Poor performing assets result in lost production, poor product quality, late deliveries, accidents, incidents, and even major catastrophes. We need to balance risk and cost. On average, a capital-intensive manufacturing facility will identify 200 or more failure modes per one million dollars in assets. If we don't know what those failure modes are, or the likelihood of them occurring, then we are turning a blind eye on the risk they pose to your organization.
To start, we need to regularly inspect and monitor tends in the condition of our assets. But how we record inspections and respond to failure modes can have a huge impact on financial results.
To find out more about how Ivara EXP can help you accomplish this, come back next month to read the next Ivara tip on Reliabilityweb.com or visit Ivara's website now at www.ivara.com.