How to manage the aging assets in your organization
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This is a blog posting from Eric Luyer, Marketing Manager, Corporate Asset Management IBM Software Group, Tivoli - Industrial Manufacturing.
This time a topic which is part of every major discussion linked to asset management: How to manage the aging assets in your organization.
Extending the life of your aging infrastructure is a common goal for all owner-operators or service providers. Under the current economic conditions many companies are looking for ways to reduce cost. In this context Asset Management is getting more and more attention, as companies leverage asset maintenance more and more across all phases of the asset life cycle. If we talk about the different phases of the asset life cycle, an important issue today is how to extend the assets’ life or how to manage your aging assets and still assure its quality and performance.
Generally you see in many industries that major installations or infrastructure are getting old with average usage between 25 and 30 years or more. In order to meet the organization’s strategic objectives these aging assets must still comply with changing regulations, obsolescence, end-of-life of the installation or asset or even with the effects of an extended asset life.
Questions arise such as: do you know if these assets can be replaced, or how can you extend the asset life with let’s say another 10 or 15 years?
I mentioned above obsolescence: what I mean here is assets or equipment that are already out of production, not available anymore and where no spare parts can be delivered. Another element to mention here is that practically an asset has reached its 'end-of-life' phase: it is old, increased frequency of failures and therefore maintenance will be more expensive than replacement. You also see that service possibilities are not possible anymore which often leads to unplanned replacements with long periods of a production stand-still with all costs related to that! Another element important to mention is the ending of contractual agreements.
To manage all those elements it is essential not to overlook the risks associated with each element in light of the current company goals and objectives. What’s being used then is a Risk Matrix where the different elements for a solid risk assessment include: the maintenance-concept as the basis, combined with input from production/usage, safety/reliability/performance/quality and health/safety/environment.
Maximo Asset Management provides a solid basis to capture all required data for a good assessment and well thought-through decision process. Also with help from specific business partners who can provide additional tools to optimize asset strategies using the data provided by Maximo.
Moving from a corrective maintenance strategy to a much more preventive maintenance strategy whereby asset modifications should be included – based on results of risk-based assessments – you can visualize, optimize and plan the final end-of-life of the current aging assets.
Leveraging this information will help to better plan avoiding surprises and additional (unplanned) costs. With a solid well-thought use of all capabilities included in Maximo you can achieve an effective use of asset maintenance management best-practices that makes sense for your assets and your organization.
In my May 9th blog I spoke about PAS 55, as the worldwide standard for asset management. If you combine the essentials of PAS 55 with the issues around aging assets, you’ll find a structured way to overcome these challenges. For further information on PAS 55, I recommend you to look at the LinkedIn group on ISO 55000 - PAS-55 where you can follow interesting discussions around this topic..
Thanks for reading and hope you enjoyed it. Look forward to my next blog where I will pick another topic around Asset Management in a manufacturing environment.
Eric M. Luyer, Marketing Manager Corporate Asset Management (Industrial/Manufacturing),
IBM – Software Group/Tivoli