7 Key Performance Metrics To Track In Asset Management

 

You Don’t Win Friends with Salad – But You Do with Smart Asset Management!

If that line sounds familiar, you’re probably a Simpsons fan. The iconic show has entertained audiences for decades—while also oddly predicting future trends, from AI to smartwatches and even Trump’s presidency.

One thing it didn’t predict? The growing importance—and complexity—of Asset Management in business.

Whether it’s cars, laptops, machinery, or buildings, every organization owns assets that must be tracked, maintained, and optimized. Managing them well boosts efficiency, reduces costs, and avoids nasty surprises. Fortunately, you only need to monitor seven key performance metrics to do it right.

Let’s break them down using Homer Simpson’s beloved pink car as an example:

• MTBF (Mean Time Between Failures): Tracks how long an asset runs before breaking down.

• MTTR (Mean Time To Repair): Measures how fast an asset is fixed after a failure.

• OEE (Overall Equipment Effectiveness): Assesses how available, productive, and high-quality an asset’s performance is.

• Cost of Maintenance: Compares expected vs. actual costs to manage your asset health.

• Repair vs. Replacement Cost: Helps decide when it's smarter to replace an asset instead of repairing it.

• Unplanned Maintenance %: Shows how much of your maintenance is reactive rather than scheduled.

• Work Order Resolution Time: Tracks how long it takes to resolve maintenance issues from request to completion.

By regularly tracking these metrics, businesses can prevent breakdowns, plan maintenance efficiently, and extend the life of their assets.

As the saying goes, “You can't manage what you don't measure.” So take control, use the data, and manage smarter—not harder.