Asset Management Archives - Conscious Asset

Myth busting 21: Are manufacturer’s warranties worth it?

February 14, 2019

Many believe strongly in the value of warranties on new / refurbished equipment. They go to great lengths talking about how important it is to do the manufacturer’s recommended maintenance to maintain validity of the warranty. This is a continuation of the last blog article on having too many failures despite following manufacturer’s recommendations. Manufacturer’s usually recommend maintenance and spare parts for their products. In our last blog we can see that those recommendations are often flawed. So what about their warranty? Read more “Myth busting 21: Are manufacturer’s warranties worth it?” →

Asset Management

The bottom line

October 14, 2018February 13, 2019

Maintenance and finance may not seem like natural “allies” in the battles for business achievement. However, they share common concerns and can both do a lot of good – albeit from behind the scenes. Financial managers, directors and CFOs are primarily concerned with company financial performance. They are often the watchdogs for regulatory compliance. They are in an excellent position to see what’s going on, and spotting problem areas, but not always what to do about them. Like all of us, their expertise only goes so far. Read more “The bottom line” →

Asset Management

Myth Busting 4: No Room To Improve

May 18, 2018February 13, 2019

This particular myth is not overly common, but it still occurs, usually in the minds of people who are really good a fooling themselves. It becomes more common when it is modified to say, “…running as well as it ever has”.

There are two parts to this one: 1. We believe it is actually running well, or as well as ever, and, 2. We really think we’re great and there truly is no room to improve.

NOT!

Asset Management

Myth Busting 2: We can do it ourselves

March 15, 2018November 20, 2018

I am convinced that our egos often get the better of us. We suffer as a result and so too do those around us. Believing that we have the answers to all of our problems reflects just how much we fool ourselves. Maintenance managers burn out because of it. Read more “Myth Busting 2: We can do it ourselves” →

Asset Management

Myth Busting 1: Maintenance is Asset Management

February 15, 2018November 20, 2018

This is the first in a long series of blogs about common myths I have encountered and continue to encounter in my work with various customers. None of these “myths” are universal either – some people believe them, others are not sure, others do not. Which are you?

Maintenance is NOT asset management (AM). The myth (or perhaps misperception) arises because of a few factors: Read more “Myth Busting 1: Maintenance is Asset Management” →

Asset Management

SaaS for Predictive Maintenance in the Cloud

February 6, 2018November 20, 2018

Cloud computing is increasingly becoming critical to business, especially as digital technologies like IIoT become widespread. Gartner predicts that in the next year, the cloud-based Software as a Service (SaaS) market will grow 85%, five times faster than traditional software. For industrial companies who want to use the IIoT for predictive maintenance, cloud-based SaaS solutions offer tremendous opportunities that have the potential to disrupt the equipment maintenance world. Read more “SaaS for Predictive Maintenance in the Cloud” →

Asset Management

IIoT for Predictive Maintenance and Big Data

January 10, 2018November 20, 2018

We are often asked about the impact of the Industrial Internet of Things (IIoT) on equipment maintenance for industrial companies. When it comes to repairs, we don’t anticipate that much will change because of the IIoT, except in identifying when repairs are needed. Making systems safe after they’ve suffered failures and taking things apart and replacing components will always require human intervention. In the area of proactive maintenance however, we see a big impact and huge potential benefits. Read more “IIoT for Predictive Maintenance and Big Data” →

Asset Management

What is Conscious Reliability

May 25, 2017November 20, 2018

In 2015, Jesus Sifonte invited me to be a speaker at a client and business partner congress that he was holding in San Juan, Puerto Rico. We did not know each other, nor did we even know much about each other. I was recommended to Jesus by a mutual friend, Dr. Andrew Jardine at the University of Toronto. At the San Juan congress we presented our respective topics and in the evenings we shared a few drinks while speaking about maintenance, reliability and asset management. We realized that we both had a shared passion for excellence and we learned about each-others’ experience. Read more “What is Conscious Reliability” →

Asset Management

Re-engineering Reliability Centered Maintenance

April 10, 2017November 20, 2018

Reliability Centered Maintenance methods compliant with the SAE standard JA-1011 (“Evaluation Criteria for RCM Processes”) all have common features – they must, or they won’t comply with the standard. Those requirements are “minimum” requirements, as they are with any standard. RCM-R complies. But what makes it different and why?

The RCM standard and most, if not all, of the established RCM methods are firmly rooted in the past as it was defined by those few individuals who wrote the SAE standard. The standard and those methods have stood the test of time because they work, but we asked, “Can they work better?” Answer – yes. Read more “Re-engineering Reliability Centered Maintenance” →

Asset Management

Cost Control or Value Generation

March 29, 2017November 20, 2018

If you can’t sell all you can produce, then reducing costs is often the only way to improve margins, but that simplistic accounting perspective is not always the case. Cost control is often thought to be key to attaining profitability but it the case of maintenance it can get you into trouble. Cost control can have a big opportunity cost if you don’t take advantage of the opportunities you have.

Figure 1 shows the basics – as production increases, revenues and costs both increase. Revenue is zero at zero production and increases to 100% at 100% output (if you can achieve it). Read more “Cost Control or Value Generation” →

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