Effective asset management solutions take on many forms but all have a common starting point, namely an identified need or gap. This could be safety related, an operational deficiency, excessive maintenance costs and/or lacking reliability. Typically, it could be varying degrees of all of these. Regardless, effective and sustainable solutions will be the appropriate mix of cultural refinement and alignment, enriched and enhanced asset data necessary for historical cost and reliability analyses, work process improvements, optimized inventory levels, possession of the  precision skills necessary to execute objective job plans, appropriate failure modes and effects analyses, and the utilization of applicable condition-based technologies.  In unison, these processes, practices and technologies, correctly applied, will improve uptime while simultaneously reducing the overall lifecycle cost of ownership.

​

A recent NIST (National Institute of  Standards and Technology) report provides a listing of improvements that have been documented in various industry publications. 

 

15% - 98% reduction in overall maintenance costs

18% - 90% reduction in defects/rework

65% - 90% reduction in breakdowns

14% - 45% reduction in inventory

45% - 50% improvement in labor productivity

20% - 58% increase in output/production

50% - 75% reduction in accidents

35% - 45% reduction in downtime

​

To summarize, a "fix it when it fails" culture is reactive and will see excessive costs and higher levels of downtime relative to their "best-in-class" performing peers. 

​

Interested in improving?  Give us a call and learn how to move from a repair-focused organization to a reliability-focused organization.