Understand asset management vs. maintenance management

Although they have some similarities, you need to clearly understand the difference between asset management and maintenance management to apply them in your fleet.

First, you should get to know each area individually, understanding the activities involved, who is responsible for each task and how to set objectives and metrics to keep track of results.

Below, we will clarify these and other questions. Take a look:

• The difference between asset management and maintenance management;
• Why they are important areas in fleet management;
• Can the two types of management be combined?

What is the difference between asset management and maintenance management?

Before exploring the difference between these two types of management, get to know the characteristics of each separately:

Asset management

Asset management controls everything from an asset's acquisition to its disposal, ensuring that its value is maintained during this time and ensuring maximum performance from any asset in question, whether tangible or intellectual.

In other words, its primary objective is to ensure the quality of a company's operations.

According to ISO 55000 and the Brazilian Maintenance and Asset Management Association (ABRAMAN), the definition of “asset management” is:

“[…] the coordinated activity of an organization to produce value from assets, which involves balancing the benefits of costs, risks, opportunities and performance.”

Therefore, carrying out all the necessary controls to ensure data is recorded and enable fleet asset analysis, in order to understand the entire life cycle and the ways useful life can be improved, is a fundamental part of asset management.

Maintenance management

Fleet maintenance management involves controlling services across the different types of maintenance vehicles may undergo. Its main objective is to increase vehicle durability, preventing fleet maintenance costs from exceeding established budget standards.

Some activities in this area include vehicle control and inspection, identifying performance indicators that contribute to fleet objectives, and controlling inventory and inventory counts of parts for maintenance services.

Where is the difference between asset management and maintenance management?

Although they have similarities and even complement each other in fleet management, their differences are:

While asset management focuses on analyzing data to seek the best asset performance, maintenance management improves vehicle structures and gathers the data needed for analysis.

The main idea of fleet maintenance management is to have the lowest possible long-term maintenance costs, while asset management aims to reduce the number of maintenance interventions needed as much as possible.

Why are they important areas of fleet management?

Assets can range from vehicles to the systems used to control the operation, meaning both tangible and intangible items. However, when discussing fleets, the term “assets” is generally used more often to refer to vehicles.

That is why asset management can be confused with maintenance management: both aim to take care of vehicles and keep them performing at their best for as long as possible.

Different benefits of each type of management in your fleet.

Can the two types of management be combined?

It is both possible and advisable. To make it easier, you can think of maintenance management as a part of asset management.

Before acquiring a new asset for the fleet, you need to assess some issues, such as the acquisition cost, its positive and negative impacts on the operation, and the need for and purpose of the acquisition.

You can also consider some additional points, understanding the opportunities and risks that acquiring this new asset may bring to fleet operations.

After answering all the questions and assessing the answers, have you decided to acquire the asset? This is where maintenance management comes in.

At this stage, depending on the type of maintenance being used in the fleet, you need to install the respective technologies or create an inspection schedule to identify necessary preventive services for the acquired vehicle.

Thus, despite the difference between asset management and maintenance management, both take place and complement each other, generating the best possible results for the fleet and company.

Learn more about how to start managing maintenance in your transport fleet. Download the free e-book here (in Portuguese).