Add Asset Redundancy Information to an Asset Record - Asset Inventory

Add Asset Redundancy Information to an Asset Record - Asset Inventory

Asset redundancy refers to when spare assets are kept on hand specifically to replace each other. This is related to (but more specific than) having spares in the warehouse; redundancies are typically managed per location and won't be used for other areas. Having these redundancies on hand means there is lower risk of significant operational or business impact from the asset failing and can be used to lower the asset's ARI (asset risk index) score.

Keeping track of redundancies helps define a more accurate risk score for assets based on how many spares are available. See the article below to learn how to add asset redundancy information to an asset record.

Add Asset Redundancy Information to an Asset Record

To add asset redundancy information to an asset record:
  1. Navigate to the Asset Inventory module.
  2. Open an asset record.
  3. In the top right, click Action > Additional Asset Info.
  4. A slider will appear. Scroll down to the Asset Redundancy section and enable the "Has Redundancy" toggle.
  5. Fill out the asset redundancy information fields.
    1. Total Assets in Process: Refers to the total number of assets of the same type that are used in the same process (must be larger than your number of redundancies).
    2. No. of Redundancies: Refers to the total number of assets that are considered spares within the identified process.
    3. Redundancy Factor: A calculated decimal field dependent on the above fields. Final ARI values are multiplied by the redundancy factor that leads to a lower Risk score. 
  6. Click Save. The asset redundancy information is now stored and accounted for in the asset's ARI.


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