For decades, supervisory control and data acquisition (SCADA) has been the industry standard for asset management. But, the sizable investments in digital twin concept offerings on the part of two leading digital industrial companies have generated much discussion about the long-term viability of SCADA. Gartner’s recent forecast that digital twin will be one of the top 10 strategic technology trends for 2017 is one of several reports that point to momentum in this category.
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
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.
LOOP LLC operates the only crude oil deepwater port complex in the United States, consisting of an off-loading facility in the Gulf of Mexico and pipeline, storage and domestic terminaling facilities in southeastern Louisiana. The deepwater port complex is a vital energy hub, with pipeline connections to approximately 50 percent of the nation’s refining capacity. The Clovelly Hub facility can store over 70 million barrels of crude in belowground caverns and aboveground tanks. LOOP’s unique pumping systems can transport crude at rates in excess of 100,000 barrels per hour on multiple, interconnected pipelines.
This article provides insight and a proven blueprint for implementing an effective asset management solution.
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.