An Asset Management Program Can Help Plant Operators and Rotating Equipment Engineers Save On Maintenance Costs

Unplanned downtime and unforeseen maintenance intervals can be a significant cost for plant operators and rotating equipment operators, particularly those in the oil & gas industry where gaps in production can result in literally hundreds of thousands of dollars lost per day. 

An asset management program can be a valuable tool in helping plant operators achieve visibility into their operational efficiency and equipment performance. This helps industrial companies create more proactive maintenance schedules to reduce downtime and maximize the lifespan and precision of their equipment. 

Here, we’ll take a look at how an asset management program works, and then we’ll discuss the benefits this program provides in helping plant operators and equipment engineers to reduce annual maintenance costs. 

What is an asset management program and how does it work?

An asset management program is essentially an inventory or catalog of the equipment, machines, tools, software, and solutions used in the production process. The primary function of an asset management strategy is to track where and how these resources are used, how efficiently they’re operating, and any factors that could be compromising performance.

For instance, oil & gas production sites will deploy a wide array of pumps and compressors to facilitate production, and an asset management system helps plant operators and engineers to manage how and where equipment is deployed throughout the entire plant. Such a program also makes it easier to monitor and evaluate pump or compressor performance to ensure mission-critical tasks like dosing are being executed with the highest levels of efficiency and accuracy. 

With an asset management program, plant operators can streamline and simplify the process of:

• Preventive maintenance. Plant assets require regular maintenance and upkeep. The real-time visibility into performance data and maintenance history can help plant operators take a more preventive, productive approach to maintenance schedules without sacrificing uptime.
• Lifecycle management. The ability to evaluate whether assets have reached the end of their useful life before encountering breakdowns or failures can help plant operators plan for more timely replacements. An asset management strategy makes it possible to take a more strategic approach to equipment trade-ins or upgrades without incurring production downtime.
• Regulatory compliance. Industrial equipment often needs to be inspected on an annual basis to ensure the safety of workers and the environment. An asset management program helps plant operators track inspections and compliance to stay ahead of this curve and avoid downtime from retrofitting equipment to meet compliance guidelines.

How does an asset management program help save on repair and routine maintenance costs?

In an industrial landscape where around-the-clock production schedules are the norm, plant operators need to maximize productivity to remain ahead of  their competition. Implementing an asset management program can help plant operators and equipment engineers unlock consistent, reliable production and minimize maintenance costs by:

• Optimizing recalibration schedules. Inaccurate meters and pumps can directly impact the quality of the final product, and the lack of visibility into these operational issues can result in wasted resources. An asset management program can help plant operators identify performance issues and address them before they lead to more costly production or maintenance problems down the road.  
• More cost-effective program management. Plant operators need the ability to create accurate project timelines that maximize the resources at their disposal. An asset management system provides a centralized view of all available equipment to make more strategic choices about the ideal pumps and compressors for specific jobs or environmental applications.
• Spare and component part tracking and usage. Time is money, and reducing the amount of time spent on evaluating the service health of spare and component parts creates more efficient workflows. An asset management program creates a digital inventorying process where plant operators know the location, service history, and ideal applications for spare parts to ensure superior compatibility and performance.