Establishing an ISO 55000 Compliant AMS Banner Image

Generating Business Value Through an Optimised Asset Management Methodology

How does an entity get a clear view as to where they sit in terms of maturity to the ISO 55001 Asset  Management Standard?

There is an underlying vulnerability for entities not understanding two key elements associated with Asset Management:

Have I allocated and forecast sufficient funds to?
maintain my assets at optimal working efficiency;
address asset health risk; and
deliver asset capability to meet customer demand and business objectives?
Have I in place the appropriate asset management governance, processes, systems and people capability to consistently and sustainably deliver my business objectives and provide maximum value through effective and efficient management of my assets?
The first step in addressing these questions if your answer is “I don’t know”, is to have an Asset Management Maturity review carried out. This maps your current asset management maturity against the ISO 55001 standard and develops an improvement plan and roadmap to address any gaps, risks and opportunities for improvement to move closer to best practice using the ISO 55001 Standard framework

Productivity Growth in the Age of Digitalisation

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.

IHEA Healthcare Facilities Management Conference 2017 – Common Approach For Asset Management And Statutory Obligations

This paper describes the processes that assure asset management compliance with statutory requirements for maintenance delivery.
The work involved the efficient upgrade of the asset management system from initial asset validation to a final upload of the master data.

Are you statutory compliant? We found FM industry average 10-35% non-compliance

Between 2015 to 2017 we completed statutory compliance assessments for maintenance programmes across all Australian States and Territories on over 150 facilities across 500 plus buildings, and over 300 unique asset types. We found compliance gaps from 10% to 35% based on asset type and maintenance frequency.

Realizing Commercial Value From ISO55001 Aligned Asset Management

This article demonstrates the commercial value for an organization improving its entire enterprise asset management approach in line with the ISO55001 standard… Commercial value is realized by the removal of waste in asset management delivery so that the investment is prioritized in accordance with measured business outcomes

Proven Cost Benefits from Preventive Maintenance Strategy Rationalisation

In this paper and case study, we show how our process was able to provide cost savings of up to 40% of total annual preventive maintenance through a rationalisation of the Preventive Maintenance (PM) strategy without increasing overall risk to operations and still assure compliance to mandatory maintenance.

Upgrading Maintenance Strategies for Established Plants

This paper presents a methodology for the efficient upgrade of the maintenance strategies for all assets in existing facilities from initial asset confirmation to upload of the master data in the management system. The techniques are presented utilising a case study of a coal-fired power-station in Southeast Asia. The challenges which were addressed included an inaccurate plant configuration and inefficient preventive maintenance (PM) procedures resulting in a steady decline in the power-station reliability.

Maintenance Systems Formation

The major topics dealt with in this paper include identification of items to be maintained under a preventative maintenance schedule (PM) in a facility and the assessment of the criticality of each of the nominated items of plant. Based on the asset listing a preventative maintenance schedule and inspection plan, covering simple inspection, trade level […]

Maintenance Reliability Bureau

This paper presents an objective methodology for maintenance data analysis. The purposes of these analyses are to identify strengths and weaknesses in the maintenance management system, opportunities for improvements, and benchmark maintenance key elements against maintenance best practice. A wide range of reports can be provided from analysing the data from computerised maintenance management systems. […]

Asset Management Implementation

This paper presents various methodologies and issues associated with a total asset management process that embraces the use of capital and maintenance expenditure to ensure assets meet the full spectrum of operational requirements, including safety, performance and return on investment. Pervading the entire process is a risk management process that is a function of the […]