The Price of Optimizing Your Process Is Asset Reliability
All plants have two distinct lifecycles: the Asset Lifecycle and the Operations Lifecycle. The Asset Lifecycle follows your equipment through their lifecycle of procurement, installation, and operation. The operations lifecycle follows your process from initial design, detailed design, start-up, operation, and optimization. Both lifecycles are equally important; however, it is easy to focus on optimization since it results in making as much money as possible. However, if you focus solely on optimization, then it is easy to overlook something that directly correlates to your ability to optimize your process: asset reliability.
A colleague once described this dynamic in a simple sentence: "The price of optimizing your process is asset reliability."
Optimization is where you can increase your profitability, but if your assets fail, then you can't operate at all. One unplanned outage can potentially wipe out the additional profits gained from process optimization. Before you start optimizing your process, you need to manage your assets appropriately.
Digital Transformation empowers organizations to shift from reactive maintenance to predictive maintenance (PdM) strategies. This approach enables front-line personnel to act before costly failures occur and maximize value throughout the entire asset lifecycle. Improving reliability, performance, and safety are among the top priorities for industrial organizations and businesses today. They are focusing efforts and resources on controlling costs and maximizing value from existing investments. PRiSM Predictive Asset Analytics helps organizations gain the highest return on critical assets by supporting predictive maintenance (PdM) programs.
Predictive asset analytics software uses existing data and advanced pattern recognition to develop a unique profile for each asset taking into account all operational, ambient and loading conditions. This software results in an early warning notification and diagnosis of equipment issues days, weeks or months before failure. This helps reduce equipment downtime, increase reliability, and improve performance while reducing operations and maintenance expenditures.
You need to look at both lifecycles wholistically - as they are dependent on each other. However, always remember: The price of optimizing your process is asset reliability!
How do you manage your assets?
Join this free webinar: "Asset Excellence in Oil & Gas: Customer Success Story with Predictive Analytics" on August 30 @ 10 am CDT. During this webinar, Ann Attaway, Program Manager at Air Liquide will provide an overview of the PRiSM implementation process, successes and lessons learned at Air Liquide.
Joseph J McMullen
I am a graduate of Villanova University (BS ChE ‘00 & MBA ‘04). After five years in Technical/Pre-Sales Support, five years in Product Management, and 9 years in various marketing roles, I started my current role as Senior Portfolio Marketing Manager, Value Chain Optimization. Feel free to connect with me on LinkedIn