Asset hierarchy

What is an asset hierarchy?

An asset hierarchy is an important part of asset management. It helps you organize your assets and keep them working properly. To create an asset hierarchy, you need to understand the different levels at which you can classify items. You can use these classifications as a guide for organizing your inventory data and creating reports about your assets.

Why is an asset hierarchy important to use?

An asset hierarchy is essential for maintenance teams to use because it’s a way of organizing your assets so that you can identify and prioritize maintenance tasks, replacement parts, preventive maintenance, corrective maintenance, and other steps needed to keep an asset in good working condition. An effective asset hierarchy also helps you determine what needs to be done first when multiple repairs or replacements are required simultaneously.

Who uses an asset hierarchy?

Many different industries and personnel use asset hierarchies. If you're hoping to improve how your business operates, consider implementing an asset management solution that allows you to track every asset in real-time with hierarchies. Asset hierarchies are often used by: Facility managers, operations managers, and technicians, to name a few.

What are some tips for creating an asset hierarchy?

• Use a team of people to create the hierarchy. This can be a great way to get buy-in from your organization. A team can represent different areas of the company, including management and operations.
• Use a CMMS to create and organize your asset hierarchy. CMMSs’ are easy to learn and some are even free to use. This makes them an excellent choice if you don't have much experience creating hierarchies.
• Use an online asset management system when creating an asset hierarchy. Online tools might require some time to learn how they work, but they're powerful once you've mastered them.
• Use a free asset hierarchy template that you can populate with your team.