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5 Biggest Risks to Effective Asset Management
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There are five common risks that contribute to an organization’s failure to optimally manage their assets.
© Life Cycle Engineering
1. Not Knowing What You Have
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While it might seem intuitively obvious, many organizations either don’t appreciate the need to know with a high level of confidence the assets that they have, or they choose not to take the time to do so.
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2. Over or Under-Maintenance
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The typical organization that is accustomed to over-maintaining its assets will most likely be performing intrusive maintenance tasks more frequently, reducing uptime.
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The typical organization that is accustomed to under-maintaining its assets often views maintenance as a business expense open to cutting like any other in order to maximize profits.
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With these pressures, maintenance departments are constantly struggling with how to balance cost with the performance requirements for the assets such as reliability and uptime.
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3. Improper Operation
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The best guidance we can give with respect to this issue is to: 1) find out how your assets should be run; 2) understand the effects of operating outside of design ranges; and 3) if you can’t operate within the ranges, understand the risks or mitigate the risk.
© Life Cycle Engineering
4. Improper Risk Management
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The basic tenet of best practices for asset management dictates that a plan is implemented that not only manages the operation and maintenance of an organization’s assets but also manages the risks associated with the ownership and use of the assets.
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5. Sub-Optimized Asset Management Systems
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This generally stems from shortcuts taken during the EAM implementation. The way to fully address this issue is to either do it right the first time or pay more to do it later.
© Life Cycle Engineering
True excellence in asset management performance lies not only in avoiding the pitfalls but also in turning every opportunity to fail into an opportunity to excel.
© Life Cycle Engineering
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For more resources and to learn more about Life Cycle Engineering visit: www.LCE.com
About Life Cycle EngineeringLife Cycle Engineering (LCE) provides consulting, engineering, applied technology and education solutions that deliver lasting results for private industry, the Department of Defense and other government organizations. The quality, expertise and dedication of our employees enable Life Cycle Engineering to serve as a trusted resource that helps people and organizations to achieve their full potential. Founded in 1976, LCE is headquartered in Charleston, South Carolina with offices across North America and experience around the globe.
Got a specific problem you’re trying to solve?Chances are that we have helped someone solve a similar problem. Email [email protected] we’ll explain how we helped. Or visit our website www.LCE.com.
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