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Asset Management Tips (1)

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Table of contents Customized Asset Models for Live Decision Making Top 3 Asset Management Tips For Improved Performance and Efficiency Partner With Asset Management Professionals Invest In Asset Analytics Understanding Your Asset Risks How Reliability Modelling Can Help You Improve the Value of Your Asset What Is Reliability Modelling? The Value of Reliability Modelling – PowerPoint PPT presentation

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Title: Asset Management Tips (1)


1
Asset Management Tips
2
Table of contents
  • Why Every Asset Intensive Organization Needs
    Customized Asset Models for Live Decision Making
  • Top 3 Asset Management Tips For Improved
    Performance and Efficiency
  • Partner With Asset Management Professionals
  • Invest In Asset Analytics
  • Understanding Your Asset Risks
  • How Reliability Modelling Can Help You Improve
    the Value of Your Asset
  • What Is Reliability Modelling?
  • The Value of Reliability Modelling

3
Why Every Asset Intensive Organization Needs
Customized Asset Models for Live Decision Making
  • Asset intensive organizations tend to face a wide
    range of management and operational challenges,
    one of which entails creating risk management
    models that reinforce the goals and objectives of
    the organization. The situation is even more
    challenging when an organization is focused on
    short-term operational performance.

4
  • One of the best strategies for overcoming such
    hurdles is working with customized asset
    management models. So, how can asset models help
    or reinforce the decision-making process?
  • 1. Best asset management practices require
    technology, processes, and people in an
    organization to be organized or work around a
    common goal or objective. In other words,
    everything needs to be joined together. This is
    where asset modelling comes init provides the
    clarity and focus thats required to meet the
    dynamic demands of customers and other external
    regulators. Asset models provide the framework
    that you can follow to make timely maintenance
    and investment decisions about an organizations
    assets.

5
  • 2. Before implementing any asset management
    technology solution, it is critical to understand
    how the solution works and how it can benefit
    your organizations asset maintenance operations.
    This will help you with fast system selection and
    functionality prioritization. Asset modelling can
    help you understand the entire process of asset
    managementfrom asset data, condition monitoring,
    and strategy for maintenance, interventions and
    operations. It can also help you figure out the
    true operating costs, sound operational
    strategies, and how to improve the transparency
    of an organizations asset base.

6
  • 3. A key benefit of implementing asset management
    software or technology is the visibility of data.
    However, for such data to be useful, the
    organization must set up a clear approach of
    verification and management. Asset modelling can
    come in handy in such a situation as it can help
    you measure and estimate performance expectations
    in greater detail, allowing you to make the
    necessary adjustments to achieve the desired
    results.

7
  • 4. Finally, asset model provides a
    forward-looking planning framework, which
    incorporates risk-based decisions to help you
    deliver an organizations objectives effectively
    and efficiently. This allows you to figure out
    the operational interventions to proactively
    manage asset performance to the required
    standards. An asset model may also foster
    continuous improvement that will allow you to
    benchmark and review your asset management
    systems to not only maintain but also raise the
    performance of your organization, particularly
    when it comes to delivering its goals. In other
    words, your organization can benefit from asset
    modelling far beyond maintenance planning.

8
  • Every asset should be managed and maintained
    efficiently to ensure that it continues to
    function with the goals and objectives of the
    stakeholders. Doing this blindly without any kind
    of professional help or a model to follow is not
    recommended as it comes with a lot of challenges.
    However, there is a solution that has been proven
    to work for many organizationsasset models.
    Asset modelling provides a structured approach to
    implementing a sound asset management solution.
    This ensures that managers of asset intensive
    organizations are certain of the asset management
    moves that they make.

9
Top 3 Asset Management Tips For Improved
Performance and Efficiency
  • Some organizations simply dont know their
    current asset conditions, risks or how to
    maximise the value they provide. To address such
    a scenario, it is easy to lose valuable time and
    money. Even though there are a lot of challenges
    that you are likely to face when it comes to
    understanding, managing, and making decisions
    around your assets, it is possible to simplify
    the process. Without further ado, here are the
    most important asset management tips that you can
    leverage for improved performance and efficiency.

10
Partner With Asset Management Professionals
  • There are a lot of things that you need to do for
    your organization to run smoothly. It can be hard
    to control every aspect of asset management,
    especially the optimisation of your assets.
    Accordingly, it is advisable to partner with a
    company that you can rely on to help you manage
    this process. If you have a small budget, you can
    partner with start-ups or asset management firms
    that are affordable. However, if you have the
    budget or have a large company, then you can team
    up with a high-end firm that can give you a much
    broader response as far as the management of your
    assets is concerned

11
Invest In Asset Analytics
  • Without analysing your assets, your organization
    is likely to be suboptimal. For instance, you
    could end up paying for excess maintenance costs,
    operate your assets in a suboptimal way, or even
    select equipment that isnt fit for purpose. You
    could also end up paying for mismanaged assets
    over the long term. Invest in asset analytics
    will help you keep track of your assets
    performance and strategy recommendations
    seamlessly

12
  • Better Operational Decisions How loaded? What
    duty? What rate? The operational questions can
    have a significant impact on asset life as well
    as profit generation. Analytics can assist with
    these decisions. .
  • Better Maintenance Decisions Asset analytics
    provides real-time maintenance recommendations
    for maintenance and intervention or replacement
    strategies.
  • Detailed Insights on Asset Performance Tracking
    your assets performance allows you to save money,
    reduce operational downtime, and control risk.
  • Updated Total Cost of Ownership for Your Assets
    Assets analytics help you understand the value of
    your assets, which further allows you to better
    manage costs and resources needed to support the
    assets. Knowing the cost of ownership can also
    help you conduct advanced capital budgeting
    analysis.

13
Understanding Your Asset Risks
  • You need to know your asset risks. You should
    know where your risk lies so that you can manage
    it effectively. For instance, you should find out
    whether changes to asset condition are increasing
    your risk exposure. Continuous asset risk
    tracking is critical to help you identify the
    best course of action to take at any given
    moment.

14
  • Bottom-line
  • There are many benefits of implementing better
    asset management strategies to boost your
    performance and efficiency. Whether it is
    partnering with the right firms, investing in
    asset analytics, or tracking your risks, you need
    to have effective systems in place to take your
    asset management efforts to another level. It can
    also go a long way in helping you lower the total
    costs of operating and maintaining your assets.

15
How Reliability Modelling Can Help You Improve
the Value of Your Asset
  • Many businesses face a lot of challenges when it
    comes to asset reliability. Whether a given asset
    will be available when it is needed to meet the
    operational needs of an organization may be
    anyones guess. This may result in a lot of
    monetary costs and can jeopardize the
    productivity and value of an organization.
  •  

16
  • When you dig deeper to find the possible causes
    of unreliability, some of the most common factors
    that you are likely to find are poorly designed
    management programs, poor maintenance schedules,
    and lack of planning among many other factors.
    Add that to the limited collaboration with other
    stakeholders like the asset management teams,
    which may sometimes fail to implement the right
    asset reliability practices.
  •  
  • So, how can reliability modelling save the
    situation? Well, before we dig deeper, lets
    first understand what the term means in the first
    place.

17
What Is Reliability Modelling?
  • Reliability modelling focuses on risk estimation
    as well as calculation or assessment of failure
    probabilities over an assets lifetime. The goal
    of a reliability model is to ensure that a
    product or an asset will consistently meet the
    organizations expectations to perform its
    intended purpose over a given period of time
    under specified conditions.
  •  
  • A reliability model factors in the costs of
    failure, including any form of downtime,
    maintenance costs, and warranty costs. In most
    cases, this is done via a wide range of analysis
    tools and methods. So, reliability modelling
    experts must not only understand the proper use
    of methodologies and analysis tools, but must
    also know the tools that are effective during the
    various phases of a product or asset life cycle.

18
The Value of Reliability Modelling
  • Saves Time Any form of unanticipated failure
    translates to a lot of lost time and resources to
    an organization. Using reliability modelling
    concepts can help minimize such failures and
    ultimately avoid time wastage.
  • Boost Productivity Some assets require rigorous
    tests to be done to eliminate early life failures
    or optimize their operations. Reliability
    modelling techniques can help reduce the time and
    resources that are needed to do all these or
    figure out whats likely to work and what cannot.

19
  • Maximizes Throughput Any form of downtime in the
    life cycle of an asset reduces an organizations
    throughput. A well-executed reliability modelling
    minimizes operating costs and maximizes an
    organizations overall throughput.
  • Minimizes Distribution System costs Optimized
    maintenance programs and few failures minimize an
    organizations distribution system costs in terms
    of storage costs, transportation and logistics.
    It also lowers labour costs.
  • Minimizes liability risks Reliability modelling
    not only minimizes failures but also mitigate
    potential damages that may be caused by such
    failure, which ultimately minimizes the risk of
    exposure to unnecessary liabilities.

20
  • There are numerous benefits of integrating
    reliability modelling and analysis tools in your
    organization. For instance, you can improve your
    asset reliability, reduce liability and labor
    costs, boost your organizations productivity and
    throughput, and strengthen your overall asset
    value. Put simply, reliability modelling will
    have a positive impact on your business or
    organizations bottom line.
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