Tips On Asset Performance Management
Asset management refers to the art and science of deriving as much value as possible from various things in the company. The core purpose of asset management is to eliminate wastage by using lesser resources to achieve more. This can be indicated in various ways such as managing a machine so well so much that it exceeds its expected life time to anticipating mechanical degradation and promptly repairing them before they affect the production process. Another important aspect of asset management is trying to understand how various machine function and how they can be operated for peak performance. The role of asset managers is to analyze what the peak performance of various resources can be and notice when they are faulty so that repairs can be done.
One area that has not been left behind in the wave on the Internet of Things is asset management This has led asset managers to embrace various disruptive technologies and software that help in value extraction. Some of the technologies that have disrupted asset management include: machine learning systems, data mining, RFID tagging and energy monitoring.
Even though there are so many technologies that are available for use some of the changes that need to be effected for the best results are just minor changes that have a huge impact.
Data remains a key pillar in asset management and actionable data is pivotal in the asset management process. One of the ways to be always getting actionable data is to set up systems that can get data at any time and convey it to any place. This can be done by setting up smart assets that can automatically collect data while they are in operation then transfer it to an analytics platform in the cloud that can process the data and extract valuable insights. Most mobile devices these days are Internet enabled thus they can be added to the process such that the floor manager has access to the data no matter where he is. Such technology does not mean that the work life balance of employees will be infringed on.
On the contrary this balance will be maintained since the organization will only need one responsible person to access the data and make whatever changes that need to be done to control or even avert a disaster. This will also remove the need for managers to remain glued to their screen since there will be systems set up to alert and notify the manager in case anything is going wrong and even generate reports.
This also allows more free time for your employees because it removes them from being in a 24/7 work cycle state by creating a system that can catch and avert any potential disasters early enough.