John Smith runs an advanced manufacturing engineering jobbing shop with a number of sophisticated CNC machines in operation.
His, like many organizations in asset-intensive industries are constantly challenged to deliver maximum return on assets (ROA) while working with minimal budgets, data integrity challenges and lack of insight into the factors driving asset performance. How can businesses like John’s handle current and future challenges? What do technology trends like Industry 4.0, IIoT, condition and predictive maintenance, wireless monitoring systems and mobility mean for his industry and how can companies derive value from them? These are the big questions businesses need to think through to optimize their asset management and deliver maximum economic return.
Companies can maximize their economic return on assets by leveraging a risk-based maintenance strategy. Here are three steps your business can take to implement the transformational changes needed.
By following these guidelines, companies can increase asset performance, reduce unscheduled downtime, lower costs and improve safety.
1. Bring in the experts
Implementing risk-based maintenance or any other advanced asset management strategy is a complex undertaking. An Asset Performance Management (APM) strategy needs to be considered in regards to its impact on the assets, the plant and the business as a whole. Fracttal can provide operational focus by delivering an in-depth analysis which takes into account the business context to benchmark current performance and identify areas for improvement. APM assessments are a relatively straight forward way to evaluate your current operations and develop your APM strategy. They will also provide insight into expected financial benefits, enabling organizations to build the business case for future investments.
Effective APM assessment services will be able to evaluate an asset management strategy across cost control, resource allocation and asset utilization and HSE (health, safety and environment).
2. Leverage your existing assets
Defining the best way to get the most out of your assets is a key factor in achieving business objectives. Risk-based maintenance solutions allow companies to optimize asset management by focusing on the most critical assets. Fracttal's Integrated Monitoring & Maintenance solution ensures the most important assets receive priority and more rigorous analysis for optimal maintenance.
When asset failures occur, root cause analysis enables users to quickly diagnose the cause. As a result, users can take immediate action to eliminate reoccurring incidents. Maintenance, Repair and Operating Inventory Management (MRO) quantifies the effect of spare parts to optimize stocking quantities and locations. The design of maintenance hub dashboard displays allows for easy interpretation of data and the subsequent link to a CMMS to timeously generate Work Orders. Readily available and extensive performance data can speed up deployment time by up to 90%.
3. Strategize long-term
In today’s market, you will need to be able to anticipate problems to reduce business risk and manage sustainability. A future-focused, risk-based APM strategy allows users to perform detailed analysis and simulations. This enables operators to visualize the effects of deploying different asset management strategies. In-depth risk analysis provides detailed insight into the real factors driving asset reliability and performance, facilitating long-term planning. Being able to visualize and do “what-if” scenarios allow people like John to see the impact of differing asset management approaches enabling the right strategy by asset.