The 21th century’s industries are focusing more than ever on industry 4.0 and Asset Management. This systematic cost-effective process of developing, operating, maintaining, upgrading, and disposing of assets won’t stop seducing industries all around the world.
Many organizations struggle to maintain high-performing equipment asset management programs, costing them millions of dollars in production losses and unnecessary maintenance expenditures. Let’s enumerate 6 key factors for a successful industry asset management.
1. Estimate costs and convince to invest in Asset Management
By capturing your efforts to improve organizational performance as a dollar value, you will be able to easily convey the value of employing condition monitoring technologies and technicians in your equipment asset management plan to all stakeholders.
Financially justify the investment for the asset management program in order to be granted approval for it. Track the results of the condition monitoring or equipment asset management program in an easily understandable manner and present them to your stakeholders in order to ensure the ongoing investment in the program.
2. Identify and address bad actors
Once the variables to track have been determined, you need to clearly identify on an ongoing basis your organization’s “worsts.” Which asset isn’t meeting its performance standards? Which asset is displaying the most severe issue? Which asset issues are ongoing? From which manufacturer do the most asset performance issues frequently arise? Which operator might benefit the most from revisiting training material? Identifying and monetizing “bad actors” will give you an actionable list of problems to solve.
3. Capture quick-wins
In order to transition to a more reliability-centered maintenance paradigm, the culture change within an organization must be managed. Quick wins provide an opportunity for reinforcement of the value provided by the equipment asset management program, as well as evidence to aid in the transition of late adopters and skeptics.
4. Keep an historical record of projects
For any maintenance initiative that affects more than one asset or that will be complex to apply to a single asset, tracking the actions taken during the project, the performance of responding metrics and monetizing the results will be very important. You are not only able to show confirmation of the expected value of the project, but you are also able to retain this history for reference in future endeavors.
Track who does what, when, why or why not in order to systematically improve based on the results attained by that group and sequence of actions.
5. Identify sources of waste
One of the most valuable keys in proper asset management is identifying and eliminating sources of waste. Identify where defects or errors are being introduced into your equipment asset management program. Fewer errors in an asset management program will build confidence in the program.
6. Establish a corporate culture of improvement
The most intangible of the six keys is also the most difficult to measure and greatest determinant of long-term success for your asset management program. Track and share metrics that correlate with buy-in of asset management culture.
Asset Management at I-care
The I-care ambition is to set up a new standard of excellence in Predictive Maintenance and Reliability. To do so, I-care choose to focus on asset management in its process. We will be pleased to accompany you in your Asset Management Optimization. Contact us at firstname.lastname@example.org.