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Asset Management is at its best when it is able to contribute to Operations and their business drivers such as Overall Equipment Effectiveness (OEE) and Total Cost of Ownership (TCO). Together with MaxGrip and the senior manager of an industrial company, Bob Francis of LNS Research will take the stage at Euromaintenance 2023 to share his vision.
Why is Asset Management important to improve Operational Excellence?
It is very difficult, if not impossible, to positively impact the Operational Excellence performance metrics in an industrial operation without an effective asset management program. Organizations will be hard pressed to achieve greater Overall Equipment Effectiveness (OEE), extend the life of their assets, maximize throughput, increase operating margins, or lower the Total Cost of Ownership (TCO) without a modern (digital), comprehensive and integrated asset management approach.
Francis; "One of my mentors, Ron Moore, taught us that a reliable plant is a safe plant, is a cost-effective plant, is an environmentally friendly plant. A new generation of Asset Management platforms for APM, EAM/CMMS are now utilizing advanced technologies like artificial intelligence, machine learning, and natural language processing (NLP) in what is known as APM 4.0 and greatly enhance the capabilities of Asset Management systems with direct benefits to Operational Excellence performance”. While the Asset Management technology enables OpEx gains, it also brings organizations together around common metrics shared across historically siloed groups. A proven way to drive a unified purpose-driven culture, adoption and collaboration across Operations, Maintenance, Reliability, IT, EHS, etc. is to publish the organizations OpEx metrics and show how the Asset Management program metrics roll up and positively impact the plant and enterprise OpEx metrics. Everyone is a stakeholder according to Francis.
What are the trends in the market in APM?.
LNS Research studies and weekly briefings from both end users and software suppliers, indicate that adding OT/Time Series data to APM predictive / prescriptive analytics models is trending up significantly. Specifically, these software tools automate the extraction of industrial data from historians, IoT sensors, and operational technology (OT) systems to provide "real-time” condition, anomaly detection, and alarm data, greatly enhancing the accuracy of the models.
Why are you presenting together with MaxGrip and an asset owner?
Francis; "The three of us combined represent over 150 years of expert knowledge and front-line experience on the topic of Asset Management and how these programs are a direct contributor to operational excellence. I will keep the name of the asset owner a surprise, but I do want to say that he is a leader in his field. MaxGrip adds valuable insights with them being a global consultancy firm known for their domain expertise and experience in APM. I am very excited about speaking at EuroMaintenance together with these leaders".
Bob Francis is a Research Analyst with LNS Research. He is focused on coverage areas including. asset performance (APM 4.0), digital transformation, organizational readiness and operational excellence. LNS Research’ vision is a world where industrial companies are agile, autonomous, and sustainable.