Asset Management is a module within the Ostara CAFM System that allows you to optimise the whole life costs of an asset base, in conjunction with your processes for the installation, commissioning, operation, maintenance and disposal of assets.
Here at Ostara Systems Limited, our Asset Management Software (AMS) module ensures the lowest whole life cost outcomes for the business, reduces downtime and is vital for decisions regarding Capital budgeting and expenditure.
What is Asset Management Software?
Assets are an integral part of the facilities management process. For efficient management of your business assets, it requires a strong and accessible database, otherwise known as asset management software. This software ensures that asset information is captured to the fullest extent.
That’s why this module in the Ostara CAFM System captures a wealth of information about individual assets, with the flexibility to provide further detail if it is at a business’s disposal.
It requires the understanding and management of risk at all stages in the asset lifecycle:
- Asset history (reliability and financial)
- Upload supporting images & documentation
- Warranty control
- FGAS legislation (where applicable in your country)
- Asset hierarchy
- Meter readings
- Document upload
Capturing asset information in the Ostara System
Asset details can be captured in a number of different ways within the Ostara System, from bulk imported Excel spreadsheets to individual manual additions. When assets are uploaded into the Ostara System, our clients can tag them for easy identification and ensure better asset tracking. This module helps aid the facilities management process and supply chain during PPM visits.
Supporting the maintenance of an asset throughout its lifecycle
Creation of an Asset
The life expectancy and depreciation of an asset can be entered into the system, alongside warranty information (e.g. length of the warranty, what is and isn’t covered and who the provider is) together with asset condition. Through inputting warranty information into the system, it auto allocates faults accordingly. Asset activity and spend history is available in reporting, alongside any documentation loaded against each asset.
Asset Tracking History
The Ostara System is comprehensive and has the ability to track the history of an asset.
- Track literal asset movement on site
- Previous locations and operational status
- Monitor downtime cost
- Asset activity and spend history
When asset condition is input into the Ostara system, it can be used as a measure to assess when to replace an asset. These features within our asset management module allow businesses’ to develop a full asset management strategy with real-time data.
Identifying an Asset in the System
In the Ostara asset management system, the asset does not need to be identified by a number, the identifier can be anything you decide – they could even be the serial number from a piece of equipment.
What are the 3 Main Types of Asset Management?
- These are individually identifiable items which would be tagged. This provides full access to details of the asset such as its history, location and any other specifics such as warranty
Non-Tagged Assets (Infrastructure Assets)
- These are individually identifiable items which would not be individually tagged, but which have warranty associated. Example: Car Park, Roof
- This also allows for a history of reliability of repairs to be tracked
Subordinate Part (Parent-Child Association)
- These are sub-parts of a tagged asset. They will only be listed if they are under warranty and exceed a material value. Example: Compressor, Motor
Overview: The Asset Lifecycle in the Ostara System
Warranty details, including the type of warranty, length of warranty and who the warranty is held with, are logged against the asset.
Against each type of asset, there is the ability to upload documents. These could be things such as user manuals, parts lists, certificates etc. They are all held in one place against the asset and can be accessed as and when required.
Asset History (Reliability and Financial)
An asset’s history records 3 types of historical data:
- Location History – provides an audit trail of any changes in location made to the asset
- Associated WO History – provides an audit trail of all work orders raised which include this asset.
- Status change History – provides an audit trail of any changes in status which the asset has had.
FGAS Legislation – Asset Hierarchy
In accordance with FGAS legislation, there is the ability against each asset to record details of FGAS loss and addition, and also to report on this for any given period.
Meters are also treated as assets, therefore, enabling the operational tracking of consumption.
Ostara Systems Limited provides expert CAFM software solutions to customers throughout the UK and in Europe and America. Interested in our Asset Management Software solution? Call us on +44 (0)844 880 2582, alternatively, you can fill out our online contact form and we’ll be in touch.