Looking at asset management from a purely financial perspective, you want your assets to give you the best ROI possible. That value stems from two key things – length of service and output. But how does having a long-term view of your asset management help you get the most out of your investment? Luckily, we’re on hand to give you the lowdown.
Eyes On The Prize
If you’re running production, or even if you’re a controller and want to keep a handle on costs throughout the business, you need to see when exactly maintenance becomes prohibitive or costlier than just reinvesting. The best thing you can hope for is that you keep your assets in tip-top condition for their entire lifespan – so that you can push that point out as far as possible.
If you’re running a factory, for instance, you might purchase machines that need to function consistently for twenty-five or thirty years. That’s a huge undertaking for a business in terms of investment, so if you don’t keep an eye on that long-term, it will cost you. The interesting thing about long-term thinking is that it starts today. The efforts you make now around effective asset management – including maintenance and repairs – have a compound effect over the course of years and decades.
Tank storage terminals that house enormous amounts of oil are prime examples of this. The cost to install, let alone the upkeep, of these assets, is enormous. But of course, they’re needed for oil companies to flourish. They’re always looking for new and improved ways to carry out maintenance and petrochemical companies prioritize emerging technologies, such as remote drone inspections, to support their asset investments.
The Ultimo Difference
The trick is to reach a higher level of EAM maturity by moving from a reactive maintenance management department to a predictable and cost-efficient asset management structure that encompasses both HSE- and operations-related functionalities.
One module in our system goes a long way in helping businesses get a good grip on their long-term maintenance. The Long Term Asset Planning (LTAP) module allows maintenance organizations to draw up a long-term budget for life-extending maintenance, renovations and replacement of your assets. Based on costs and conditions. The Long-Term Asset Planning module was developed with the active contribution of the Ultimo users. Because of the practical experience used to develop the module, it meets existing needs.
The Ultimo EAM Maturity Model
To guide our implementations we have developed the EAM Maturity Model. This shows the potential growth of Ultimo-running asset management organizations. It illustrates how to reach a higher level of EAM maturity by moving from a reactive maintenance management department, to a predictable and cost-efficient asset management structure – that encompasses the HSE- and operations-related functionalities.
Keen to learn more about the model? Visit this page.