Asset Management Tips

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 in—it provides the clarity and focus that’s 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 organization’s 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 organization’s 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 management—from 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 organization’s 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 organization’s 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 organizations—asset 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 don’t 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 isn’t 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 anyone’s 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, let’s 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 asset’s lifetime. The goal of a reliability model is to ensure that a product or an asset will consistently meet the organization’s 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 what’s likely to work and what cannot.

19. Maximizes Throughput: Any form of downtime in the life cycle of an asset reduces an organization’s throughput. A well-executed reliability modelling minimizes operating costs and maximizes an organization’s overall throughput. Minimizes Distribution System costs: Optimized maintenance programs and few failures minimize an organization’s 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 organization’s productivity and throughput, and strengthen your overall asset value. Put simply, reliability modelling will have a positive impact on your business or organization’s bottom line. Find out more @ https://www.modla.co/