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White Paper Explores Role of Software in Asset Performance Management

The recent economic crisis has left many an organization operating with frozen budgets. This creates a challenge for maintenance organizations as increased pressure is emerging from the demand to manage employee and plant safety, minimize asset downtime and reduce overall maintenance costs.

A recent IBM (News - Alert) white paper, “The Role of Software in Asset Performance Management; Reduce maintenance cost, downtime and safety incidents”, is part of Aberdeen’s (News - Alert) Research Benchmarks providing an in-depth look into the procedures, processes, methodologies and technologies with best practice identification.

In its examination of 117 executives, Aberdeen developed a guideline for reliability and maintenance professionals seeking to understand how to proactively manage the challenges maintenance organizations face in an uncertain business environment.

To determine Best-in-Class performers, Aberdeen relied on four key performance criteria, while top performers achieving specific results:

• Overall Equipment Effectiveness (OEE) achieved by 91 percent
• Unscheduled Asset Downtime settled at only 3 percent
• Reduction in maintenance cost year over year at 8 percent
• Over achieve return on assets targets by +11 percent.

In the competitive maturity assessment, survey results found that firms enjoying Best-in-Class performance shared specific characteristics, including 94 percent had established a strategy of optimizing maintenance and operation processes; these companies are three times as likely to standardize processes for risk quantification; and they were 65 percent more likely to invest in Enterprise Asset Management solutions that could be integrated with analytics and performance management.

Aberdeen determined that to achieve Best-in-Class performance, a company must optimize maintenance and operations processes through the creation of a collaborative culture; establish critical metrics that provide timely visibility of the metrics to decision makers; and invest in predictive management and analytics solutions to ensure employees quickly and efficiently understand the value of the data collected throughout the asset lifecycle.

To find out more on what is required within the maintenance organization to achieve Best-in-Class designation, click here to access this white paper in full. 

Susan J. Campbell is a contributing editor for TMCnet and has also written for eastbiz.com. To read more of Susan’s articles, please visit her columnist page.

Edited by Jennifer Russell