Before addressing the way asset management changes in the Internet of Things (IoT) era, it is worth summarizing what has happened since information technology (IT) became one of the main forces influencing the global economy and the competition.
Asset management is the science of making the right decisions and optimizing the delivery of value.
Is asset management (AM) a new buzzword or a “flavor of the month” management initiative? AM is becoming a frequently used term in the industry around the world. It is a term being used more frequently by engineers, designers, facility planners and regulators, as well.
Determining the proper maintenance strategy for a site’s assets can be a daunting undertaking. There’s a fine line between profitability and reliability, and frequently, a facility’s strategy usually favors one or the other. When weighted toward running equipment past its design or capabilities, it can lead to frequent, unplanned interventions and associated costs of labor, material and lost production. When the arc of the pendulum swings too far to over maintaining an asset, the availability can be seriously hindered and impact profitability. It’s important to find that “sweet spot” between these two approaches to ensure there’s an appropriate amount of maintenance that still drives profitability. The question is how to find it.
Leaders. They used to be represented at almost every maintenance reliability conference around the world. They were seen as the best in asset management with a seemingly limitless number of case studies that clearly showed the benefits of root cause analysis (RCA), condition monitoring, reliability-centered maintenance (RCM), planning and scheduling. Their people gave presentations that clearly showed the value of the foundational elements of walking down your assets, developing an accurate equipment hierarchy and performing a thorough criticality analysis.
Chess is a challenging game that tests a player’s ability to think methodically and strategically in order to beat an opponent. It involves specific knowledge and skills, along with a strategy. Engineers could probably say with confidence that all the attributes used to win a chess game are applicable to their work. They are especially prevalent when maintaining equipment. Chess attributes can help you successfully implement effective asset management strategies and help you win the game against your competitors.
When implementing asset management in an organization, it is not always about the tools and the systems available. In today’s world, organizations have recognized that it is essential to use other dimensions to help with the implementation. This article explains these “out of the box” dimensions mentioned in PAS55 Standards for Asset Management and compares these attributes to chess strategies.
Good information is the holy grail of asset management. Everyone is looking for complete, accurate and up-to-date information to make informed business decisions that will improve asset performance, reduce risk and lower costs.
In this quest, many asset-intensive organizations have invested heavily in asset information systems (e.g., EAM/ERP/CMMS) over the last 20 years. Yet, despite considerable expenditure, organizations complain that benefits have been slow to materialize and are difficult to measure. Managers say they still can’t access the information they need.
This article, the third in the series (Feb/March 2016 and Aug/Sept 2016) about developing an Industrial Internet of Things (IIoT) solution, takes a closer look at the second phase: research and development (R&D). R&D starts with the go to development milestone, then continues to the first go live and subsequent releases until the final stop when the decision to finish the development is taken.
Alot of information, time and energy has been devoted recently to emerging and established practices in asset management. This interest, however, actually has a far longer history. Protocols have been undergoing continuous development and evolution for the past 50 years to keep pace with discoveries, expansion and globalization of industries.
There is an overwhelming focus on sustainability these days. Issues related to carbon emissions, global warming, exponentially growing landfills, rampant energy wastages, etc., which seemed conceptual a decade or two ago, are a reality hitting everyone harder than ever before. Most people are yearning to play a role in contributing to the world’s sustainability goals, which is a very good step!
Seldom do railways have the resources to maintain their infrastructure at a level that ensures steady-state performance. Rather, they are faced with prioritizing maintenance actions to optimize safety and reliability under the burden of constrained resources. Given this reality, railway operations are finding the solution to work more efficiently lies in using information technology. By harnessing the vast amount of existing rail corridor data in a prioritized plan and then assigning the work and monitoring the execution and results with software, many railways are doing more with less resources. This strategy is called linear asset decision support (LADS) and it not only results in steady-state asset performance under constrained resources, it also can improve the asset condition and provide a positive return on investment.