Use the content and equipment expertise you already have to drive performance improvement
Do you get the sense that your organization is unable to deploy the best maintenance strategies to all assets, at all times? Do you suspect that money is being wasted through ineffective strategies? An Asset Strategy Management process could be just what your organization needs.
In short, Asset Strategy Management means that:
- The best strategies, developed by your best subject matter experts, are in place; and
- They are deployed to all your assets all the time; and
- They continually evolve based on real data and an effective review process
It unlocks value currently being left on the table through ineffective strategies and the inability to deploy the best tactics to all assets in moments.
What is Asset Strategy Management?
Most organizations have attempted, at least in part, to standardize Master Data and even strategies for common equipment. It makes logical sense to consolidate and deploy common data wherever relevant.
Yet there are two common problems holding organizations back:
- Creating and deploying generic content cannot be done effectively within a CMMS or ERP system. These systems are designed to support the execution of work; not the management of strategy decisions. By their very nature, they cannot truly utilize generic content in a continuously deployable and connected way.
- While there may be a sound, defined work management process in place to drive consistent execution of work, there is limited or no process in place to manage the review and evolution of strategies and content. Quite simply, parameters associated with the strategy can be changed on a whim with no requirement for subject matter involvement or approval.
Essentially, most organizations have not separated work management and strategy management – yet they are entirely different processes with completely different objectives.
Work Management = managing execution of work
Strategy Management = managing the strategy that will be executed
So what does strategy management cover?
- Tactical: The maintenance tactics that will be executed. Including the tasks to be performed, when they are done, how they are done, who does them, materials required.
- Asset/Fleet: The decisions made at an asset level such as major component or asset replacement ages, major shutdown or system outage schedules.
- Portfolio: Optimization of budget allocation for a portfolio to maximize value given the financial and resource constraints.
In many cases, there is an iteration whereby constraints at a portfolio level drive the need to change tactical level strategy to deliver the required performance with the available funds.
The ideal situation
This environment – where strategy management is separated from both work management and performance management, where it is implemented – allows for management of generic content, rapid deployment, and intelligent strategies that continually learn from your best decisions no matter where they are made.
Your subject matter experts can develop a strategy for an equipment type, and then rapidly deploy the strategy to all relevant assets. When a change is made to one instance of that particular equipment type, you can see exactly where else it is implemented – so that maintenance plans can be updated in the CMMS, across the whole asset base if needed.
It is critical to note that Asset Strategy Management is not:
- Just an FMEA library
- Just a maintenance tactic library
- Just a project to review or develop maintenance tactics
Rather, it is a process that continually manages asset strategies over time. It delivers the required performance and allows you to effectively manage and deploy generic maintenance plans at a speed that matches the decision making.
Of course, for the process to work, Asset Strategy Management allows for local variations of content to account for different operating contexts or duties, environments, local workforces or regulations – while maintaining the link to generic content for rapid deployment of the latest thinking in the future.
What’s required for Asset Strategy Management?
Like all effective workflows, Asset Strategy Management needs the right infrastructure in place. You need:
- A clearly defined process, with roles and accountabilities, outlined
- The right technology to identify underperforming assets and implement appropriate solutions using data-driven insights
- A strategy for educating all people involved in every step of the process
- Support mechanisms
- Effective triggers
- An Asset Strategy Management solution
Get it right and the results speak for themselves. With Asset Strategy Management, you will realize significant cost savings by deploying your best strategies to your entire asset base, all the time.
