Plant Asset Management Software

For plant asset management software, you’re at the right place. We developed a solution that helps you optimize facility management and machine availability for your business.

Asset management is a crucial process for anyone that owns or manages valuable equipment. Plant asset management software helps organisations register and manage the lifecycle of machinery and equipment. [Plant Asset Management Software has helped us deliver next-level asset management.]

When you’re an organization that needs to keep track of lots of assets and have cumbersome manual paper files or access to expensive legacy plant asset management software, you can rest assured that you don’t have to stay there.

Plant Asset Management Software

Many corporations have asset management plans that include a register, asset identification, and strategic plan for all assets, but the more focused plant asset management discipline is put into place when plants with particularly high expenditures shift their procedures to further maximize their benefits of the material and human assets that work within the space. This is typically done through an aggressive plant asset maintenance plan that can be easily followed and carried out on a routine basis.

How Does Plant Asset Management Work?

When implemented correctly, plant asset management works to alleviate the plant of sky-high costs it can incur when its assets are not maintained or used properly. Plans are typically organized through an interval maintenance schedule that takes into account these key actions:

  • monitoring
  • service
  • refurbishing
  • replacement

Naturally, most all competent businesses already have service plans in place to maximize output, but the ones that don’t differentiate their plant’s asset management plans could be prioritizing the maintenance or replacements of assets that won’t affect profit as much as the priciest equipment used within the plant.
As you can see from the above list, plant asset management plans don’t always require specialized steps; they should be as simple to follow as your normal asset management registers. This is best executed when the register is organized by plant hierarchy, starting from the field and going all the way up to the enterprise resource planning team. Here’s how this would work:

  1. Maintenance Station: All incorporated assets are visible on a dashboard at a dedicated maintenance station in which all assets are assessed via assigned hierarchal codes alongside corresponding priority levels and other pertinent information, including detailed diagnostics. There, all information regarding the asset’s workflow can be easily accessed and manipulated.
  2. Enterprise Resource Planning Team: All of the data collected at the maintenance station will be transferred, either manually or with the help of a cloud-based management system, to the management and enterprise resource planning team. The data is then compared against a host of strategic processes to determine holistic KPIs, OEE, TCOs, TDCs, and TEEPS, amongst other things.
  3. Enterprise Asset Management Team: Once the enterprise resource planning team have made their assessments, they will send their info to the denoted enterprise asset management team whose job it is to reform the current plant asset management plan so that it focuses on nurturing higher output. Usually, this is done by developing at least two separate, highly-actionable maintenance strategies.

Why should you deploy automated plant asset management for your company?

The plant asset management market is expected to grow from $5.5 billion in 2019 to $9.4 billion by 2024. Such rapid growth is accompanied by adoption of lean manufacturing practices including cloud-based asset management solutions.  An automated asset management system for your manufacturing plant offers a variety of features to help optimize the production processes. Let’s briefly discuss the top benefits of an asset management system for your company:

1. Comply with rigorous safety requirements

Manufacturing processes involve dealing with heavy machinery and equipment on a daily basis. Without the proper safety mechanisms in place, accidents can happen. The Occupational Safety and Health Hazard Administration (OSHA) levied $11 million worth of penalty fines for violations of safety regulations for the manufacturing sector last year. 

In order to avoid hefty violations, it is necessary to comply with safety standards. A cloud-based plant asset management system enables manufacturing companies to run regular equipment inspections to lower instances of breakdowns. With every machine tagged in the system, technicians can easily check when inspections are due. For ease of use, managers can attach safety requirements along with equipment details so that all regulatory details are followed. 

2. Cater to fluctuating costs

Manufacturing companies face uncertain cost fluctuations due to the number of variables involved in the whole process. This includes factors like demand, labor, raw materials, and the cost of certification and testing. In order to streamline production at the plant, it is critical to forecast such changes and alter capacity according to the current price levels. By tracking purchase orders, admin managers can keep a record of raw material prices while work order costs specify all maintenance expenses. An asset tracking system enables you to record  primary data that can then be translated into actionable insights. 

An automated plant asset management system offers in depth analytical features that enable you to consolidate real time data as reports. These reports can then be used to forecast future trends based on client demands and the current price fluctuations in the market. Having a reliable data processing tool makes it easier to track and control costs to improve productivity. 

3. Refine calibration schedules

Manufacturing plants work with multiple types of machines and equipment to run their production process. Without a certified service checklist, there are high chances of unpredicted breakdowns. Unsurprisingly, the cost of unplanned downtime is 10 times higher than planned downtime. In order to minimize chances of unplanned downtime, it is vital to lay down a calibration strategy that combines real time monitoring and predictive analysis. 

The best way to combat unexpected breakdowns is to closely inspect equipment and machines on a regular basis. This can only be done when you have clear visibility on the tools and assets available at site. A plant asset management software offers instant access to real time data that can then be used to derive maintenance schedules. Along with this, you can also keep a track of equipment performance through service triage history. With the right tools at hand, your manufacturing plant can run the correct maintenance routines to lower downtime. 

4. Track locations for efficient equipment use

The majority of manufacturing facilities operate across various locations.In such cases it is extremely important to track each and every piece of machinery. Failure to monitor mobile equipment can spike up theft and misplacement at the production site. 

A plant asset management system enables companies to track every location where machines are being used.  Real time location tracking enables field technicians to keep equipment utilization under control and confirm it stays with the authorized personnel. Having the ability to track locations also ensures that the machinery is handled within the safety limits for production at the plant. 

5. Practice agile project management

Successful project completion requires manufacturing plants to adhere to strict deadlines set by the clients. However, working with outdated tools can hold your company back and eventually lead to loss of revenue and profits. A critical part of lean project management involves having clear visibility on the availability of staff and equipment. When you know about the inventory you own, you can make delivery commitments without any inconvenience. 

A robust plant asset management tool offers the ability to view the status of all equipment owned by the company at a centralized platform. Quick access to inventory levels and maintenance schedules leads to informed decision making and promising production outcomes. 

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