DEFINITION of 'Asset Availability'
Asset availability refers to a tangible asset's availability to be put to its intended use. An asset is considered available when it is ready to use. An asset would be considered unavailable for reasons such as it has been turned off, is already in use, is at capacity, is undergoing maintenance or repairs, is in transport, or because of a network connection error. Asset availability is an important part of business; when assets are available, work processes can operate more efficiently and cost effectively. Keeping assets operational and reducing delays is critical to a business's success.
BREAKING DOWN 'Asset Availability'
Asset availability management helps businesses maintain focus while managing costs. The goad of this management is to maximize the availability and performance of the assets.
Examples of these assets include manufacturing equipment, trucking fleets or aircraft fleets. For most equipment, specific parts - such as aircraft engines - need to be regularly serviced and maintained to avoid disruptive interruptions in availability.