What are rotating assets?
Be careful, the clue is not in the name! The term “rotating assets” does not signify assets that rotate or spin around. Rotating assets are assets that are swapped in and out of service such as pumps, electronic control boards, engines or robot arms.Work order and move history stay with the asset throughout its lifetime as it is moved throughout the organization. In general, a rotating asset is a unique distinct item with its own unique asset code and serial number and is usually repaired or refurbished rather than replaced. Basically, they are interchangeable and repairable spares. Repairable parts are parts that are deemed worthy of repair, usually by virtue of economic consideration of their repair cost.
Example of a rotating asset
Your organization has a cooling system with four identical pumps. They also keep one spare pump in stores. Each pump has its own unique ID and serial number. When one pump fails, it is removed and replaced with the pump from stores. The damaged pump is then repaired and returned to the storeroom and made available for the next failure. The work order history and location history travel with the pump throughout its lifetime as it is moved from one place to the next.
In Fiix CMMS, stock items are considered consumables and disposed of at the end of their useful life. You cannot track work orders on stock items such as O-rings, seals and gaskets so any rotating assets must be created as an equipment record in your CMMS.
What can you do with rotating assets?