Tips On Asset Performance Management
Asset management is all about getting as much value as one can from the assets that the company owns.The term asset management refers to the ability to derive as much value as one can from the company assets. The main purpose is to decrease waste by making sure every resource is working at full capacity to meet their intended purpose. This can be indicated in various ways such as managing a machine so well so much that it exceeds its expected life time to anticipating mechanical degradation and promptly repairing them before they affect the production process. Another important aspect of asset management is trying to understand how various machine function and how they can be operated for peak performance. Asset managers are tasked with the duty of investigating the expected performance of their assets and assess how each of them is supposed to operate and when they are not functioning well so that improvements can be made.
One area that has not been left behind in the wave on the Internet of Things is asset management This has resulted in more managers embracing various technologies to help them get more value from their resources. Technologies like deep data mining, machine learning systems, energy monitoring and RFID tagging have simplified the jobs of asset managers the world over.
However, even in the abundance of so much intricate technology some of the changes that need to be effected to achieve the best results do not involve expensive and intricate technology but just some minor technology changes.
Data remains a key pillar in asset management and actionable data is pivotal in the asset management process. One of the ways to be always getting actionable data is to set up systems that can get data at any time and convey it to any place. One method to do this is create a system that creates data when a machine is being used then transfers it to the cloud for analysis to get various insights. This data can be relayed to the floor manager through a mobile device so that he is aware of what is going on no matter where he is. This does not mean that the company is affecting the work-life-balance of its employees.
Rather this balance will be maintained since a responsible person will always have access to the data so that they can be able to contain, control or even avoid a potential crises. This will eliminate the hustle that managers have to remain glued to their screens since there will be automated systems that have been setup to issue notifications and alerts in case something is not working the way it is intended to work.
This also allows more free time for your employees because it removes them from being in a 24/7 work cycle state by creating a system that can catch and avert any potential disasters early enough.