Seven ways to reach efficient asset operations

Companies in the manufacturing and process industries rely on assets ranging from complete production lines to machinery, mobile equipment, applications, and even data and employees. Asset condition, reliability, and availability are vital factors affecting efficiency.

Successful asset operations require a strategic and systematic approach. A breakdown of ways towards efficient operations includes at least the following factors.

The backbone of smooth asset operations is Asset Information Management (AIM). It centralizes all asset-related data, ensuring the availability of accurate and up-to-date information. This facilitates better decision-making and resource allocation. AIM systems optimize maintenance and production schedules to reduce downtime and improve operational efficiency.

Asset Performance Management (APM)systems enable continuous monitoring of asset performance, which helps identify inefficiencies and areas for improvement. This leads to enhanced productivity and reduces operational costs. Invaluable in APM is also how it provides insights into the entire lifecycle of assets, helping to extend their lifespan.

The capability to monitor the asset condition in real time assists in condition-based maintenance and reduces unplanned downtime. However, moving towards data-driven predictive maintenance is very beneficial in maximizing operational efficiency.

Advanced technologies such as data analytics, machine learning, artificial intelligence, and digital twins enable predicting equipment failures before they occur. Maintenance can be performed proactively with minimal downtime. Digital twins synchronized with real-time data can reveal performance issues, help optimize processes, and predict maintenance needs.

Overall, digitalization improves situational awareness, making asset operations more transparent than ever before. If data shows no real need for unnecessary maintenance breaks, it becomes possible to avoid them just because they are on the calendar. Maintenance speed increases when only necessary repairs and component replacements can be made.

The smooth operation of industrial assets depends heavily on the efficiency of the maintenance organization. The skills of asset operators and maintenance personnel play a crucial role, but they also benefit from some modern tools.

Implementing a Computerized Maintenance Management System (CMMS) is important in streamlining maintenance activities. A CMMS can schedule preventive maintenance, track work orders, and manage inventory, thereby improving overall maintenance efficiency.

Enforcing standardized maintenance processes ensures consistency and quality in maintenance tasks. Standardization helps reduce errors and guarantees that all maintenance activities are performed to the same high level.

Standardized processes also help in transferring expertise over generations in the workforce. The more a company invests in training and development programs for maintenance personnel, the more capable they are of diagnosing issues accurately and performing repairs effectively. One useful means to develop the organization is having a systematic root cause analysis process.

In addition, efficient asset operations require various measurement capabilities for prioritizing maintenance work. This requires metrics and/or asset master data.

Overall Equipment Effectiveness (OEE) is a useful metric for benchmarking productivity, identifying losses, and optimizing resource allocation. OEE also supports adapting to fluctuating market cycles while maintaining high-quality production. For maintenance organizations, the First-Time Fix Rate (FTFR) is a key metric. It measures how often a service technician can solve the issue at once without making a second visit to the equipment in question.

Effective spare parts management reduces repair times, quickly addresses equipment failures, and minimizes downtime. Implementing an inventory management system helps track spare part usage, monitor stock levels, and automate reordering processes. This ensures that the necessary parts are available upon need, preventing delays.

While implementing these strategies can significantly improve asset operations, companies can amplify these efforts with an experienced partner. A partner can cover all relevant aspects as umbrella, bringing specialized knowledge, valuable insights, cutting-edge technologies, innovative solutions, and industry best practices to the table. Naturally, a company can have one single partner or build a network of partners managed directly by the maintenance organization.