Asset-intensive manufacturing companies face ever-evolving market conditions. To remain competitive, they must proactively manage risk (e.g., potential losses) through an Enterprise Loss Prevention (ELP) lens supporting Operational Excellence (OE), while their asset strategy ensures assets are maintained based on the balance of risk versus cost, providing optimum availability.
The Operational Sustainability® (OS) OESuite® Asset Strategy Management (ASM) Module is designed to fill the process gaps between developing, managing, executing, and evaluating an enterprise asset strategy. With the ASM Module, users can develop comprehensive asset strategies across their organization to apply appropriate controls, manage operational risks, and optimize asset performance based on asset criticality, risk, and operating context.
The first step to managing assets more effectively is developing an asset management strategy, which forms the foundation on which the OESuite® ASM Module is built. By reviewing the impact of lost production, corporate reputation, notices of violation, personnel injury, and loss of containment as initial inputs, decision-makers can determine the activities (mechanical, safety, and environmental) to be executed to protect the organization from potential consequences.
Maintenance and reliability teams take a mechanical approach to asset performance and asset strategy and often utilize an Asset Criticality Analysis to determine what study (e.g., FMEA, RCM) should be performed and what strategy (e.g., basic care, standard care) is appropriate, based on the operating conditions of the assets. Asset criticality dictates the level of effort to develop and maintain the strategy and companies can focus the right resources on the right assets by performing an Asset Criticality Analysis.
Within OESuite®, users can perform an Asset Criticality Analysis in two ways:
- A risk matrix-based approach of likelihood and consequence with industry-specific perspectives (e.g., safety, environmental, operational, etc.)
- A configurable series of Q&A criteria with weights and scores configured to match your corporate standards, leading to an overall criticality view
To accelerate the process, an Asset Criticality Analysis can be performed top-down by unit, then system, then asset, with downward inheritance and the ability to adjust individual items as appropriate. No matter the study, analysis, or inspection, the OESuite® ASM Module can help address all equipment contributing to potential downtime or loss of containment – balancing cost with risk.
Then, the OESuite® ASM Module consolidates the risk controls and risk management activities into a single consolidated list for each piece of equipment to manage and execute the strategy. Each control or activity will have different levels of effectiveness, so the OESuite® ASM Module calculates the residual risk exposure to stay within the risk appetite. With the OESuite® Asset Strategy Library, users can customize templates to reduce development time.
OESuite’s built-in Risk Reduction / Cost Ratio calculator also helps users optimize their strategy by deciding whether to perform an activity or monitor and manage the risk in other ways when applying tasks and activities from the OESuite® Asset Strategy Library, leaving users with the most cost-effective plan.
The list of activities and tasks generated by OESuite® can impact many departments (e.g., operations, maintenance, inspection, and engineering) within a single facility. By leveraging the unique interoperability of the OESuite® software platform, users can generate activities and tasks in one module, follow the execution and receive feedback in another, then update the asset strategy based on the results in a single software platform.
Through the powerful interoperability and integration within OESuite® and the ASM module, users can:
- Update asset strategies based on real-time asset health data through the Asset Health Module
- Track equipment inspections in the Inspection Management + Mobile Module
- Track recurring tasks outside of existing CMMS / EAM systems with the Task & Compliance Management + Mobile Module
- Track work planning and execution for preventive maintenance and repair through the Work Management + Mobile Module
- Observe and capture equipment statuses and readings and record findings in the Operator Rounds + Mobile Module
- As failures occur, their contribution to lost profitability can be captured in the Production Loss Analysis Module
- Manage recommended corrective actions from Root Cause Analyses in the Corrective and Preventative Action Module
- Proof testing activities can be executed in the Safety Instrumented System Module
- Develop strategies based on individual assets or assets by class for different operating conditions in the Reliability Module
- Conduct a Process Hazard Analysis (PHA) study and evaluate assets to avoid a loss of containment in the Process Risk Module
- Leverage connectors to integrate with leading EAM service providers, including SAP PM, IBM® Maximo®, HxGN EAM (formerly Infor EAM), and Oracle® EAM
Through the unified perspective provided by OESuite®, asset managers can ensure tasks are executed, risks are evaluated, and mitigations are determined in real time, allowing them to see risk dynamically and act appropriately.
OESuite® also enables a closed-loop, sustainable, continuous improvement cycle to control and improve your asset strategy. By evaluating unexpected failures in other interoperable OESuite® modules, users can improve and optimize their strategies by evaluating the effectiveness of existing activities and tasks.
Having good strategies facilitates optimization in other areas (e.g., spares optimization, lifecycle costing, resource allocation, training, budget planning, turnaround planning, and control of work). The OESuite® ASM Module removes the friction of disparate work processes to deliver a coherent, unified outcome.
Orchestrate an effective Asset Strategy while providing transparency to your organization with the right insights and decisions at the right time with the OESuite® ASM Module.
The Asset Strategy Management Module is a key component of this OESuite® Framework and Solution:
These are the core functions in all OESuite® Modules:
- Ad Hoc Reporting
- Archiving
- Asset Registry / Navigation
- Audit Trail
- Calculation Engine
- Coordination Compliance
- Configurable Notifications
- Damage Mechanisms
- Data Export / Import
- Document Links / Attachments
- Form Builder
- Integration / Connectors
- KPI Manager
- Material Library
- Mobile Applications
- Module and Hierarchy Specific Security
- Multi-Lingual / International Formatting
- My Obligations / Calendar
- My Subscriptions
- Obligation Reassignment
- OE View
- Planning / Scheduling
- Portal
- RACI Chart
- Redlining
- Report Builder
- Risk Ranking
- Risk Registry
- Robust Search
- Single Sign On (SSO)
- Standard Reporting
- Verification
- Visual Operations
- Workflow (Initiate, Approval, Execution, etc.)
For more information email us at info@drivingoe.com or call (713) 355-2900.
Operational Sustainability® makes operational excellence simple.
Succeeding in today’s complex, highly regulated industries depends on how well your company manages enterprise risk to minimize enterprise losses and enable continuous improvement without putting your privilege to operate at risk. Our industry-leading, cloud-based, highly configurable OESuite® software, supported by our world-class advisory services and technical content, enables your company to achieve and sustain operational excellence. With an average of more than 30 years of industry experience each, our advisors can design a solution tailored to your company’s culture and needs.
Learn how Operational Sustainability® can accelerate your journey to operational excellence through our industry-leading OESuite® software platform, technical content, and our industry experts. See our full slate of free webinars, workshops, white papers, detailed module information, and scheduled workshops online at drivingoe.com.
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