If your organization has been stuck running the same strategy review projects over and over, Asset Strategy Management is your way to break free and never run a reliability project on an existing asset again.
One of the common frustrations we hear from Reliability Managers is that much of their time is tied up in projects and, from our experience, this is no surprise because almost every time an asset fails or doesn’t deliver the desired performance, a new project kicks off.
Typically, these projects begin with a root cause analysis and end with a new strategy and maintenance plan updated into the EAM system. The issue is that if the strategy and plan are not continually refreshed, the asset's performance will eventually deteriorate and another project will begin.
The only way to break the cycle of repeated projects is to treat reliability strategy work as a process rather than a project. This approach, enabled by Asset Strategy Management, has several benefits, including:
- Increased effectiveness of reliability employees who can focus their time on value-added activities like reducing risk and improving performance
- Improved data architecture which enables information and learnings to be leveraged across the organization
- Consistent processes and a centralized system for setting asset strategies and evolving existing ones
- Ongoing alignment of strategies to current operational context
- Avoidance of project costs, including project consulting fees
In addition to all of this, the move from a project-driven approach to a process-driven approach can yield improvements in cost control, risk management and asset performance.
Getting started with Asset Strategy Management
Asset Strategy Management helps put an end to reliability projects by helping organizations to optimize asset strategies from the very beginning. It also supports a continual process for reviewing those asset strategies and evolving them in line with current operational context.
To be successful there are several key foundational elements that are essential to delivering maximum value from ASM. These range from key aspects of strategy decision making to fundamental characteristics of the ASM process.
To help you get started and put an end to time-consuming projects, watch our on-demand webinar How to get started with Asset Strategy Management.
This session will cover the basics of what you need in place to get started with ASM including:
- Consolidating your data - what data and why
- Fundamental considerations for setting strategies and deploying them to assets
- Governing strategy changes and review process
Watch the webinar today or learn more about how we can help you to digitize and centralize your entire asset strategy management process with Cordant™ Asset Strategy.
