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The definition of asset, for the purposes of this article, will be restricted to tangible assets, material goods that comprise the physical production structure of any industry.
Assets are material goods that have value in themselves or that produce value for an organization.
Asset management implies the optimal management of its life cycle in order to achieve the defined objectives of a business in a sustainable way.
It is finding the right balance between performance, cost, and risk to achieve the same goals.
The efficient management of the asset life cycle, or asset systems, is fully in line with the need for the competitiveness of the industry, in all sizes and segments.
The life cycle of the asset involves since its selection (design and acquisition), operation, maintenance, retirement, to its disposal.
The quality of management in an organization is what determines its success or failure.
In a competitive environment, where leading-edge organizations are introducing Industry 4.0 technologies into their operations, extracting maximum value from the investment in assets cannot be neglected.
To maximize the value of an asset, it is necessary to keep track (in appropriate software) of its performance over its useful life.
This performance comprises operational activities and related costs, accompanying the return on investment.
Thus, it can be assured whether the value generated is aligned with the strategic and operational objectives of the organization.
Among the benefits of good industrial asset lifecycle management are:
For industrial assets to generate value for the organization, throughout their life cycle, it is not enough to simply specify, request quotes, and buy that asset.
Unlike this, purchasing an industrial machine is a multi-step process to be done calmly and properly, including:
The bathtub curve, indicates where the highest risks of failures are. There is a high incidence of early stage failures, also called infant mortality, which are failures arising from:
Being aware of the associated risks at the initial stage of the asset’s operation, one has a clearer idea of the relevance of care in stages 1 to 5 of the life cycle, listed above.
Past the infant mortality risk period, you enter the asset’s useful life where failure events slow down and stabilize. When they occur, the failures are random.
At this stage the application of the appropriate maintenance strategy plays an extremely important role. There may be corrective interventions, but preventive maintenance and the application of predictive techniques are more usual.
The latter favor the reliability and availability of the assets, and therefore their generation of value.
With time, the asset tends to show more wear and tear failures.
As the graph of the bathtub curve illustrates, this incidence increases significantly in the final phase of the asset’s life. At this point, you enter the stages of modification or upgrading, or decommissioning and disposal.
The productive capacity, new technologies, maintenance costs, and asset replacement costs will indicate the best way forward.
The Solution has proven adherence in various types of industries to help manage assets from installation to end of their lives.
It is a technology that incorporates the main values of Industry 4.0, helping to better manage the life cycle of industrial assets. Contact us and learn more.
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