Physical Asset Verification – Objectives and Techniques
While the financial value of physical assets can be divided into three categories: (1) the purchase price, (2) the current replacement value, and (3) the salvage or residual value, the true worth of any asset lies in its ability to generate revenue for your organization. Therefore, having a good understanding of your assets, their attributes, […]
Stock Condition Audits – Asset Inspection Surveys Explained
Ensuring the integrity of your assets is critical to the long-term sustainability of any organization. Poor asset performance, deteriorating condition, poor visibility of asset health and lack of proper maintenance does not only result in financial losses but also significantly increases the safety risk which can often result in regulatory non-compliance. As assets age, they […]
The Value of Asset Data Management in a Data Driven World
Advancements in technology, automation, Artificial intelligence (AI), and Internet-of-Things (IoT) have been the driving force behind the fourth industrial revolution termed the digital revolution. Smart assets, enabled by IoT have significantly increased our ability to collect large amounts of data. In an increasingly complex and uncertain world, organizational success is defined by its ability to […]
Making Informed Decisions When Choosing CMMS / EAM
The days are gone when asset-intensive organizations depended on manual processes for day-to-day physical asset management. Automation and digital transformation have been at the forefront of the physical asset management landscape over the past couple of decades, but with that comes the question as to what Computerised Maintenance Management System (CMMS), Enterprise Asset Management System […]
Three Critical Features Your Asset Reliability Software Solution Must Have to be Effective in the Mining Industry
If you’re involved in the mining industry, you’re probably very aware of how costly equipment failures can be. Whether you’re transporting ore from one location to another or simply maintaining production at the mine site, reliability of your equipment is critical to getting the job done and keeping your business profitable and competitive. That’s why […]
How to Optimise Asset Reliability with Overall Equipment Effectiveness (OEE)
In today’s fast-paced, high-pressure business environment, the most valuable asset you can have on your team isn’t an employee—it’s your physical assets. After all, these are the machines that help your business deliver its mission critical objectives, which ultimately impacts your bottom line, and every minute they spend on the repair bench is another minute […]
Reliability Centred Maintenance Guide: Evolution Towards Asset Reliability as a Service (ARaaS)
Discover how industry leaders are adapting to the increasingly complex RCM and physical asset management demands of our digitally enhanced world. Index Introduction Key RCM / Asset-owner challenges The Servitization of RCM ARAAS – Asset-reliability-as-a-service Strategise Asset Management Policy or Philosophy Gap analysis 7 key themes of the ISO 55000 Framework Spares | Inventory Management […]
Three Essential Tips for Managing Your Assets to Ensure Reliability and Availability
Keeping your assets (and, by extension, your business) running smoothly takes planning and vigilance. Every company needs a risk management plan and an asset management system in place to prevent disasters. This is especially true when your company relies on technology. A single glitch or software failure can cause disastrous repercussions in almost any industry. […]
7 Tips for Improving Asset Performance Management
Any asset that you invest in has a finite lifespan—or it’s due to be replaced by something newer and better at some point in the future. But that doesn’t mean you should be complacent about their performance or reliability right now! Through proper planning and scheduled reliability centred maintenance you can ensure that your assets […]
Asset Integrity vs Asset Reliability: What’s the Difference?
For those in the field of asset management, the terms asset integrity and asset reliability are often used interchangeably to refer to the general condition of assets or equipment. However, there is an important distinction between the two that many people aren’t aware of. The two concepts are closely linked—you certainly wouldn’t want to use […]
