Today’s financial market requires businesses to improve productivity and asset performance with less resources and capital. This will come as no surprise to anyone in the business world, and it’s fair to say that this understanding is universal. The problem of implementing it as an asset management strategy is another story altogether.
Many organisations don’t associate the inability to achieve asset management goals with a clear, whole-of-business understanding of asset condition and performance. Asset management connects assets, strategies, people and information to enable a clear view of operations, maintenance, perceived risk, and future condition of physical assets.
It is through leveraging the data in business that the goals of asset management can improve performance, and the value and profits to your business. There are numerous systems where asset data is stored, such as CMMS, EAMS, both of which house and store data to manage daily work, capture costs and cope with schedules and resources. Also, condition monitoring systems store asset condition data in the form of vibration, infrared, lubrication and lube oil analysis. These all contain massive data sets, and when put in the right context, by using algorithms, can generate a wealth of information on critical asset issues and provide asset owners with actionable insight into current asset health and potential future risks.
And this build value within the business.
As noted above, today’s financial climate makes owning a profitable business highly competitive. That means making smart decisions and using the data at your disposal. It is no longer sensible or realistic, and definitely not financially viable, to have a person sitting in front of a screen monitoring the condition of physical assets. Using your data will make use of technology – for example, to provide an alert when the asset’s integrity is breached. Data can also be used to measure, monitor and analyse the asset’s overall health and thereby creating calculated health indictors.
Again, this will build value within the business.
It all comes down to the ability to tap into existing data sources and put them into the right context to define monitoring policies that identify emerging trends and mitigate the risk of failure.
Tell us how you leverage the data in your organisation. Linda would love to hear about the ways you build value from asset management. You could even share your journey by hosting one of our fabulous webinars. Get in touch today via communications@amcouncil.com.au
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