This article will walk you through how to use Asset Insights, a powerful tool to help you make informed decisions about your repair or replace scenarios for your assets.
Benefits of using the Asset Insights Tool:
Informed Decision-Making: By providing detailed statistics and insights on asset performance, the tool enables customers to make well-informed decisions about whether to replace or repair assets
Cost Management: By offering insights into the condition and performance of assets, the tool helps customers allocate their maintenance budgets more effectively, prioritize spending, and avoid unnecessary costs associated with emergency repairs or replacements
Visual Data Representation: The tool helps customers view statistics through a visual format. This makes complex data more accessible and easier to interpret, enabling quicker and more intuitive decision-making compared to reading raw data.
Asset Insights Button
The Color of the Asset Insights button next to the asset on Work Orders, Proposals and Asset details is based off of color in the Book Value
The Asset Insights tool is opened as a Half Drawer after User presses the button
The book value percentage is a key metric that helps customers understand their assets by providing insights into the asset’s remaining value relative to its original cost
Formula used:
Book Value % = (Monthly Depreciation x Age Of Asset) / Original Value
Where Monthly Depreciation = Original Value/ Estimated Useful Life (months)
Health or Color of the Visual based on the Book Value %:
0-80% is Green
Suggestion: Customer should continue to repair this Asset
81 - 100% is Orange
Suggestion: Customer should plan replacement on this Asset in the near future
101-150% is Red
Suggestion: Customer should highly consider replacing this Asset because it has exceeded it’s Book Value
Comparing current spending on repairs with the cost of replacing the asset helps determine whether it’s more economical to continue maintaining the existing asset or to invest in a new one
Formula used:
Repair Cost % = [ReplacementCost - (TotalSpentToDate + Repair Cost)] / [Replacement Cost]
Health or Color of the Spend Bar is based on the Repair Cost %:
71-100% is Green
Suggestion: Customer should continue to spend money on repairing this Asset
41-70%
Suggestion: Customer should plan replacement on this Asset in the future
0-40% is Red
Suggestion: Customer should highly consider replacing this Asset, as the repair cost will eventually outweigh the replacement cost in the near future