Asset Management Line of Sight The most important factor for asset management is achieving its objectives. Most companies aim to improve profitability and increase shareholder value through improved maintenance and reliability practices.
By maintaining and managing assets to increase business value, these companies should steer towards improving the bottom line. But what is the right line of sight for an asset management company? The right line of sight should be based on the objectives of the company. Here are some key points to consider to get the right line of sight.
Asset information requirements (AIR)
Organisational information requirements (OIR) support the development of asset management plans, strategies, and objectives. The AIR is a short-term goal that supports the organisation’s strategic objectives. The AIR process bridges the gap between OIR and AIR by ensuring that the OIR is supported by the AIR. This helps to improve decision-making and align assets with the organisation’s goals.
The AIR document should detail the required information for an asset and its lifecycle. It should also specify the information delivery protocols that will be used in asset management.
The AIR document will then provide a digital plan of the information required. The AIR document should also specify any security requirements. The information must be updated at certain trigger points during an asset’s lifecycle. This is called a ‘trigger event’.
The AIR methodology was developed by Dr. Jennifer Schooling and Dave Philp. The AIR methodology enables organisations to translate professional BIM asset management information requirements into meaningful organisational objectives.
It identifies vital information about assets and allows organisations to optimize their use of that information. In turn, this results in improved financial, social, and environmental outcomes. Using the AIR methodology, organisations can measure their performance over the life cycle of their built assets.
Organisational information requirements (OIR)
A key part of a successful asset management system is an organisation’s ability to accurately capture and analyze information across an asset’s life cycle. Line of sight methodology helps to identify and categorise information at all levels throughout the asset’s lifecycle. It helps to improve decision-making and whole-life asset risk management by ensuring data is structured and interpreted to meet its purpose. A key element of this system is the implementation of the digital twin of TRU.
In order to achieve this, organisations need to develop and align their asset information requirements (OIRs). AIRs are structured, unstructured information that must be captured at the asset level and are essential to meeting the organisation’s objectives.
Asset management involves the careful balance between risks, costs, opportunities, and desired performance. Functional information requirements are defined at the asset output level, to enable non-technical stakeholders to better understand and align assets with their organisation’s goals.
Demand analysis
IAM processes are commonly called demand analysis. They determine the amount of service that a company can expect from an asset. Demand factors vary by industry, and different types of organizations are more adept at some aspects of the process than others.
When this process is done poorly, a strategic asset management plan is not only suboptimal, but it can also introduce risks. This article will look at the process and its importance. Let’s take a closer look at how this method can help you make better decisions.
When evaluating the demand management process, you should focus on the customer’s demands. Having an accurate forecast can help you make the right decisions and reduce inventory. It can also improve customer satisfaction and minimize surpluses. Demand management is meant to drive strong profit margins and sales growth. Ultimately, this requires collaboration between the company and the retailer. Luckily, there are some tools available that can help you achieve this goal.
Risk-based maintenance
In the field of asset management, risk-based maintenance (RBM) can help prevent costly failures. The concept of minimizing asset failure through risk-based maintenance can have a positive impact on ROI, safety, and reputation, as well as bottom-line results. To learn more about the advantages of RBM, keep reading! Here are a few examples. Risk-based maintenance helps you plan for future costs and avoid unexpected costs while maximizing your current budget.
Among the benefits of RBM, it helps organizations extend the life of their equipment by identifying problems before they arise. It also reduces breakdowns, which can impact the reputation of the organization. Risk-based maintenance also addresses supply chain issues. However, it requires significant planning in the beginning. Therefore, organizations must plan well in advance before implementing RCM. The following are some advantages of RBM: