Asset Performance Management

3 Critical Features Your Asset Reliability Software Solution Must Have to be Effective in the Mining Industry

If you’re involved in the mining industry, you’re probably very aware of how costly equipment failures can be. Whether you’re transporting ore from one location to another or simply maintaining production at the mine site, reliability of your equipment is critical to getting the job done and keeping your business profitable and competitive. That’s why it makes sense to invest in an asset reliability software solution that can help you make sure your equipment will keep working when you need it to. But what are the must-have features of an asset reliability software solution that will meet the needs of this specific industry? 

The Ability to Tie into Customer’s Standard System

Any mining industry reliability software solution you choose must have the ability to tie into your standard system. While it may seem like a small detail, by having your asset reliability software solution tied into your system, you ensure that everyone involved will have up-to-date information and transparency across all departments. With asset reliability software solutions, any downtime is managed as quickly as possible so no one falls behind schedule. From predictive analytics to prescriptive maintenance plans, there are many features that help with Overall Equipment Effectiveness (OEE) and reliability success rates, which in turn increase availability.

Asset performance management software allows for complete asset visibility and control while assisting with compliance obligations such as root cause analysis and condition based maintenance schedules. Examples of standard software include SAP asset management software which has been designed to monitor the entire lifecycle of assets, including capturing original costs and current values. Another common software is Maximo which also offers a suite of capabilities including preventive maintenance tracking, work order assignment and status updates on location-based equipment. There is also a new breed of asset performance management software which helps to identify risks and opportunities before they arise or escalate.

Over and above this, Asset Reliability software can help proactively maintain asset health, improve productivity and reduce risk through being able to track assets over their entire life cycle, eliminating old inventory, increasing plant efficiency and maximizing equipment lifetime value. There’s never been a better time than now to implement asset reliability software in the mining industry and embed the principles of Reliability Centred Maintenance (RCM)! 

The Ability to Deal with a Variety of Operational Workflows and Languages

Software solutions for mining must have an application that’s flexible enough to deal with a variety of unique operational workflows and mining languages. In many cases, a solution will have one or more modular components that can be configured based on customer requirements. For example, modules might allow users to modify the UI and integrate their own custom applications.

A software solution for mining must be able to handle processing large amounts of data, as well as vast numbers of assets simultaneously. It should also be capable of producing insightful reports that provide executives with all the information they need to make strategic decisions about asset utilization and reliability through implementation of Reliability Centred Maintenance strategies within the system.

Furthermore, it needs to provide real-time notifications so you can fix issues before they become bigger problems. It is critical that the software has one or more modules that allow users to configure and customize its functionality according to company specifications. The software must be capable of handling heavy amounts of data, as well as many assets at once. 

The Ability to Provide a Feedback and Optimisation Loop

Asset reliability software can facilitate failure management, root cause analysis and the optimisation of asset strategy through Reliability Centred Maintenance. This process, when achieved via an all-in-one toolset, is known as FRACAS: failure rate analysis; cause analysis and corrective action; optimisation planning.

The aim of FRACAS is to use historical data (i.e., what has happened) and real-time data (i.e., what is happening) to predict future events and actions for maintenance teams and management staff. Asset reliability software does this by providing a feedback loop that takes into account factors such as equipment downtime, asset life expectancy and asset operating costs. The industry’s needs are different so their solutions need to be different too, the software should have flexibility not only with implementation but also with configuration so it can adapt to individual needs – every mining company is unique after all!

The software must provide users with the ability to track assets across multiple departments or even organizations because mining assets often cross between organisations, divisions or geographic regions. It must offer the ability to export reports easily because miners often require reports with operational information in them. Therefore, it is important that the Asset reliability software facilitates failure management, root cause analysis and optimises asset strategy through the principles of Reliability Centred Maintenance. 

Final Thoughts

This article has outlined the three critical features that your asset reliability software solution must have to be effective in the mining industry. The mining industry relies on physical assets to carry out its day-to-day operations. These assets include heavy machinery and materials used to extract minerals from the earth, and they must all be reliable in order to perform optimally. Unfortunately, mining assets are expensive and difficult to replace, making it imperative that companies keep them in top condition so that they last as long as possible.

Attaining optimal asset reliability in the mining industry isn’t as simple as it might seem. There are many key variables to be considered, from the equipment itself to the environment and the people who operate that equipment. To make this happen, many mining companies have turned to software solutions that make asset reliability easier to achieve. Here are three critical features these software solutions must have in order to work effectively in the mining industry.

There are many software solutions on the market today that claim to be effective at helping mining companies automate and streamline their processes, but it’s important to choose wisely. Through Optimal’s Asset Reliability as a Service (ARaaS), we can help you to not only define the optimum Reliability Centred Maintenance based strategy for your assets, but also assist you in selecting and implementing a software that will best suit your operating context and conditions. Talk to us today about how we can help! 

Should you have any questions feel free to contact us at [email protected]

Thank you for reading, and we look forward to hearing from you!

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