What To Demand From An Asset Management Solution

When building a solution for advanced asset management, there are things you should look for.

Efficiency

Asset management planning activities and analysis are labour intensive. Implementing an enterprise asset management solution improves efficiency through integration and software tools. This reduces the effort for data extraction, spreadsheet manipulation and custom database management. You can expect efficiency improvements on building baseline plans. Analysis activities may benefit even more. Complex analysis tasks that took weeks may only take hours or even minutes to complete.

Timeliness

The timeliness of the analysis delivers improved confidence in the results. Executing more iterations of the planning activities improves the quality of the plan. Active integration to data sources reduces the lag between data changes and the plan. You might see an improvement in data timeliness from 3-6 months old data to one day old. Advanced tools deliver analysis results based on this data in a shorter time. Regeneration of a version of the plan after a change can go from days to hours or even minutes.

Transparency

Transparency improves the defensibility of the plan to both internal and external reviewers. Transparency improves the confidence the organization and its stakeholders have in the plan. The commitment to funding and execution is easier to get. Transparency should come from audit trail of all changes. The ability to drill-down into the calculation of each value to find the basis for it is critical.

Effectiveness

Take Risk exposure into account in the plan. Use risk measures to create an optimized plan based on risk. This will improve the effectiveness of the asset intervention investment. This results in doing the right work at the right time, to the right asset. The organization must optimize the combined capital and operating cost for the inventory. The plan must include planned and unplanned costs over the lifecycle of the assets. Using a base-line age-based plan, calculate savings comparing to the risk-based optimized plan. This can result in high savings, as the potential for improvement is very large.

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