Asset Performance Management

7 Tips for Improving Asset Performance Management

Any asset that you invest in has a finite lifespan—or it’s due to be replaced by something newer and better at some point in the future. But that doesn’t mean you should be complacent about their performance or reliability right now!

Through proper planning and scheduled reliability centred maintenance you can ensure that your assets are always performing at their maximum level. Discover the eight tips below to improve your asset performance management and get the most out of them, while improving longevity.

1. Assess the value of your assets

Calculate your current asset performance and sustainability, identifying when and where you can make improvements. This is essentially a rough asset health check – or OEE (Overall Equipment Effectiveness) analysis. Take into account existing work order backlog and corrective maintenance (including condition-based maintenance and reliability centred maintenance requirements). The objective of any asset management plan should be to ensure that assets are available and reliable. 

Other key metrics for asset reliability include MTBF (Mean Time Between Failure) or MTTR (Mean Time To Repair). Both availability and reliability must be considered together because they are interdependent variables; improving one often comes at a cost of reduced availability or increased downtime. For example, increasing redundancy improves reliability but decreases availability.

2. Consolidate data from heterogeneous sources

Consolidating data from disparate sources can ensure that you’re operating from a single source of truth. This allows you to make better decisions in real time and speed up your overall workflow. However, it does require that you carefully plan your architecture so that all of your devices can connect seamlessly. 

The benefits of doing so are abundant: you can consolidate software licences; reduce support costs; increase efficiency; improve visibility into your network performance; reduce risk through increased control over your environment, and even automate many routine tasks.

3. Incorporate predictive analytics into maintenance planning

It’s important to predict asset performance early so that you can plan ahead. Asset Performance Management can be improved by incorporating predictive analytics, which is a method of using mathematical formulas and statistical analyses to generate data related to past processes or events that are likely to occur in future scenarios.

It also makes it possible to create reliability centred maintenance plans accordingly, without missing out on key events that could impact operations, as well as compliance and regulatory issues. Using real-time data from existing monitoring systems can provide insights about an asset’s health status and then use those insights to predict when components will fail based on historical patterns. This will require you to incorporate information from sensors within your network—such as vibration, pressure, temperature, flow rate to develop models that can help determine where problems might arise before they happen.

4. Automate preventive maintenance

The most important part of ensuring reliability and availability of assets is to perform preventative maintenance, so that small problems don’t become big ones. Use automated checks and alerts to be reminded when it’s time to replace parts, clean filters or complete reliability centred maintenance. Not only does proactive maintenance save you money in direct costs and lost revenue – it also lowers risk by detecting small problems before they affect reliability. 

With a well-maintained asset, downtime is an exception, not a rule—so be sure to implement automation where possible. It may take some upfront investment, but ultimately it will reduce risks and improve service levels. And with less disruption to customers and employees, you can focus on growth instead of firefighting. Implementing automated and preventative reliability centred maintenance takes time, but it’s well worth the efficiency and downtime reduction benefits.

5. Use asset performance data in decision making

The use of data in Asset Performance Management is often an afterthought, but with its importance only increasing, it’s time for companies to re-evaluate their APM strategies. Instead of just tracking physical assets, companies should embrace a proactive data-driven approach that helps them identify equipment issues before they have any significant impact on business operations. Be proactive about getting actionable insights from APM data. Instead of just collecting information, ask yourself: What are we going to do with it? Then – set SMART goals for improving asset performance based on what you learn.

6. Actively monitor assets using performance dashboards

The best way to ensure reliability and plan your reliability centred maintenance is to use performance dashboards to monitor asset performance. When implementing asset performance management, make sure you take into account specific business goals, as well as how each asset could affect your company’s operations. 

Asset performance management should also include asset reliability. If an asset is unreliable, it’s likely to cause disruptions to your operations in the future. It’s imperative to carry out as much reliability centred maintenance as possible to ensure that your assets are dependable.

While asset performance monitors alert you to outages and other problems, it’s important to track asset uptime so that both positive and negative data points contribute toward improving your infrastructure over time.

7. Leverage IoT for asset monitoring

Recent advances in technology mean that now is a good time to implement an IoT solution if you don’t already have one. With IoT, you can remotely monitor key metrics such as temperature, vibration, and location. This can help prevent damage to your equipment, improve reliability centred maintenance plans and reduce downtime. It can also save money by identifying problems before they occur. 

For example, predictive analytics software monitors patterns of usage and performance over time to predict when repairs will be needed, or when equipment will need replacement. It then alerts service teams about these issues so they can schedule reliability centred maintenance before failures occur. In some cases, asset monitoring has even saved lives by identifying potential problems with emergency response vehicles before it was too late. By leveraging IoT solutions for your assets, you can better manage risk and improve overall efficiency.

Introducing ARaaS: Asset Reliability as a Service

Optimal delivers asset performance and reliability management strategies through a combination of cutting-edge tools and world-class asset management expertise – all bundled into a bespoke, ‘as-a-service’ solution.

ARaaS removes the complexity that comes with change, decreases training requirements for staff, and allows for focus on core mission-critical activities. 

Going far beyond simple cost saving strategies – ARaaS is about constantly improving the performance and the reliability of your assets, and improving your ability to predict revenue and costs. Essentially, ARaaS is a one-stop solution for you, as a physical asset owner, to improve your bottom line now and into the future.

For more info on ARaaS, please read our comprehensive piece, which details everything you need to know.

Combining Asset Performance management within ARaaS (Asset Reliability as a Service)

Because Asset Performance management is included within ARaaS (along with a plethora of other leading tech tools and methodologies) – you get the most reliable overall package at the end of the day.

Final words

We hope you enjoyed the 7 Tips for Improving Asset Performance Management, and if you have any questions don’t hesitate to contact us at [email protected]

We look forward to hearing from you!

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