\"https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/bir-skema-harga.webp\" data-mobile-src=\"https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/mobile-bir-skema-harga.webp\" alt=\"SkemaHarga\" class=\"responsive-image-banner\" width=\"620\" height=\"255\"><\/a>\r\n\r\n<script>\r\n    \/\/ check which image to use based on screensize\r\n    document.addEventListener(\"DOMContentLoaded\", function() {\r\n        function updateImageSource() {\r\n            var images = document.querySelectorAll('.responsive-image-banner');\r\n            var screenWidth = window.innerWidth;\r\n\r\n            images.forEach(function(img) {\r\n                var mobileSrc = img.getAttribute('data-mobile-src');\r\n                var desktopSrc = img.getAttribute('data-desktop-src');\r\n\r\n                if (screenWidth < 576 && mobileSrc) {\r\n                    img.setAttribute('src', mobileSrc);\r\n                } else {\r\n                    img.setAttribute('src', desktopSrc);\r\n                }\r\n            });\r\n        }\r\n\r\n        \/\/ Initial check\r\n        updateImageSource();\r\n\r\n        \/\/ Update on resize\r\n        window.addEventListener('resize', updateImageSource);\r\n    });\r\n<\/script>\n<h2><b>Conclusion<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Effective asset management is crucial for manufacturing businesses striving to optimize operations, reduce costs, and enhance overall productivity. By implementing robust asset management strategies, companies can significantly extend the lifespan of their equipment, minimize unplanned downtime, and uphold high product quality.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In an increasingly competitive landscape, integrating technology and data-driven decision-making into asset management allows manufacturers to anticipate maintenance needs and swiftly adapt to market demands. This proactive approach not only maximizes the return on asset investments but also fosters a more streamlined and cost-efficient operation.<\/span><\/p>\n<p><span style=\"font-weight: 400\">For those looking to elevate their asset management practices, HashMicro offers comprehensive <\/span><a href=\"https:\/\/www.hashmicro.com\/ph\/blog\/manufacturing-erp-philippines\/\"><span style=\"font-weight: 400\">manufacturing ERP<\/span><\/a><span style=\"font-weight: 400\"> solutions tailored to meet your needs. Experience the benefits of optimized asset management by click the free demo down below.\u00a0<\/span><\/p>\n<a href=\"https:\/\/www.hashmicro.com\/ph\/free-product-tour\/?medium=free-product-tour\" target=\"_blank\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/bir-demo-gratis.webp\" data-desktop-src=\"https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/bir-demo-gratis.webp\" data-mobile-src=\"https:\/\/www.hashmicro.com\/ph\/blog\/wp-content\/uploads\/2024\/10\/mobile-bir-demo-gratis.webp\" alt=\"FreeDemo\" class=\"responsive-image-banner\" width=\"620\" height=\"255\"><\/a>\r\n\r\n<script>\r\n    \/\/ check which image to use based on screensize\r\n    document.addEventListener(\"DOMContentLoaded\", function() {\r\n        function updateImageSource() {\r\n            var images = document.querySelectorAll('.responsive-image-banner');\r\n            var screenWidth = window.innerWidth;\r\n\r\n            images.forEach(function(img) {\r\n                var mobileSrc = img.getAttribute('data-mobile-src');\r\n                var desktopSrc = img.getAttribute('data-desktop-src');\r\n\r\n                if (screenWidth < 576 && mobileSrc) {\r\n                    img.setAttribute('src', mobileSrc);\r\n                } else {\r\n                    img.setAttribute('src', desktopSrc);\r\n                }\r\n            });\r\n        }\r\n\r\n        \/\/ Initial check\r\n        updateImageSource();\r\n\r\n        \/\/ Update on resize\r\n        window.addEventListener('resize', updateImageSource);\r\n    });\r\n<\/script>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Asset management in manufacturing is the process of managing all physical assets to ensure they operate at their best throughout their lifecycle. By implementing effective asset management strategies, companies can monitor, maintain, and optimize the use of each asset. The company uses asset management to manage all assets it owns. In general, companies that use [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":18180,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[19],"tags":[],"class_list":{"0":"post-10214","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-manufacturing"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Key Benefits of Asset Management in Manufacturing<\/title>\n<meta name=\"description\" content=\"Asset management is a planning and control process related to procurement, operations, maintenance, renewal and disposal of company assets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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