Tips On Asset Performance Management
Asset management refers to the art and science of deriving as much value as possible from various things in the company. The main aim of asset management is to reduce wastage and produce more results with less by making sure that every available asset is working at its peak to achieve this goal. This can be indicated in various ways such as managing a machine so well so much that it exceeds its expected life time to anticipating mechanical degradation and promptly repairing them before they affect the production process. Another important aspect of asset management is trying to understand how various machine function and how they can be operated for peak performance. Asset managers are tasked with the duty of investigating the expected performance of their assets and assess how each of them is supposed to operate and when they are not functioning well so that improvements can be made.
Asset management has grown over the years and is one of the areas that has been affected by the internet of things (IIOT). As a result various asset managers have embraced disruptive technologies to aid them in the process of getting more value. Technologies like deep data mining, machine learning systems, energy monitoring and RFID tagging have simplified the jobs of asset managers the world over.
Even though there are so many technologies that are available for use some of the changes that need to be effected for the best results are just minor changes that have a huge impact.
Data remains a key pillar in asset management and actionable data is pivotal in the asset management process. One way to facilitate this process is to prioritize access to data at anytime and anywhere One method to do this is create a system that creates data when a machine is being used then transfers it to the cloud for analysis to get various insights. Mobile devices can also be added to the process so that the floor manager has access to all this data at any time despite wherever he is. This technology does not mean that the work life balance will be blurred.
On the contrary this balance will be maintained since the organization will only need one responsible person to access the data and make whatever changes that need to be done to control or even avert a disaster. This also does not mean that the managers have to be glued to their computer screens because the system can be set up to issue alerts and notifications within well-defined thresholds and also generate reports.
This creates more free time for your employees because it eliminates the mentality that they are always on call in case something goes wrong because there is a system that can detect and even avert some disasters.