Recent supply chain difficulties and material cost increases have emphasized the importance of an asset management strategy for plant operators in a wide range of industrial contexts. Plant assets include the property or equipment necessary for production processes — think everything from industrial pumps and compressors to warehouses and transportation vehicles.
An asset management strategy helps plant operators track, record, and evaluate the lifecycle stage and operational condition of the machines, tools, and infrastructure that drive production. Not only can an asset management system provide a better overview of how and where assets are being used, it can also help plant operators better understand the ROI of their equipment expenditures.
The ability to reduce equipment maintenance intervals and maximize uptime can help plant operators generate new growth opportunities. With this in mind, let’s look at the importance of asset management for plant operators in optimizing production efficiency and productivity.
What are the key components of an asset management strategy?
Plant asset management consists primarily 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 example, oil & gas refineries commonly have a variety of pumps and compressor deployed in various applications throughout a facility, and the capacity to monitor and evaluate these meters is mission-critical to producing a consistent, high-quality product
An asset management strategy helps plant operators keep better tabs on their equipment via:
- Inventory tracking. Maintaining an updated register of all equipment and that equipment’s availability status via barcodes and RFID tags simplifies the task of determining your bandwidth for taking on additional projects.
- Preventive maintenance. Plant assets require regular maintenance and upkeep, especially those used in harsh operating conditions. The real-time visibility into performance data and maintenance history can help plant operators take a more preventative, 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 utmost level of safety to workers and the environment. With an asset management strategy, tracking inspections or compliance milestones becomes a more transparent process.
What are the benefits for plant managers in implementing an asset management strategy?
Today’s plant operators are under pressure to do more with less and take considered, strategic steps to ensure the kind of 24/7 production schedules necessary to outpace the competition. Implementing an asset management strategy and system — like IPEC’s comprehensive asset management system — can help plant operators maximize productivity and ROI in a variety of key ways, including:
- Compliance with strict regulatory guidelines. Whether you’re concerned with the environmental impact of your equipment or the potential safety hazards for personnel, an asset management system removes communication and data silos via a centralized database where safety and operational certifications are easily accessible and shareable. This can help increase the safety of your plant, and this also helps avoid costly fines from regulatory organizations
- More cost-effective use of equipment and resources. Cost fluctuations are common in any industrial context, and the inability to adapt to these fluctuations can decrease efficiency and reduce profit margins. An asset management system helps plant operators track purchase orders, resource expenses, and a variety of other costs to make more efficient use of operational and equipment budgets.
- Optimizing recalibration schedules. Inaccurate meters and pumps can not only directly impact the quality of the final product, but a lack of precision can also create high degrees of waste. An asset management system helps plant operators create proactive recalibration schedules using real-time performance data and service records.
- More effective — and flexible — project management. The industrial space is driven by deadlines and the ability to execute jobs with both speed and quality. Plant operators need the ability to create more accurate project timelines that are flexible enough to adapt to unplanned complications like supply chain breakdowns or labor shortages. An asset management system provides a centralized view of all available equipment and resources to help operators make more informed decisions about project timelines.
For plant operators, the name of the game is preparation, and the ability to generate a comprehensive overview of the equipment and resources available is a large part of that preparation. An asset management system simplifies and streamlines this process, and IPEC has the knowledge and experience to help.
Our asset management system — along with our in-house asset management engineer — helps plant operators understand the location, performance, and lifecycle stage of their equipment in real-time to help make more strategic decisions about production schedules. Our technicians have the skills and resources to conduct health checks, audits, and maintenance calls to keep you running no matter the industrial application.
Ready to partner with IPEC on an asset management solution? Contact us to learn more.