The process of getting result is simply the journey between Log sheets and Results. And often teams implement systems and processes to chart the daily running of equipment.
“Well begun is half done” is an old proverb which is true and applicable to most of the actions. However, this holds ineffective if we do not plan and create a road-map before we 'start’, because without proper road-map, a good start is next to impossible.
Dealing with infra-assets, especially if they help you stay competent and profitable in your business, requires multi-level monitoring and maintenance. Being someone who has seen these capital intensive infra assets become dysfunctional and crash without much warnings, you would agree to the key need for a solution that can look after them every step of the way.
In a scenario where numerous equipments form part of the daily operation within an organization, one must be well-aware of the complexities that accompany the process. The differences in asset/equipment types, their usage patterns, maintenance needs, production expectancy, and lifespan makes handling them a challenging task.
The challenging infra-asset intensive business environment today demands their assets to be free of any hiccups, especially asset breakdowns. A single incident of asset breakdown is capable of triggering a chain reaction:
Invariably, data integrity also known as data quality is the most crucial part of how a business functions and performs. Unless an organization optimizes its data accuracy or learns how to use the collected data to its benefit, the performance results will always be distorted from the actual expectations.
If you were asked to change just one habit to maximize your infra-asset output, what would it be?
Though the above measures can help your assets deliver better performance to a small extent,
play an insignificant role to create a large impact in stand-alone capacities.
No. of kilometres run/ Litres of fuel consumed = Vehicle’s fuel efficiency.
Isn’t it? It is common sense. Then why are we even discussing this here?
To find out if my point is silly or not, let us take a simple test:-
Like you, every asset owner wants the mounting asset maintenance costs to decline. Worst of all, most of them have already tried an exhaustive set of methods. Each time they failed.
As a company that rents out assets, what is that one thing that impacts you the most?
Maintaining infrastructure assets can be quite an expensive affair. So expensive that they may take a toll on the RoCE and reduce your profits significantly.
Machine breakdown is the most undesirable thing to happen to any infra-asset intensive organization. Expensive by far, most of us measure the downtime cost as a combination of the expenses involved in its repair and those paid to the asset operator.
Harvard recently conducted a studyon 344 enterprises listed on the U.S exchange to measure the effects of digitization on business profits and growth. In the report it termed the organizations who embraced digital
How do you manage your infrastructure asset’s spare part inventory? Who tells you which spare part shall be required for which asset and when?
It is most likely that you as an asset owners/operator follow one of the below mentioned approach to manage your spare part inventory:-
Plant Manager- “I can manage my assets on my own. Why have you come to me with your infrastructure asset management solution today- what is so special about it?”
Software or Spreadsheet - What works better for your Business Intelligence?
How do most of you measure your infrastructure asset performance? You would be surprised to know that most asset owners, even ones handling multiple assets, largely rely on MS Excel, spreadsheets and other low-end tools to calculate and process crucial business data.
Machineries and their fuel consumption patterns can get quite unpredictable- more so if the machinery/asset is being operated by more than one person and maintained through manual record books. Being an infra-asset owner, you must have been exposed to several cycles of unexplained changes in fuel consumption by your asset.
Infrastructure assets come with a shell life. However, there is no guarantee how long they would last before the first breakdown. It depends upon innumerable factors such as usage, handling, maintenance, operation, so on and so forth. Problem Areas Let us track down the top 3 causes for equipment breakdown and their underlying problems.