Selecting EAM for Design, Operate Maintain
Process manufacturing, power generation, the upstream oil and gas industry and other industries are by nature asset-intensive. To a large extent, success depends upon intelligent management of big ticket capital assets. As executives at these asset-intensive companies face increased pressure to spread investments in fixed assets further and squeeze from them greater and greater returns, technology is playing a role in asset management. Powerful enterprise asset management (EAM) software has become a requirement rather than a luxury. But yet, most EAM software fails to offer broad enough or thorough enough functionality to truly maximize asset output while minimizing asset cost. In this whitepaper, we will analyze the reasons that this is the case and offer advice for navigating an EAM software selection cycle that delivers the functionality today’s executive requires. Software analysts have advocated for a total asset lifecycle approach to EAM, encompassing the three phases of Design, Operate and Maintain, giving birth to the acronym DOM. IFS holds that DOM is the gold standard in asset management, and is what an executive team ought to strive for in evaluating and selecting enterprise software like EAM. Most organizations’ ability to achieve DOM is hampered by the fact that EAM typically encompasses only the analysis and work management practices necessary to achieve preventive maintenance and avoid unplanned shutdowns. Much of the lifecycle of a capital asset—be it the drive table on an offshore oil rig, nuclear power plant or process manufacturing equipment—requires involvement of outside parties. That asset was engineered and fabricated by outside parties. Outside contractors often perform upgrades or lifecycle extensions to that asset. At some point it will be retired, and another designed and fabricated to take its place. True control over the asset hinges on the ability for data about the asset to flow efficiently between the asset owner and these outside entities. The handoff of asset information between parties represents an opportunity to eliminate costly mistakes and non-value-added work. Achieving DOM promises to eliminate the pitfalls that result when outside parties handle asset data while allowing the asset owner and outside contractors to discover new ways to get more from capital assets.
File Information: White Paper, pdf 0.3 MB