We recently had a podcast discussion with James Kovacevic (formerly of Accendo Reliability) covering Asset Management and the role of ISO 55000 in it. Here is part 1 of the podcast; part 2 will be available on this blog next week.

Reliability needs to be taken care of from the start to the end to make sure the necessary features are obtained along with an improved performance of the asset. This thing is made sure by the maintenance department with the help of operating teams and other people. So, you need to maintain as well as forecast every aspect such as design, capacity, and downtime to make timely decisions about replacement and upgrade of the assets. Now, what impact does it has on maintenance and reliability? And how this asset management needs to be done at a reasonable cost?

You need to do some planning and thinking before you invest anything into an asset because the main purpose is to get some good outcome in the end with return on investment. The maintainers can help greatly in this endeavor as they are the ones running things in the field. They can give some insight into the design of existing or required assets because they have the knowledge that is needed to fix and maintain stuff. They can contribute heavily to the maintenance programs at the initial and middle stages such as designing or development to meet the requirements. That is why all the information is necessary to have in order to make better decisions, avoid failures, and remove flaws. The organizations which are good at doing this have a strategic advantage in the business in the market. This domain covers a huge range of higher positions in almost every department while implementation.

Assets are not just the running cost, finance, and equipment that an organization is putting in the whole process. It also means the people that can help you make the strategies better, give you all the knowledge that you need to reduce the risks involved. These also include the procedures and policies that a company uses for Reliability Centered Maintenance. That is why managing all these things gives you a significant increase in the corporate value of your organization. This can only be done when each and everything is considered to have all the field and general information about the equipment so that there are no unseen major problems that will happen to appear suddenly in the future and do the damage.

In short, everyone has to work together to make the asset work in the most suitable way to add value to the organization’s overall performance. It is very important for stable operations and long-term benefits that the process of asset management is done well in the organizations to achieve the desired productivity results. Reliability is something that goes beyond all the limitations to get the best outcomes at all times.