Reliability is a key to successful risk management in any industry. It is particularly important in electrical utilities where the service must be “always on”. Failures can result in power outages and major disruptions to many customers, some of whom are providing critical services like hospitals, banks, stock exchange computers, traffic signals, mass public transit, and so on. Read more “Utility Asset Risk Management with RCM”
In the late 90’s, the show “60 Minutes” did showed that an average economy car worth $15,000 new would cost about $95,000 if it was to be built from aftermarket parts, and adding in an allowance for your own labor, excluding the uni-body (which wasn’t for sale). It is more or less a given that manufacturer’s make more money on parts for their products than on the initial sale of the product.
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?
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.
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:...
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:
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”
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”