Asset Health Manager Provides Visibility into Asset Condition
ARC Advisory Group research indicates that avoiding unplanned downtime is the greatest challenge facing manufacturers today. Asset performance management (APM) leverages the power embedded in various operations and maintenance applications to improve asset availability and utilization within the operational constraints of the organization. This approach enables decision-makers to view information in a context that facilitates performance improvement and increases asset reliability. Leveraging the rich information in these solutions can improve the effectiveness of each.
Meridium recently briefed ARC on its Asset Health Manager (AHM) application for defining and managing asset conditions. AHM is designed to provide visibility into asset condition by leveraging existing data sources. Key findings include:
- Business interruption continues to be the greatest risk facing manufacturers in all industries.
- A single asset platform that leverages and maximizes the value of existing data to identify underperforming assets enables asset management by exception.
- The industrial Internet of Things (IoT) will up the stakes exponentially for asset management in terms of number of machines that will require monitoring and the tools needed to manage them.
Improving Uptime Most Critical
Numerous ARC Advisory Group surveys indicate that risk of business interruption is the greatest challenge facing manufacturers in all industries. On average, unscheduled shutdowns and slowdowns cost process plants 6.2 days of production annually and can be catastrophic for the environment and fatal to humans.
ARC believes that manufacturers that employ a strategic approach to maintenance, one that includes a comprehensive asset performance management program are in the best position to respond to this challenge. The ability to accurately assess asset and system health can help to dynamically mitigate the risk of business interruption, reducing operational and maintenance costs in the process.
The reality is that most plants have a wealth of asset health information at their disposal collected from a variety of sources, including inspections, operator rounds, and smart sensors. These data are typically stored in historians and enterprise asset management systems. Unfortunately, in a heterogeneous environment like a plant data frequently become stranded in these disparate systems, leaving manufacturers unable to leverage the potentially valuable data to their best advantage.
Leading practitioners of APM are moving towards an integrated data model supported by a system where all information is aligned with its corresponding asset. Meridium believes its APM Framework provides the infrastructure for a comprehensive APM program. The Framework includes an integration platform for asset performance data, a common set of core analysis tools for decision support, standardized recommendation management, and a risk-based approach to asset criticality. It leverages existing business systems to provide the proper context for evaluating asset risk and performance information for sustainable and continuous improvement.
Define and Manage Asset Conditions for Comprehensive APM
Managing Assets by Exception
Managing assets by exception refers to the practice of identifying and acting only on those assets that deviate from defined operating windows. For process manufacturers, management by exception relies heavily on defining integrity operating windows (IOW), identifying damage mechanisms, and intensive data analysis. According to Meridium, the combination of its Asset Health Manager (AHM) and Policy Manager (PM) applications deliver the structure for physical asset management by exception by leveraging and maximizing the value of existing data to forecast asset and system performance.
According to the company, its Asset Health Manager application leverages existing data sources to define and manage asset conditions for comprehensive APM. The application monitors relevant inspection, process historian, asset history, and alarm data to provide visibility into asset condition in real time. Policy Manager eliminates the need for an exhaustive IT project to develop monitoring strategies by automating the logic monitoring policies and appropriate responses. PM evaluates data from inspection systems, process historians, work histories, and other sources to define and automate monitoring strategies in context with factors like risk and criticality. It enables stakeholders in asset-intensive organizations to create standard monitoring policies to maximize utilization and minimize the risk of business interruption. Applying the process of continuous improvement to the data (collect → analyze → act) allows a managed approach to maintenance.
Industrial IoT Raises the Stakes
“Industrial Internet of Things (IoT)” is the term ARC uses to refer to the emerging practice of connecting intelligent physical entities, such as sensors, devices, machines, assets, and products, to each other, to Internet services, and to industrial applications. It is also referred to as “machine-to-machine (M2M)” communication and any number of other names. Regardless of what it’s called, the concept employs a multi-layer infrastructure to allow information from connected entities to be used anywhere, by any sanctioned party.
ARC research estimates are there are over 3.2 million “big things that spin” (compressors, turbines, pumps, etc.) in plants and big machines around the globe. As IoT evolves, the sheer number of machines that will require monitoring will increase exponentially, elevating the need for asset management by exception to facilitate smarter maintenance. Clearly, the ability to access, analyze, and process asset data is central to the IoT value proposition. Solutions like Meridium APM with the demonstrated ability to assess asset risk, criticality, and consequences of failure will provide organizations with a strategic advantage going forward as we move to the IoT era.
Owner/operator clients have expressed to ARC that they already have enough data; they’re drowning in it. What they lack is ability to analyze and distill all the relevant data down to actionable information for measureable performance improvement. An effective APM infrastructure requires a platform to leverage the power embedded in various operations and maintenance applications to improve asset availability and utilization within the collective operational constraints of the organization. ARC recommends investing in solutions engineered and designed to not only leverage existing data systems, but enhance its business value to the enterprise.
All signed-in ARC Advisory Group clients can view this report in pdf format at this Link
If you would like to buy this report or obtain information about how to become a client, please Request ARC Info
- IBC Advanced Alloys Delivers First UAS Components for Analysis
- Maintain A Healthy Work Environment; Retain Your Assets
- Copperleaf Announces Version 8 of its C55 Asset Investment Planning & Management Software
- Manbat ‘Powers Up’ its Indstrial Division
- Bentley’s Enhanced AssetWise APM V7.2 Features Immersive Environment
- Alignment and Balancing
- Asset Management
- CMMS and EAM
- Competency-Based Learning
- Computerized Maintenance Management System
- Criticality Analysis
- Defect Elimination
- Green Reliability
- Human Capital Management
- Infrared Thermal Imaging
- Key Performance Indicators
- Machinery Lubrication
- Motor Testing
- MRO - Spares Management
- Oil Analysis
- Operational Excellence
- Operator-Driven Reliability
- Planning and Scheduling
- PM Optimization
- Asset Condition Management
- Preventive Maintenance
- Reliability Engineering
- Reliability Engineering for Maintenance
- Reliability Leadership
- Reliability-Centered Maintenance
- Root Cause Analysis
- Ultrasound Testing
- Vibration Analysis
- Work Execution Management
- What Chile Can Teach the World About Innovation
- Transformer Lifecycle and Risk Management
- Top Five Ways Your MRO Reliability Programs Can (And Will) Be Defeated
- Implementing Cultural Change That Will Last
- Green CMMS – the Engine of Sustainability
- The New Generation of Vibration Transmitters
- Predictive Maintenance Using Today’s Technology
- Four Ways a CMMS Can Help an Organization Reduce Its Impact on the Environment
- Asset Management Practices, Investments and Challenges 2014-2019
- New Technologies for Predictive Tools
- The 5S Method of Improvement - Enhancing Safety, Productivity and Culture
- Electric Motor Bearing Greasing Basics (8)
- Benchmarking, Best Practices, Standardization… Development or Envelopment?
- How Do Continuous Improvement Management Philosophies Relate to the Maintenance Function? (2)
- Aerial Infrared – An Asset Management Tool for District Heating System Operators
- Maintenance of Hydraulic Systems (3)
- Asset Management: concepts and practices (8)
- Reliabilityweb.com 100 Top Web Sites
- Improving on the Fishbone Effective Cause-and-Effect Analysis (2)
- Cintas Discovers Keys to Organizational Change Through CMMS Rollout (2)
- R300S for When Good Enough – Isn’t Enough!
- Reliability Engineering Services
- Free eBook: “5 Critical Components in Your RCA Program”
- IR Windows: Compare and Save with Exiscan
- The One-Stop Source for Lubricants & Reliability Solutions
- Allied Reliability Group Inspired Training: Hard-Hitting, Impactful Courses and Workshops
- Join The Association For Maintenance Professionals
- Request Your Des-Case Complimentary Breather Now
- Integrating Your CBM Just Makes Sense
- Become an Aladon Certified RCM2 Facilitator
- Noise and Vibration Measurement & Analysis Solutions
- Spending the right amount on maintenance?
- Transform SAP EAM From An Electronic Rolodex into a Performance Management System
- Motor Testing Books
- Job Postings for Maintenance and Reliability Professionals
- Reliability Centered Maintenance for SAP Plant Maintenance
- MRO Inventory and Purchasing Books
- Total Productive Maintenance Books
- Belt/Sheave Alignment Laser, Custom Shim and Gaskets
- Commtest - Affordable Vibration Analysis
- New AT33IND Perfect for QC & Troubleshooting