Asset management has evolved over the last decade or so to the point where its importance is visible everywhere in a company. Companies that do a great job of understanding the intercompany role of asset management are far more profitable than those companies that have resisted change. We hope everyone had the opportunity to read our blogs and voter links as they were published, we have summarized them for you here. Please enjoy them and be sure to check back for new articles during the week. You can find a complete listing on the Mintek Blog.
The most popular post of the week covered was based upon a whitepaper describing the asset lifecycle in relation to the Total Cost of Ownership (TCO) in an organization. The whitepaper titled Asset Lifecycle Model for Total Cost of Ownership Management did not promote any product, rather it was an analysis of how asset management is integrated throughout a company and its impact on profitability. Fortunately, it did not take long to realize the impact an EAM could have on an asset’s lifecycle.
Author: Stuart Smith
This post discusses how managing asset lifecycles using a Total Cost of Ownership (TCO) premise can be enhanced with an EAM. The post is based upon a whitepaper describing the 12 key areas of Asset Lifecycle management. Of these 12 areas, an EAM can make a significant difference in 7 of them. This is accomplished by automating the maintenance process and recording the work orders/request for each asset to be used for capital budgeting.
Key Point: The key to successful asset lifecycle management as well as an EAM is in the setup. Proper implementation and good data collection procedures allow for measurable results.
Author: Stuart Smith
This short article talks about how to pick up the lower hanging fruit (expense savings) using a CMMS. Examples included eliminating extra work caused by a paper based system, changing the percentage of reactive: proactive maintenance work thru scheduling inspections and preventive maintenance and reducing energy costs by properly maintaining equipment.
Key Point: The bulk of costs reduction in a maintenance operation may come from just a few areas. These savings do not require anything more than common sense a little automation (CMMS) help.
Read Relevant Articles That We Found Last Week
But wait there is more. We have found several more articles that you might find to be interesting on. The 3 best this week are:
The article posted on controldesign.com takes note of Europe’s manufacturers paying more attention to operational efficiencies. The article notes an increase in use of supervisory control and data acquisition (SCADA) and distributed control system (DCS) solutions as manufacturers attempt to keep pace with lower costs manufacturing regions in Asia.
Key Point: Operational efficiencies come from more than maintenance improvements and new techniques/applications must be looked at for all aspects of operations.
John’s article takes more of a conceptual as well financial look at why Enterprise Asset Management is gaining visibility and acceptance in asset intensive organizations. What I really liked is that John related the importance of better asset management thinking to the mind of the entrepreneur. This is good because having an entrepreneurial perspective is the first step to change.
Key Point: By relating the need for better asset management to the financial impact, supports of change within their organization have a foundation for selling the proposition by the numbers.
Author: Martin Harshberger
This article was included because it talks about the need for change within an organization to remain competitive, retain employees and move forward. All the examples provided by Martin are applicable to improving asset management in all organizations. Martin finds a great Wayne Gretsky quote that is true to this day.
Key Point: If it is not working them try something new. There is always room for improvement.
What We Learned This Week
The theme for the week was understanding the changing role asset management and how it now affects the entire organization. However, recognizing this and adjusting accordingly requires change. For some this change comes easily, for others change must be demonstrated (usually by the numbers). In either case Enterprise Asset Management is playing a more important role than ever before in the future of many industries.