An Enterprise Asset Management Plan should be implemented regardless of how “aged” your assets are. The Enterprise Asset Management Plan sets out what your desired level of service will be and provides this service level in the most cost-effective way.
The 5 major benefits of an Asset Management Plan
- Prolonging the asset life through efficient and focused operation and maintenance
- Meeting customer demands and expectations
- Budgeting and efficient use of resources
- Meeting service expectations
- Complying with regulatory requirements
What to consider in your Asset Management Plan
1. What is your current situation?
An extremely important first step to building the framework for your Enterprise Asset Management (EAM) Plan is understanding our assets.
- What assets do we own? (Do you have an asset register?)
- Where are the assets located?
- What condition is each asset in?
- What is its useful life?
- What is the value of each asset?
2. What is the required level of service?
- What level of service do the stakeholders demand? (Is it ok for the asset to be “down” for a period of time or is the item a “critical” asset)
- Are there regulatory requirements?
- What is the current actual level of performance? (Not what we think the performance level is, what it actually is)
- What is the asset capable of? (Is it running at optimal speed/performance or has it been slowed down to save it?)
3. What are my critical assets?
- How can the asset fail?
- How do the assets fail?
- What are the likelihood and the consequences of the asset failing?
- What does it cost to repair the asset?
4. What are my life cycle costs?
- What strategies are suitable for my organisation? (Predictive, Preventative, Run-To-Fail)
- What would the costs be to maintain, repair, refurbish or replace the asset over the expected life of the asset?
An Enterprise Asset Management Plan is not a static document. Once you have formulated your framework, the components must be reviewed as situations change over time, or new best practices are established.
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Enterprise Asset Management Series
Next in our Enterprise Asset Management (EAM) series, we discuss some common issues in the industry and some best practices to get your EAM/CMMS running up to speed – The System Health Check