| On
March 5, 2018

How can asset management help organizations?

Organizations that want to better understand the health of important assets, maximize asset life and increase overall efficiency should look into an asset management program. When considering options to optimize operations, technology is here to help.

Leveraging the connectivity of an integrated system of tools — such as infrared tools , vibration sensors and a computerized maintenance management system (CMMS) — can help operations achieve MRO excellence. Integration provides a central storage location for the majority of data, information about your assets and real-time measurements to update managers on equipment operation.

Organizations should establish action-based maintenance in order to extend the life of assets. This will also reduce maintenance costs and improve operational efficiency. Extend the life of assets by:

  • Deploy equipment hierarchy and history tracking
  • Relate parts and Bills of Materials to assets
  • Define and understand importance of Asset Criticality (PM intervals, priorities, etc.)
  • Deploy visibility to all work history and charges related to assets
  • Connect and expand usage of existing equipment and infrastructure

Operations that establish action-based maintenance procedures with an asset management system can more easily predict issues within equipment and improve reliability by analyzing data. Asset management tools help organizations establish action-based maintenance by:

  • Automating and digitizing data input
  • Predicting issues with reliability by analyzing trend lines and fault history
  • Identifying where to take preventive actions by viewing asset status over time
  • Documenting and inspecting specifics to predict or detect defects and symptoms of fault development
  • Scheduling maintenance as needed based on analysis of asset condition data
  • Reducing downtime by control of relevant failures (a failure that can occur or recur during the operational life of an asset)
  • Driving Reliability Deficiency Analysis (an evaluation of asset performance to determine the optimum improvement course for reliability improvement).

While it may not seem like a way to reduce costs, wirelessly connecting assets to a management system is a proven way to reduce costs. Workers in operations where data is automatically gathered from assets aren’t wandering operations taking measurements and can be working on active orders. Reduce maintenance costs and increase customer satisfaction by:

  • Reducing worker overtime hours
  • Lowering percentage of waste spoilage (defect elimination)
  • Reducing equipment downtime
  • Increasing planned vs. reactive maintenance (unplanned)
  • Reducing spare parts inventory
  • Track warranty information
  • Generating automated alerts when customer requests are approved, rejected and completed
  • Routing requests to designated individuals for approval
  • Scheduling customized emails and surveys to be sent to customers

Focusing on asset management can improve asset life cycles and action-based maintenance, along with decreasing maintenance costs. Regardless of the industry, integrating systems of wireless tools or sensors and a CMMS will help organizations establish or strengthen asset management processes for any size of business.