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Asset Management

  1. Contract Management: Keeping track of agreements you have with other companies or vendors related to assets, services, or other arrangements. This includes knowing when these agreements need to be renewed, what the rules and conditions are, and making sure both sides follow what was agreed upon.
  2. Work Order Management: Creating and managing job requests or task assignments for maintaining, repairing, or working on assets. It involves giving these tasks to the right people or teams, monitoring their progress, and making sure the work gets done on time and correctly.
  3. ITSM/ITAM: ITSM is about managing and supporting IT services within a company, like dealing with technical issues, problems, and ensuring IT services meet the agreed-upon quality standards. ITAM is specifically about managing IT assets like computers, software, and licenses throughout their entire lifespan, from acquisition to disposal.
  4. CMMS (Computerized Maintenance Management System): A computer program or software that helps organizations manage and improve their maintenance activities. It keeps track of assets, creates work orders for maintenance tasks, schedules regular maintenance checks, manages spare parts inventory, and analyzes maintenance data to identify areas for improvement.
  5. Equipment Maintenance: Activities and processes involved in keeping equipment in good working condition. This includes regular inspections, servicing, repairs, and replacing parts when needed, to ensure the equipment runs smoothly and lasts longer without breaking down.
  6. Preventive/Scheduled Maintenance: Regular inspections and servicing of assets or equipment at set intervals or based on usage, to prevent breakdowns and extend their lifespan. It’s about identifying and addressing potential issues before they become bigger problems that can cause equipment failure or downtime.
  7. Corrective Maintenance: Maintenance tasks performed to fix or repair issues that have already occurred with assets or equipment. It involves finding the root cause of the problem, making necessary repairs or replacements, and getting the asset back to working condition after a breakdown or failure.
  8. Asset Tracking: Keeping track of where physical assets are located, their condition, and status throughout their entire lifespan. This may involve using barcodes, RFID tags, or other technologies to monitor assets as they move between locations or undergo maintenance, to ensure assets are accounted for and properly managed.
  9. Asset Lifecycle Management: Managing an asset through its entire life cycle, from when it’s first acquired or put into service until it’s eventually retired or disposed of. This includes stages like purchasing, deploying, maintaining, upgrading, replacing, and eventually retiring the asset, to ensure it is used efficiently and effectively while complying with regulations and guidelines.

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