Its’s time to Improve your Asset Lifecycle with EAM

May 15, 2019

Today’s business world is posed by the high pressure of increasing overall efficiency and cost optimization, especially the asset-intensive organizations, as they are challenged to balance between asset cost, risk, and performance. Usage of Enterprise Asset Management (EAM) system to maximize the performance and economic value of your complex asset is the key to align with the overall business strategy.

Traditionally, plant and asset operations are cost centers trapped in the paradigm of continued investment on fixed assets. Powerful EAM systems are built with a focus on optimization methods to improve maintenance costs and life-cycle costs, thereby increasing the asset uptime and reducing inventory costs.

What do you achieve from Improved Asset Lifecyle:

  • Predictive analysis: Identifying and addressing asset performance issues before they become problems. As the word goes “Prevention is better than cure” it is imperative for plant engineers to recognize asset abnormalities and early signs of equipment failures.
  • Visualize asset performance: Capture insights of actual and expected asset performance including detailed information on asset operating conditions, uptime, operating modes, and availability.
  • Improved OEE:The higher Overall Equipment Effectiveness (OEE) is influenced by Availability, Performance and Quality of assets deployed at the plant. Predictive analysis & real-time performance monitoring will enable better OEE to eliminate bottlenecks in plant operations and improve efficiency of production planning.
  • Work order efficiency: Realtime performance analysis will enable proactive initiative to generate work orders and will potentially avoid plant outages. This will reduce unexpected asset failure and free the plant engineers for other planned maintenance activities.
  • Cost-effective procurement: An effective asset management will directly influence the procurement patterns, inventory carrying costs and vendor negotiations.

How does EAM impact various Industries?

Each industry variant has its own set of challenges. While the underlying business objective remains unchanged – reduction in asset downtime and increase in the bottom line. Here are a few industry specific benefits:

Industry Benefit
Manufacturing Insights into the health of machine components and manage the maintenance, repair, and classify the possible failures which increases OEE (overall equipment effectiveness) and overhaul of (MRO) activities.
Oil and Gas & Mining Asset-intensive process industry requires real-time monitoring of assets for capturing incident investigation and track the action to be performed for reliable plant performance.
Medical and Life sciences Automates work management, enables efficient inspection process, supports audit trails and enhances accurate document control
Transportation and logistics Reduces unplanned road calls, on-demand compliance documentation like condition, road tax, insurance, etc which is key while scheduling vehicle to the drivers. Precise tracking enhances overall customer satisfaction.

Didn’t find your industry here? Learn more from our Asset Management experts about optimizing asset performance, reducing unplanned asset downtime and reducing maintenance costs. Write to us at info@enventure.com.

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