Digitalisation of data and the correlation of such data from multiple sources has little value unless that data can be interpreted.
In the field of Engineering, Facility and Asset Management we are entering an exciting time. The utilisation of data now available is seen by many as providing the next big “Productivity Gain” opportunity as a result of its ability to impact operating costs.
With reduced operating costs, comes the opportunity to improve a company’s competitive position in market . So, what are the blockers being experienced in taking the next step on this journey. Why are companies hesitant to invest resources and funding in order to move to the next level where this data can be translated into business benefits.
Case work by Covaris Engineering in this field has found three main reasons:
• An inability to interpret the data.
• An inability to develop a business case and ROI to validate the projects capital start up investment.
• A failure at board level to change not only their behavior but also the company culture to recognise a break fix reactionary culture has inherit cost and brand implications as compared to a structured long-term maintenance scheduling approach. The latter utilises engineering principles supported by predictive analytics now available through the use of digitalised data and algorithms.
Covaris has been assisting Enterprise and Government customers to understand the “step logic” that must be followed to address these points for many years. If these challenges exist within your environment you may be interested in some of the attached case study findings.