Optimize Your Lab Operations with Effective Asset Management

                                             BEST PRACTICES IN 

LAB ASSET MANAGEMENT 

            How to Optimize Your Lab Assets 

    BENEFITS OF ASSET  

    OPTIMIZATION 

    Optimizing assets reduces overall costs and enhances  

    productivity. It ensures assets are available, reliable,  

    and can be used to meet business goals. It also enables  

    lab managers to justify the lifecycle costs of assets. The  

    following checklist can be used to ensure your lab is  

    adhering to best practices for lab asset management. 

    ESSENTIAL DATA FOR ASSET                                               LIFECYCLE MANAGEMENT 

    OPTIMIZATION                                                           Lifecycle management ensures assets are maintained,  

    Gathering and analyzing relevant data informs deci-                    used, and replaced in a manner that maximizes their  

    sion-making. The following essential information can                  value. The following best practices can extend the  

    be used to understand your assets’ performance and                     longevity and efficiency of assets:  

    plan accordingly:                                                        Conducting regular audits to maintain  

      Repair history                                                          accurate asset inventory 

      Maintenance schedules                                                 Evaluating the total cost of ownership  

      Calibration requirements                                                (including acquisition, operation,  

      Utilization history                                                     maintenance, and disposal) 

      Operating costs                                                       Using data analytics for predictive   

      Space requirements                                                      maintenance based on usage patterns  

      Asset lifespan                                                          and performance indicators 

      Capital replacements                                                  Engaging in lifecycle   

      Disposal options                                                        planning for asset   

      Performance metrics                                                     replacement 

    MANAGING DATA FOR ASSET                                                CALIBRATION 

    OPTIMIZATION                                                           Proper calibration ensures the accuracy and reliability  

    Implementing robust systems and processes for manag-                   of lab instruments. The following practices can opti- 

                                                                           mize calibration efforts: 

    ing asset data can significantly enhance asset over- 

    sight. These include:                                                    Establishing regular calibration schedules 

      Implementing a centralized data                                       Maintaining records of   

        management system                                                      calibration certificates 

      Ensuring assets are logged                                            Implementing a system   

        with usage data                                                        for cross-verifying   

      Using software tools for                                                calibration results 

        real-time monitoring 

                                                                           EVALUATING RETURN ON  

    ESTABLISHING                                                           INVESTMENT (ROI) 

    PERFORMANCE METRICS                                                    Evaluating ROI is helpful for justifying expenditures and  

                                                                           planning for future investments. The following can be  

    Clear performance metrics are essential for tracking                   used to support asset management decision-making: 

    the effectiveness of asset management efforts. Labs can  

    establish these metrics in the following ways:                           Cost-benefit analyses (comparing  

      Identifying and prioritizing meaningful                                 the benefits of asset optimization vs  

        operational data across workflows                                      operational costs) 

      Standardizing lab processes to align                                  Using efficiency metrics such as  

        with optimization tools                                                throughput and productivity 

      Establishing key performance                                          Gathering feedback from lab   

        indicators (KPIs)                                                      personnel on asset reliability   

      Regularly assessing KPIs                                                and performance 

        to identify areas for                                                Benchmarking asset   

        improvement                                                            performance against   

                                                                               industry standards