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Article   |     |   22.06.2021

Asset Performance Management Health Check

Rising OPEX. Tougher commercial pressures. Growing regulation. Ageing assets. Industry, including the energy sector, increasingly relies on asset management to operate efficiently. But often elements of a good strategy are handled separately in practice, making the big picture fragmented. When you get all the right experts together in one place, the gaps become clearer to strengthen capabilities. All it takes is a day workshop.

Asset management provides a structured, cost-effective way to operate and maintain high-risk, capital-intensive assets used across industrial sectors – from oil and gas to the petrochemical, refinery, manufacturing, nuclear energy and utility business. It can also play a critical role in enhancing the health and safety of personnel and protecting the environment.

The major topics under discussion on board level are:

  • Ageing plants & assets and the required life extension within a compliance environment
  • One Platform agnostic solution between EAM packages and tools including Quick FMECA/FMEA, RBI, RCM and compliance manager
  • Quick data analysis to response to commercial change
  • Knowledge drain faced by the Industry due to changing of market conditions

“…systematic and coordinated activities and practices through which an organization optimally manages its physical assets, and their associated performance, risks and expenditures over their lifecycles for the purpose of achieving its organizational strategic plan.”

A sound strategy covers everything that helps owners and operators manage their assets. That is the asset itself, the equipment, systems, tools, processes and procedures around it, and the competencies of an organisation’s workforce. Keeping on top of all of that can be challenging because who has the full view? And what is the benchmark?

Clarity to be more enterprising

The same way as you’d conduct a health check on your car or have a medical health check on yourself, upstream and downstream operations can benefit from an Asset Performance Management Health Check workshop to help you balance cost, risk and opportunities.

The value in bringing together your asset and asset integrity managers, maintenance managers and engineers shouldn’t be underestimated. Workshops are run based on the guidance of the Institute of Asset Managers (IAM), using a method that measures capabilities against relevant international standards (clauses and sub-clauses of ISO 55001).

By answering a series of robust questions, your organisation’s current strengths and weaknesses become much clearer. You gain quantified empirical evidence; that is being able to see the gaps and deficiencies, but also areas of excellence. This work is complementary to, and supports, certification to ISO 55001.

The main deliverables are flow charts of asset performance. Output or insight of information gathered is scored and displayed in the form of radar plots.

Knowing what to aim for

Assessing your organisation’s asset management systems against a recognised scale is extremely valuable.

It ensures performance meets expectations:

  • ensure value for money
  • to be in control and to be seen to be in control:
  • controlled change
  • risks understood & controlled

It provides a baseline and benchmark to build action plans, road maps to implement system improvement programmes and, importantly, to keep track of the results. Planning and budgeting are also made easier, focusing on the most critical elements to avoid unplanned maintenance and costly shutdowns.

Realization of value from assets will normally involves a balancing of costs, risks, opportunities and performance benefits.

Source: ISO 55001

AM Health Check scores against 28 elements of BSI PAS 55

AM Health Check scores against 28 elements of BSI PAS 55

And against 27 elements of ISO 55001

And against 27 elements of ISO 55001

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