Equipment and Asset BOM: Top Benefits

It’s a big challenge for maintenance engineers to physically inspect equipment to identify spare part details, and it’s a very time consuming affair to look at drawings, schematics, and catalogs to find the part number of the spare part when an equipment is down. This situation can arise in asset-intensive organizations during critical plant downtime or maintenance schedule, due to the absence of an Asset or Equipment BoM.

An Equipment Bill of Materials (BOM) identifies all the replacement spare parts for an equipment, so maintenance engineers can quickly identify the right part required, and locate it from inventory or put in a purchase request, using the part number and vendor details. An equipment BOM also enables organizations to improve plant reliability, by identifying critical spares, and ensuring the right part if available at the right time, so that the risk of plant downtime can be minimized.

A well-structured and accurate Equipment BoM built by Enventure covers all equipment inside your plant, increases the plant maintenance effectiveness, and reduces the meantime to repair (MTTR). Our BOM experts specialize in creating hierarchical Equipment and Asset BOMs with recommended critical spares, as well as identify any supply chain critical information such as available sources, pricing, lead-time and alternative part options.

The Equipment BOM consists of equipment data such as manufacturer, model, serial number, critical specifications of assets and spares, physical and functional locations, cost centers, and document references. Our Equipment BOM services ensure asset data integrity, which is important to the maintenance organization, as well as all other functional groups within the organization.

As part of creating Equipment BOMs, we also assist clients with OEM conversion projects, to identify commercially available alternates, for OEM parts, to enable reduction in procurement costs as well as improve supply chain efficiency.

The major benefits of establishing Equipment BoMs are:

  • Reduce risk of equipment downtime
  • Increase efficiency of maintenance team
  • Real-time Asset Performance Tracking
  • Ensure timely completion of Preventive Maintenance (PM) and shutdown maintenance
  • Effective management of spare parts inventory
  • Identify and eliminate non-moving inventory
  • Analyze equipment maintenance costs
  • Optimize costs of MRO procurement and equipment maintenance

When an equipment or asset is decommissioned and removed from the plant, the associated spare parts are usually left in the warehouse, which adds to the inventory holding cost. An accurate Equipment BOM also ensures identification of such obsolete inventory and helps eliminate or dispose-off from the warehouse, freeing up cashflow for the organization.

As your Asset Data Management partner, Enventure can provide comprehensive technology driven solutions to create and maintain your Equipment BOMs, so your Enterprise Asset Management (EAM or CMMS) system can deliver the results it was designed for.

Talk to an Equipment BOM Specialist today!

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