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Asset Strategy Management: The Missing Link in Reliability Programs

While the process of reliability-centered maintenance has not changed much over the past 20 years, technology has certainly changed. You are now able to be more efficient in the way you go about reviewing maintenance tasks and you can improve how you use the increasing data available to you. However, even with new technologies, more data and a strong approach to maintenance strategy development, many asset managers are still leaving millions of dollars of their organization’s money on the table. It’s money that can be easily saved if you know why it’s disappearing and how to save it.

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Internet of Condition Monitoring Community - Special Interest Group Founders Meeting

Companies’ explosive focus on improving financial performance through leveraged (i.e., fixed) asset optimization has become even more fiery with the rapid adoption of the Industrial Internet, which enables multitudes of devices and equipment to be connected. The result of this combination is accelerating levels of asset management innovations and creativity not seen in the industrial asset space from both a products and services perspective.

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Realizing Commercial Value from ISO55001 Aligned Asset Management

This article demonstrates the commercial value for an organization improving its entire enterprise asset management approach in line with the ISO55001 standard. An organization implementing ISO55001 must first come to terms with clear asset management objectives, a planning process that optimizes the investment portfolio which, in turn, is delivered by efficient lifecycle processes, and a persistent and comprehensive continual improvement process that is documented and controlled.

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Minimize Costs Through Machine Learning

Machine learning is an approach of exploring and building algorithms that enable computers to continuously learn and adapt.

With utilities, unknown failures and the maintenance that goes into fixing them can add up at lightning speeds. A recent study conducted by GlobalData Power estimates that expenditures for wind turbine maintenance have been projected to rise from $9.25 billion to $17 billion by 2020.

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The Top 10 Improvements to Pursue in Your MRO Spare Parts Program

Proactive organizations recognize that one of the critical success factors in achieving a best practices reliability program is developing a sound maintenance, repair and operations (MRO) spare parts program. That notion is quickly followed by the realization that there are potentially hundreds of improvement opportunities that typically could be associated with a materials management effort. As such, it becomes overwhelming to determine where to start.

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Back to Basics for True Operational Excellence

Many companies are beginning to search for and implement sophisticated maintenance and reliability (M&R) tools and technologies in hopes of finding the next best thing to help achieve operational excellence (OE). Terms, such as asset performance management (APM), predictive analytics, machine learning, Industrial Internet of Things (IIoT), the Cloud, connected plant, etc., are making their way into everything M&R. As game changing as these concepts can be, adopting advanced technologies without first addressing the basic fundamentals of M&R is like building the world’s finest home on a crumbling foundation.

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From a Different Angle: A Perspective - The Myth of World-Class Maintenance

We’re all guilty of using the term “world-class” when referring to a maintenance department or program. Clearly, world-class is important because there are books (2,951 on Amazon, but not all are about maintenance world-class), papers at conferences and consultants doing extensive assessments all based on world-class maintenance.

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Maintenance Budget and Variance Practices Redesigned

Do you ever sense that your plant’s budget and variance practices may actually hurt the business? Here is what your gut is telling you and what to do about it.

Maintenance job plans are two-dimensional and activity-based. The foundation dimension, the determined tasks to each job plan, is activity. The other dimension, also determined by analyses, is the resources and their unit costs to be engaged or consumed by each activity.

The alternative to activity-based, two-dimensional job plans is unacceptable to maintenance professionals. Maintenance professionals would never accept the practice of one line job plans for which the total cost of labor, parts and materials, services, etc., are set by rule of thumb or by what management arbitrarily allows. It would be chaos.

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From a Different Angle: A Perspective Over-Optimization

Overzealous optimization is everywhere. By using mathematics and analytics, you can over-optimize the delivery of a product or service to the nth degree. This is not always a good thing because it may not always serve the customer. In fact, it just might ruin the customer’s day!