Asset Management Tips

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Asset Management Tips
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Table of contents

• Why Every Asset Intensive Organization Needs
  Customized Asset Models for Live Decision Making
• Top 3 Asset Management Tips For Improved
  Performance and Efficiency
• Partner With Asset Management Professionals
• Invest In Asset Analytics
• Understanding Your Asset Risks
• How Reliability Modelling Can Help You Improve
  the Value of Your Asset
• What Is Reliability Modelling?
• The Value of Reliability Modelling

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Why Every Asset Intensive Organization Needs
Customized Asset Models for Live Decision Making

• Asset intensive organizations tend to face a wide
  range of management and operational challenges,
  one of which entails creating risk management
  models that reinforce the goals and objectives of
  the organization. The situation is even more
  challenging when an organization is focused on
  short-term operational performance.

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• One of the best strategies for overcoming such
  hurdles is working with customized asset
  management models. So, how can asset models help
  or reinforce the decision-making process?
• 1. Best asset management practices require
  technology, processes, and people in an
  organization to be organized or work around a
  common goal or objective. In other words,
  everything needs to be joined together. This is
  where asset modelling comes init provides the
  clarity and focus thats required to meet the
  dynamic demands of customers and other external
  regulators. Asset models provide the framework
  that you can follow to make timely maintenance
  and investment decisions about an organizations
  assets.

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• 2. Before implementing any asset management
  technology solution, it is critical to understand
  how the solution works and how it can benefit
  your organizations asset maintenance operations.
  This will help you with fast system selection and
  functionality prioritization. Asset modelling can
  help you understand the entire process of asset
  managementfrom asset data, condition monitoring,
  and strategy for maintenance, interventions and
  operations. It can also help you figure out the
  true operating costs, sound operational
  strategies, and how to improve the transparency
  of an organizations asset base.

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• 3. A key benefit of implementing asset management
  software or technology is the visibility of data.
  However, for such data to be useful, the
  organization must set up a clear approach of
  verification and management. Asset modelling can
  come in handy in such a situation as it can help
  you measure and estimate performance expectations
  in greater detail, allowing you to make the
  necessary adjustments to achieve the desired
  results.

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• 4. Finally, asset model provides a
  forward-looking planning framework, which
  incorporates risk-based decisions to help you
  deliver an organizations objectives effectively
  and efficiently. This allows you to figure out
  the operational interventions to proactively
  manage asset performance to the required
  standards. An asset model may also foster
  continuous improvement that will allow you to
  benchmark and review your asset management
  systems to not only maintain but also raise the
  performance of your organization, particularly
  when it comes to delivering its goals. In other
  words, your organization can benefit from asset
  modelling far beyond maintenance planning.

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• Every asset should be managed and maintained
  efficiently to ensure that it continues to
  function with the goals and objectives of the
  stakeholders. Doing this blindly without any kind
  of professional help or a model to follow is not
  recommended as it comes with a lot of challenges.
  However, there is a solution that has been proven
  to work for many organizationsasset models.
  Asset modelling provides a structured approach to
  implementing a sound asset management solution.
  This ensures that managers of asset intensive
  organizations are certain of the asset management
  moves that they make.

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Top 3 Asset Management Tips For Improved
Performance and Efficiency

• Some organizations simply dont know their
  current asset conditions, risks or how to
  maximise the value they provide. To address such
  a scenario, it is easy to lose valuable time and
  money. Even though there are a lot of challenges
  that you are likely to face when it comes to
  understanding, managing, and making decisions
  around your assets, it is possible to simplify
  the process. Without further ado, here are the
  most important asset management tips that you can
  leverage for improved performance and efficiency.
  

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Partner With Asset Management Professionals

• There are a lot of things that you need to do for
  your organization to run smoothly. It can be hard
  to control every aspect of asset management,
  especially the optimisation of your assets.
  Accordingly, it is advisable to partner with a
  company that you can rely on to help you manage
  this process. If you have a small budget, you can
  partner with start-ups or asset management firms
  that are affordable. However, if you have the
  budget or have a large company, then you can team
  up with a high-end firm that can give you a much
  broader response as far as the management of your
  assets is concerned

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Invest In Asset Analytics

• Without analysing your assets, your organization
  is likely to be suboptimal. For instance, you
  could end up paying for excess maintenance costs,
  operate your assets in a suboptimal way, or even
  select equipment that isnt fit for purpose. You
  could also end up paying for mismanaged assets
  over the long term. Invest in asset analytics
  will help you keep track of your assets
  performance and strategy recommendations
  seamlessly

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• Better Operational Decisions How loaded? What
  duty? What rate? The operational questions can
  have a significant impact on asset life as well
  as profit generation. Analytics can assist with
  these decisions. .
• Better Maintenance Decisions Asset analytics
  provides real-time maintenance recommendations
  for maintenance and intervention or replacement
  strategies.
• Detailed Insights on Asset Performance Tracking
  your assets performance allows you to save money,
  reduce operational downtime, and control risk.
• Updated Total Cost of Ownership for Your Assets
  Assets analytics help you understand the value of
  your assets, which further allows you to better
  manage costs and resources needed to support the
  assets. Knowing the cost of ownership can also
  help you conduct advanced capital budgeting
  analysis.

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Understanding Your Asset Risks

• You need to know your asset risks. You should
  know where your risk lies so that you can manage
  it effectively. For instance, you should find out
  whether changes to asset condition are increasing
  your risk exposure. Continuous asset risk
  tracking is critical to help you identify the
  best course of action to take at any given
  moment.

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• Bottom-line
• There are many benefits of implementing better
  asset management strategies to boost your
  performance and efficiency. Whether it is
  partnering with the right firms, investing in
  asset analytics, or tracking your risks, you need
  to have effective systems in place to take your
  asset management efforts to another level. It can
  also go a long way in helping you lower the total
  costs of operating and maintaining your assets.

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How Reliability Modelling Can Help You Improve
the Value of Your Asset

• Many businesses face a lot of challenges when it
  comes to asset reliability. Whether a given asset
  will be available when it is needed to meet the
  operational needs of an organization may be
  anyones guess. This may result in a lot of
  monetary costs and can jeopardize the
  productivity and value of an organization.
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• When you dig deeper to find the possible causes
  of unreliability, some of the most common factors
  that you are likely to find are poorly designed
  management programs, poor maintenance schedules,
  and lack of planning among many other factors.
  Add that to the limited collaboration with other
  stakeholders like the asset management teams,
  which may sometimes fail to implement the right
  asset reliability practices.
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• So, how can reliability modelling save the
  situation? Well, before we dig deeper, lets
  first understand what the term means in the first
  place.

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What Is Reliability Modelling?

• Reliability modelling focuses on risk estimation
  as well as calculation or assessment of failure
  probabilities over an assets lifetime. The goal
  of a reliability model is to ensure that a
  product or an asset will consistently meet the
  organizations expectations to perform its
  intended purpose over a given period of time
  under specified conditions.
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• A reliability model factors in the costs of
  failure, including any form of downtime,
  maintenance costs, and warranty costs. In most
  cases, this is done via a wide range of analysis
  tools and methods. So, reliability modelling
  experts must not only understand the proper use
  of methodologies and analysis tools, but must
  also know the tools that are effective during the
  various phases of a product or asset life cycle.

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The Value of Reliability Modelling

• Saves Time Any form of unanticipated failure
  translates to a lot of lost time and resources to
  an organization. Using reliability modelling
  concepts can help minimize such failures and
  ultimately avoid time wastage.
• Boost Productivity Some assets require rigorous
  tests to be done to eliminate early life failures
  or optimize their operations. Reliability
  modelling techniques can help reduce the time and
  resources that are needed to do all these or
  figure out whats likely to work and what cannot.
  

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• Maximizes Throughput Any form of downtime in the
  life cycle of an asset reduces an organizations
  throughput. A well-executed reliability modelling
  minimizes operating costs and maximizes an
  organizations overall throughput.
• Minimizes Distribution System costs Optimized
  maintenance programs and few failures minimize an
  organizations distribution system costs in terms
  of storage costs, transportation and logistics.
  It also lowers labour costs.
• Minimizes liability risks Reliability modelling
  not only minimizes failures but also mitigate
  potential damages that may be caused by such
  failure, which ultimately minimizes the risk of
  exposure to unnecessary liabilities.

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• There are numerous benefits of integrating
  reliability modelling and analysis tools in your
  organization. For instance, you can improve your
  asset reliability, reduce liability and labor
  costs, boost your organizations productivity and
  throughput, and strengthen your overall asset
  value. Put simply, reliability modelling will
  have a positive impact on your business or
  organizations bottom line.
• Find out more _at_ https//www.modla.co/