Asset Management Innovative Asset Management Tools Increase Plant Reliability, Throughput and Availability
Learn how an effective asset management strategy based on innovative tools and services can help managers realize a better return on their investments, remain competitive, and maintain a stable and predictable operating environment.
Plant downtime hampers a plant’s ability to meet production targets and also places a strain on resources. ARC Advisory Group estimates that globally, process industries lose $20 billion, or five percent of annual production, from unscheduled downtime, and that 80 percent of these losses are actually preventable.
Organizations such as ARC also report that typical process plants underperform by as much as 20 percent in areas such as reliability, throughput and availability, with little change over the last 10–15 years. So why, despite serious investment in new asset monitoring technology and improved equipment, has there been no significant improvement?
The most likely reason for underperforming assets is that maintenance personnel and management are so deeply involved in “fire fighting” incidents that looking into the future is a luxury they can ill afford. But to see progress, plants must break free from reactive maintenance. They need asset management strategies which include preventive and predictive maintenance.