Providing the assets with proper care and asset performance management (APM), ensures maximum value out of them. With the development of technologies, most of the firms are harnessing advanced asset management strategies to ensure optimum utilization of their valuable assets.
Reasons why investing in asset performance management would give you a long-term value
Asset performance management increases asset reliability, reduces operational risks and lowers operational costs by the following 4 ways:
- Reduced Unplanned downtime – When you implement proper asset monitoring and proactive management methods you can considerably reduce the risk of unforeseen equipment breakdown and increase uptime.
- Minimized Workplace safety risks- A proper asset performance management would help you to deal with issues like non-compliance to environment, health, safety (EHS) regulations.
- Lower Maintenance cost- APM generates insights that help you to prevent excessive maintenance. Also it ensure optimal utilization of all the maintenance resources. Predictive maintenance can bring down the maintenance cost considerably.
- Transition to Industry 4.0 made easier – Asset performance management with the most recent technologies like IoT and Blockchain logs makes it easy to transition to Industry 4.0.
4 steps to follow to measure asset performance
- Identify most critical assets- Use risk-based maintenance to point out the critical assets. Then apply Reliability centred maintenance (RCM) methodology to determine which modes of failure are to give priority with regard to tracking and analysing.
- Monitor the critical assets- Collecting data regarding asset health, productivity and performance with the help of CMMS. Another way to monitor is considering the readings made by IoT sensors for equipment working under high environmental stress.
- Use CMMS to analyse collected data- Targeted metrics and KPIs are usable to derive insights from the collected data on asset condition and performance
- Use analysed data to improve asset care- Analysis of Historical asset management data through CMMS, leads to insightful reports and Input. This helps in better Asset maintenance and planning increasing Asset life span.
7 metrics and their respective roles in asset performance management
- Work order closure rate- Determines short duration of maintenance and execution efficiency
- MTBF- Measures time in between asset failures
- Percent productive times- Measures how much maintenance completes with respect to total work
- Percent Emergency work- Gives idea regarding efficiency of preventive maintenance over a period of time
Productivity and finance metrics
- OEE – Measures availability, quality and performance of equipment
- Maintenance cost per unit production – Decides maintenance programs for assets
- Availability – Indicates equipment health
How can you use CMMS to track and manage asset performance?
Companies whose digital ecosystems are fragmented will find it hard to apply APM principles as APM needs ready access to a wide variety of business and asset data. CMMS provides a centralized digital platform which can solve these problems providing a 360-degree view of all valuable assets and related information. A structured asset performance management can only be achieved in your company if you invest in a capable CMMS solution. You can handle it easily by availing the following 5 features of modern CMMS solution:
- CMMS provides Centralized asset maintenance history and logs in details
- Monitor and track assets in real-time by availing the sensor-connectivity feature of CMMS
- Advanced maintenance strategy like preventive maintenance can be organized, planned and executed with the help of CMMS solutions
- You can automatically track metrics like MTTR and MTBF
Having proper asset performance management in your company would allow you to keep the equipment in optimum working condition for a much longer time with fewer equipment failure cases. It would ultimately save maintenance resources. Contact DreamzCMMS today for more information.