What is asset reliability software?

What is asset reliability software?

Asset reliability software is a digital program designed to monitor, manage and optimize an organization’s assets for enhanced performance, reliability and longevity. These assets include machinery, buildings, IT systems and other resources that are essential for the smooth running of the organization. 

As your business expands, your range of assets increases, necessitating an effective and reliable way to manage them for maximum optimization. This is where asset reliability software comes in handy.

It monitors your assets to ensure they’re used optimally and proactively predicts their maintenance and renewal schedules thus reducing the risk of unexpected downtime and underutilization. A software asset management tool is a perfect example of asset reliability software.

What are the functions of asset reliability software?

As noted above, asset reliability software performs numerous functions that are mainly designed to optimize the performance of each asset, minimize risks and reduce maintenance costs. Here are the main functions of this program:

Managing the performance of assets

Your asset reliability platform will give you real-time insights into the performance of each asset by analyzing its historical data, utilization patterns and maintenance schedule. 

If you’re using this software as part of your enterprise asset management solution, it’ll help you enhance the operational efficiency of your assets and identify areas that need improvement. Consequently, it’ll boost the productivity and overall success of your business.

Predicting the maintenance of assets

By monitoring the usage and maintenance schedules of your assets, this program can predict potential failures of an asset, allowing you to do the necessary repairs in advance to prevent costly downtimes. The software employs machine learning and data analysis capabilities, as well as historical repair patterns to predict the maintenance of assets. There’s also risk-based maintenance, which prioritizes maintenance and repair services according to the risk involved and the importance of the asset. 

This type of maintenance focuses on critical assets in your company thereby reducing redundant maintenance costs. Identifying potential issues in your systems and rectifying them before they cause a major asset failure keeps your operations running without disruptions.

Monitoring the conditions of assets

Effective asset reliability software should have diagnostic tools and sensors that can track the health of your assets continuously. This helps with the early detection of potentially serious problems so that preventive measures can be taken before a disaster occurs. 

The right asset reliability software should create health scores for your assets using the available data, performance history and potential risk of failure. This provides you with a detailed overview of the condition of your assets, allowing you to prioritize maintenance, repair and replacement of affected assets.

Ensuring regulatory compliance

Most assets, especially in the IT sector, come with terms and conditions that must be adhered to. For instance, you have to ensure that your software and other digital products are only used for their intended purposes and per the terms of the license agreement. 

Furthermore, you have to renew your subscriptions and licenses when they expire to avoid penalties. Alternatively, you can choose software perpetual licenses that don’t require recurrent payments. Your asset reliability software will help you manage all your digital resources and ensure maximum utilization.

Asset analysis and reporting

Your software should continuously analyze the performance, level of utilization and maintenance needs of your assets and generate comprehensive reports that you can use to determine the reliability metrics of each asset. These data-driven insights will improve your decision-making processes and help you manage your assets’ lifecycles to mitigate unforeseen asset failure.

Choose Flexera

These functions of asset reliability software are intended to help organizations keep their assets working and valuable to them for the longest time and optimize their maintenance costs. If you need an asset reliability system that has been tried and tested, Flexera should be your first choice!