Asset Management for Dummies: A Beginner's Guide to Asset Management in Dynamics 365 SCM
Asset management means taking care of a company's assets. This helps to increase their value and efficiency. This process is very important for how a business runs. Using Dynamics 365 SCM can help you manage assets better. It makes it easier to track and take care of your resources. Beginners need to understand this system. Learning asset management can improve how well you operate. It can also help you make better decisions.
Key Takeaways
Asset management in Dynamics 365 SCM helps businesses keep track of their physical assets. This makes things work better and helps with decision-making.
To set up asset tracking, you need to define asset types. You also need to check their conditions and create maintenance schedules. This ensures assets are managed well.
Connecting asset management with other business processes, like buying and finance, improves overall operations. It also helps to lower costs.
Using work orders well makes maintenance tasks easier. This leads to less downtime and better asset reliability.
Following best practices, like monitoring in real-time and doing maintenance early, can greatly improve asset performance. It can also save money.
What is Asset Management?
Defining Asset Management in Dynamics 365 SCM
Asset management in Dynamics 365 SCM is a way to control and improve your assets. This includes everything from when you buy them to when you get rid of them. When you manage your assets well, they work better and help your business succeed.
Here are some main parts of asset management in Dynamics 365 SCM:
Importance of Asset Management for Businesses
Knowing why asset management is important can really help your business. Here are some key reasons to focus on it:
Cost Savings: Planning ahead helps you avoid spending too much on old assets. Smart resource use can make assets last longer or help you replace them on time, which cuts down on emergency costs.
Risk Reduction: Keeping a clear record helps you follow rules and avoid fines. The Asset Management module in Dynamics 365 SCM keeps detailed maintenance logs and tracks asset history.
Regulatory Compliance: Ownership records in the system are important for reports and audits. This helps your business meet all the necessary rules.
Integration with Other Processes: Asset management works well with other business tasks like buying and finance. For example:
By learning asset management in Dynamics 365 SCM, you can make operations smoother, work better, and help your business succeed.
Asset Tracking and Monitoring
Setting Up Asset Tracking
To set up asset tracking in Dynamics 365 SCM, follow these important steps:
Define and create asset types: First, find out the different kinds of assets your business has. This helps you organize and sort them well.
Review condition assessments: Use condition assessments to take care of your equipment. This helps you keep track of how they are doing and what they need.
Utilize asset counters: Use asset counters to help with tracking and using maintenance plans. This feature lets you watch usage and plan maintenance easily.
Review asset lifecycle states: Learn about the different lifecycle states of your assets and set their statuses. This knowledge helps you manage assets during their life.
Set up service levels: Create service levels for your assets to make sure they get the right care and attention.
Create maintenance workers and groups: Assign maintenance workers and form groups to make the maintenance process easier.
By following these steps, you can set up asset tracking well and improve your asset management skills.
Best Practices for Monitoring
Watching your assets in real-time is very important for good asset management. Here are some best practices to think about:
Integrate diverse data sources: Combine different data sources with Dynamics 365 SCM for a complete view. This integration lets you see all important information in one spot.
Utilize IoT devices: Use Internet of Things (IoT) devices to boost real-time monitoring of assets. These devices give useful data on how assets are performing and their conditions.
Implement the Inventory Visibility module: Use this module for accurate inventory management across channels. It helps you keep track of your assets and their availability.
Keeping an eye on assets offers many benefits:
By using these best practices, you can enhance your asset lifecycle management and make sure your assets work at their best.
Maintenance Strategies in Asset Management
Creating Maintenance Schedules
Making good maintenance schedules is very important for keeping your assets working well. Follow these steps to set up a maintenance plan in Dynamics 365 SCM:
Navigate to Asset Management: Log into the system and go to the Asset Management module.
Create a Maintenance Plan: Under Setup, expand Preventive maintenance and select Maintenance plans to create a new plan.
Define the Maintenance Plan: Specify the name, plan date, frequency, and asset for the maintenance plan.
Assign Maintenance Tasks: Define specific tasks for the maintenance plan and link them to the relevant asset.
Set Work Orders: Specify the types of work orders that will be automatically created based on the schedule.
Finalize and Activate: Review settings and activate the maintenance plan to start generating work orders automatically.
By following these steps, you can make sure your assets get the maintenance they need on time.
Tip: Set realistic maintenance intervals by looking at past data. This helps you avoid unnecessary tasks. Focus on critical assets to reduce the impact of failures. Always test your maintenance plan before going live to ensure everything works smoothly.
Automated maintenance schedules can greatly lower asset downtime and boost reliability. For example, organizations that use these schedules see a 94% drop in scheduling delays and an 81% rise in technician use. They can save up to $3.2 million each year in downtime costs, getting full ROI in just seven months.
Using Work Orders Effectively
Work orders are key for managing maintenance tasks well. Here are some important features of work order management in Dynamics 365 SCM that improve maintenance efficiency:
To make the most of work orders, think about these strategies:
Use system-directed work sequencing to make operations smoother.
Use mobile device tasks to improve accuracy and cut down on manual errors.
Implement pre-set logic for work order execution to improve workflow and lower maintenance costs.
Organizations using Dynamics 365 have seen an 85% drop in unplanned downtime. This leads to faster spare parts delivery and better asset use. Overall, manufacturers save time equal to 23 full-time employees each year.
By managing work orders well, you can improve your asset management processes and keep your assets reliable and efficient.
Challenges in Asset Management
Common Issues Faced
Managing assets in Dynamics 365 SCM has some challenges. Here are some common problems you might see:
These challenges can slow down your asset management and hurt overall business performance.
Solutions for Success
To fix these challenges, you can use several helpful strategies:
Also, think about these tips to make your asset management better:
Utilize Inventory Management Features: Dynamics 365 helps adjust stock levels, lowering carrying costs and improving order accuracy.
Focus on Warehouse Efficiency Improvements: Find key areas to improve and use technology to increase productivity in warehouse work.
Leverage Work Split Functionality: This feature lets you break big work orders into smaller tasks, making workflow and efficiency better.
By tackling these challenges with smart strategies, you can enhance your asset management and make sure your assets help your business succeed.
Good asset management in Dynamics 365 SCM is very important for improving how a business works. You learned how to track, watch, and take care of assets well. By using the strategies we talked about, you can make your asset lifecycle better and save money. To learn more, check out these helpful resources:
Stay updated on future trends like the Acquire to Dispose data model and new insights for demand planning. This will help keep your asset management practices up to date.
FAQ
What is the main purpose of asset management in Dynamics 365 SCM?
Asset management in Dynamics 365 SCM helps you keep track of your physical assets. It helps you take care of them and use them better. This way, you save money and make your business work better.
How can I set up asset tracking in Dynamics 365 SCM?
To set up asset tracking, first, define the types of assets you have. Then, check their conditions and use asset counters. Finally, create maintenance schedules. This process helps you watch over and manage your assets well.
What are work orders in asset management?
Work orders are requests for maintenance tasks. They say what needs to be fixed and what resources are needed. Using work orders makes maintenance easier and helps keep your assets reliable.
How does asset management reduce costs?
Good asset management cuts down on extra spending. It does this by using resources wisely and planning maintenance on time. This helps your assets last longer and lowers emergency repair costs.
Can I integrate asset management with other business processes?
Yes, Dynamics 365 SCM lets you connect asset management with buying, finance, and inventory management. This connection makes everything work better and gives you a complete view of your operations.