Manufacturers build assets with many replaceable components which wear out eventually. The Asset Maintenance Manager accountable has the responsibility to ensure the most efficient way of replacing parts with minimal disruption to the process. Time is money as they say and in some industries, a single hour outage can be many thousands of dollars of revenue that in a 24 hour cycle, cannot be re-generated.
Assets are built to run to specifications that are considered at the time of acquisition. To firstly match the process requirement and secondly to meet a business case outcome through performance and return-on-investment (how much will the asset cost over time, including maintenance?). When an asset fails unexpectedly this is an unfortunate outcome. When an asset fails and that failure could have been avoided through either predictive or preventative action (a part replacement or planned periodic refurbishment) this is a bad outcome.
Equipment failure is not entirely unavoidable and most businesses allow for an acceptable level of unpredictability with assets on the basis of probability. But things fail. The frequency of this failure event can be mitigated with the application of good management using the right tools and capability.
Enter the Asset Performance Management system – the right tool for the job and one that centralises process with asset data to safeguard the asset, the process it serves, the safety of people working with it and ultimately the financial reward generated from that investment.
Getting the best out of your investment in assets and having the ability to manage, mitigate risk of outage and control them is a measure of good business and one that is at the forefront of the minds of our Asset performance Management team at Denver.
Paul Phelan, Senior Project Manager, Denver