Have You Set the Appropriate Asset Reliability Goals?

Asset-intensive businesses that want to cultivate truly reliable shop floor processes must carefully map out their end goals.

Industrial organizations of all sizes are embracing preventive maintenance strategies designed to optimize asset reliability and promote operational flexibility. In fact, according to a study by Plant Engineering, an estimated 76 percent of firms maintain preventive maintenance workflows centered on various digital solutions, including computerized maintenance management and enterprise asset management (EAM) software. Preliminary results have shown such methodologies are immensely effective on multiple fronts.

Companies on the outside looking in are moving quickly to adopt preventive maintenance workflows that increase asset reliability. Some, however, may be moving too quickly, aggressively courting information technology vendors and rolling out hastily developed employee training resources in service of vague business goals. This is, of course, the wrong approach. Asset-intensive businesses that want to cultivate truly reliable shop floor processes must carefully map out their end goals so as to craft suitable asset reliability controls that get real results.

"An estimated 76 percent of firms have embraced preventive maintenance strategies meant to bolster asset reliability."

3 Considerations for Optimizing Asset Reliability 

1. Assess Your Plant's Risk and Build a Framework to Mitigate Threats

Most organizations adopt preventive strategies with risk mitigation in mind. Operational and maintenance leaders leverage these methodologies and data-backed shop floor insights to assess risk on a machine-by-machine basis and develop needs-based service schedules. This functionality allows them to more effectively mitigate threats to their assets and dodge budget-killing production slowdowns or shutdowns.

While risk mitigation alone is a legitimate asset reliability goal, there may be less obvious targets that can lead to operational growth. Capturing these lesser-known data points and applying them in a risk framework that not only mitigates threats but identifies new opportunities will help your facility achieve operational excellence.

2. Consider a Reliability Based Maintenance Program

The impact of reliability based maintenance strategies can extend beyond the shop floor if implementers explore all improvement possibilities. For example, programs of this kind can help reduce the likelihood of dangerous equipment problems or the need for dangerous repair activities. The increases in uptime that come with asset reliability strategies also allow businesses to better utilize their capabilities without investing capital in new locations or machines.

So, if your business lacks a proactive maintenance strategy but wants fewer accidents or more cost-efficient production, consider what a preventive maintenance plan could do to achieve these objectives.

3. Connect, Monitor and Apply Predictive Data

According to our technology partner Infor, the future of EAM is not set on replacing human workers but rather better enabling them to work more efficiently and effectively. The process of how information is exchanged among devices, components and people in industrial settings will continue to evolve through key enabling technologies such as social, mobility, analytics and cloud—and as connected equipment and tools become more accessible and usable in the workplace.

Understanding how to better interpret and apply these data sets should be a long-term goal in your asset management and maintenance strategies.

Gaining Efficiency

The ultimate benefits underscored in your preventive maintenance strategy should be to minimize downtime, optimize reliability and maximize value over the entire asset lifecycle. Stakeholders responsible for leading asset reliability improvement efforts at your facility should take these potential gains into account as they develop and hone their goals.

In need of assistance? GenesisSolutions provides world-class EAM support needed to increase asset reliability in modern industrial operations. Contact us today to learn more about our products and services, or explore more insights on why data-driven asset management is critical for modern maintenance programs.