What is Manufacturing Asset Management Software?
Manufacturing asset management software is a digital solution designed to oversee, optimize, and maintain physical assets within manufacturing facilities. It is usually integrated with other systems (e.g., ERP, CMMS, and IoT devices) to streamline monitoring, health checks, and maintenance, ensuring asset reliability throughout the production line.
Importance
Managing manufacturing assets is a complex task, not only because there are numerous details to consider (e.g., specifications, components, lifespan, etc.). It also usually involves multiple personnel, including production managers, reliability engineers, maintenance crew, and accounting (procurement) staff, making tasks more complex. Asset management software for manufacturing can help in so many ways:
Improves Equipment Reliability – Unexpected malfunctions and breakdowns cause downtimes that could negatively affect production timelines and delay delivery schedules. With predictive maintenance capabilities, managers can proactively identify issues before they escalate.
Optimizes Maintenance Scheduling – Reactive maintenance is not just inefficient, it could lead to worse damage that requires expensive repairs, overhauls, or replacements. Industrial manufacturing asset management software automates scheduling tasks, reducing the likelihood of sudden equipment failures.
Enhances Asset Utilization – With real-time monitoring tools, companies can maximize the efficiency and longevity of their machinery, vehicles, electronics, and digital systems. Aside from preventing underutilization, 24/7 tracking secures assets, minimizing the possibility of theft and damage.
Guarantees Compliance to Safety and Quality Standards – Malfunctioning equipment may cause grave safety incidents and quality issues, particularly in high-risk settings, such as pharmaceutical and biotech facilities. For example, chemical manufacturing asset management software, with a full suite of monitoring and emergency response tools, ensures compliance with regulations.
Reduces Operational Costs – Unplanned downtimes, substandard outputs, and physical injuries may all result from faulty equipment. And all those can rack up expenses that could negatively impact profitability and the company’s reputation. Efficient asset management can prevent maintenance-related issues from emerging and save the company precious funds in the process.
Key Features
Comprehensive enterprise resource planning software for manufacturing and enterprise-grade solutions sometimes include asset management modules. For companies that cannot procure a full suite due to budget constraints, stand-alone solutions will still work as long as it has the following:
Digital Checklists for Asset-Related Workflows
Manufacturing Asset Repository
Document Management
Asset Tracking and Monitoring
Preventive Maintenance Scheduling
Calibration Management
Inventory Management
Custom Reporting and Analytics
Integration (e.g., with ERP, CMMS, IoT Devices, etc.)
Mobile Accessibility with Offline Capabilities
How to Choose the Right Manufacturing Asset Management Software
The software solutions included in the list optimize maintenance, track assets, provide insights, and ensure compliance, enabling companies to reduce downtime, cut costs, and maximize productivity. Before selecting one, take another look at all your options in the chart provided:
Manufacturing Asset Management Software | Free Version | Paid Plan | Mobile App |
Mitti (by SafetyCulture) | Yes | $24/user/month* | Yes |
ToolSense | No | Custom quote | Yes |
TMA Systems | No | Contact for pricing | Yes |
Limble | Yes | $28/user/month* | Yes |
Mpulse | No | $49/user/month | Yes |
AkitaBox | No | Contact for pricing | Yes |
Fracttal | Yes | Contact for pricing | Yes |
Eptura Asset | No | Contact for pricing | Yes |
Asset Infinity | No | $130/month (up to 500 assets) | Yes |
* billed annually
