Enterprise Asset Management Archives | �ۿ۴�ý

How to improve Maintenance Efficiency using an EAM system

�ۿ۴�ý — Thu, 13 May 2021 12:51:06 +0000

The main goal of maintenance is to increase equipment availability and minimize failure. The most common types of maintenance are Preventive Maintenance, Corrective Maintenance, and Emergency maintenance. Every maintenance includes a cost to it. i.e., price of the part/item replaces or repair, cost of the labor, service cost, etc.

Maintenance efficiency indicates the upkeep effort required to deliver required performance from the equipment. Keeping track of asset life cycle and maintenance history is extremely difficult without a dedicated system. , popularly known as EAM, is software system that helps manage the complete life cycle of assets/equipment.

With EAM, technology has given a better way of managing, monitoring, and maintaining assets throughout their lifecycle to extend asset lifespan, decrease costs and optimize the standard, efficiency and safety.

Critical applications in EAM to achieve maintenance efficiency

Work management
Contract management
Material management
Procurement management

With an efficient EAM system in place, all the aforesaid activities can be easily managed and automated to a such an extent that a it reduces manual intervention at critical times.

Asset management: During any maintenance activity, the Asset information such as Location, Parent, criticality, Manufacturer, installed date, custodians, spare parts, safety regulations, etc. are crucial to keep the downtime as low as possible. An will enable organization to maintain and manage such information in a centralized system that comes handy and optimizes maintenance activities. For example, based on the asset’s criticality, the scheduler can assign the maintenance job to ascertain the equipment is available sooner than expected.
Work management: Whether it’s preventive maintenance or corrective maintenance or emergency management maintenance team/Technicians must get the work execution details to fix assets in time. With the EAM system, the maintenance engineer has all information like SOP (standard operating procedure) from the manufacturer and safety procedure to operate. This information helps in planning and work execution better. Also, the maintenance engineer chooses materials, services required and estimates the value, which is vital in analyzing the maintenance cost of the asset.
Contract management: As an organization, they’re many contracts associated with vendors such as price contracts, purchase contracts, warranty contracts, etc. For a maintenance engineer it is crucial to know the warranty of an asset, to manage claims and track the warranty status of each asset/equipment at times of any failures. The EAM system will enable organization to automate invoices generated based on the frequency defined within the contracts reducing the manual workload of the maintenance engineer.
Material management: Material management is essential as this could increase stock value, An EAM with Reorder capabilities and periodical cycle stock check will help in the decrease in hand inventory and maximizes the item available to the maintenance team. In addition, the EAM acts a centralized repository of all material information available in stock across various warehouses and regions.
Procurement management: An efficient supply chain is an essential factor for achieving maintenance efficiency. Procurement applications in EAM provides insights about vendor quotations, technical qualifications, and helps procurement staff to choose the right vendor. The status of materials received, status of delivery and any damages can be conveyed to vendors automatically through emails and messages without any delay. Once the service items are received, accepted and approved by the maintenance engineer, the invoices are generated accordingly.

Other benefits of features of an efficient EAM system

Forecast, plan, and schedule maintenance
Mobile inspection and mobile execution
On-Demand reports and scheduled reports
Track Key performance indicators
Identity and review Failure hierarchy

Do you want to learn more about Asset performance optimization and implement an ? Talk to one of our asset management experts today!

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It’s time to Improve your Asset Lifecycle with EAM

�ۿ۴�ý — Wed, 15 May 2019 07:55:36 +0000

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 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 the efficiency of production planning.
Work order efficiency: Real-time 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 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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Impact of DATA QUALITY on efficient Asset Management

�ۿ۴�ý — Mon, 25 Feb 2019 07:20:53 +0000

Effective asset management at any plant involves multiple functions and is a process that begins even before the plant begins operations and continues even through the decommissioning process. In addition to dealing with active plant demands, requires companies to keep future plant requirements in mind, while also addressing historical needs. Asset-intensive organizations invest billions of dollars in various ERP, EAM, and CMMS systems – such as IBM Maximo, SAP PM, Oracle EAM, Infor EAM, and others – to meet their plant maintenance and reliability goals. Although the tools are expected to make much more efficient, the end goal is often not met, due to inefficiencies in the data backbone that drives these systems. The lack of good quality data often leads to decisions made on the basis of judgment rather than being data driven. This can lead to less effective strategic business decisions, increased costs, customer dissatisfaction, and loss of revenue. In some cases, it could also lead to catastrophic consequences such as a sudden breakdown of critical assets which leads to plant shutdown. The crux of the issue is that processes, as well as analytics, depend heavily on the data within the system, which includes details of the assets, the MRO materials/spares associated with the assets, as well as the transactional data. When these data points are flawed, it can throw the entire system out of sync, leading to poor decisions making capabilities, wrong analytics, and an overall high-risk high-cost environment. Data needs to be accurate, complete, and completely relevant, otherwise it often does more harm than good. Accurate data quality impacts various aspects of the business, such as: Maintenance Strategy: Accurate spare parts data ensures faster retrieval of parts and quick execution of work orders generated, which leads to a considerable reduction in MTTR (Mean Time to Repair). Inaccurate asset data results in incomplete maintenance plans causing extreme overutilization of skilled resources, apart from pushing up costs and increasing downtimes due to maintenance activities. Organizations often do not have good quality asset BOMs available inside the EAM / CMMS systems, which makes it very difficult to ensure availability of critical spares, affecting plant maintenance activities. Asset Availability & Plant reliability: Accurate asset data helps reduce the number of stock-out related downtimes. An error in parts data can lead to equipment downtime, bringing down the entire production line. Not only would these hamper the efficiency of manufacturing plants, but also cause considerable delays in the entire value creation chain and ultimately affect profitability. Spare Parts inventory: Optimized spare parts inventory helps reduce maverick purchases, bring down carrying and procurement costs. Surplus, obsolete and duplicates inventory parts need to be cleaned up and eliminated, to achieve optimal inventory levels. Clean spares data is also crucial for good SPIR records (Spare Parts Interchangeability Record). Engineering & Planning: Analyzing life-cycle costs of equipment is the key to decide which assets to buy maintain or retire, considering total cost of ownership over the asset’s lifetime. When evaluating investment alternatives, the right data about spare parts consumption, asset failure and maintenance schedules help the engineering and maintenance teams to conduct an FMEA with Criticality Analysis & Reliability-centered maintenance (RCM) to improve the reliability of assets and to plan predictive maintenance. Spend Analytics: The direct cost savings opportunities lie in managing risks and optimizing the organization’s buying power. The accurate data inside EAM / CMMS systems help analyze spend by commodity or category, spend by transactions, total spend on a particular asset, spend by each function, spend on expediting spare parts, etc. This data provides insights into the overall spend and helps identify cost savings opportunities, streamline maintenance and procurement process. With two decades of experience in for multiple industries, �ۿ۴�ý has seen companies make large investments in CMMS / EAM systems. But they end up loading legacy data into these systems – data that was inaccurate, incomplete, or irrelevant. This often happens due to lack of visibility into how much the data quality affects the ROI on the system investment.

It doesn’t matter at what stage you are – whether you are considering a new CMMS/EAM system or struggling to get value from an implementation you did a while ago – talk to one of our Consultants today to see how you can enhance your organization’s asset management efficiency. We believe in ‘Efficient Asset Performance’ and not just ‘Asset Management’.

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