Why Gluttony Affects Asset Management

Gluttony is one of the 7 Deadly Sins of asset management. It is also one of the easiest to identify due to the impact it has on energy costs. It is also the easiest of the 7 deadly sins to recover. For maintenance managers, gluttony is when assets that need energy (electricity, water, etc.) start to consume more energy than usual. Causes of the increased energy consumption include inhibited heat transfer, leaks, corrosion, lubrication needs and anything that causes the equipment to run longer or harder to achieve normal power.

Neglecting the operating conditions of assets will not only increase the gluttony factor, but also shorten the useful life cycle of an asset. The asset lifecycle is shortened because the device is subject to longer and heavier loads. The increased use makes the asset wear out faster and requires additional maintenance and repairs. The double impact of gluttony is a higher energy bill and higher maintenance and repair costs. These amounts can be significant when you consider that the energy costs for an average installation are between 20% and 60% of total operating costs, or that in the current recession companies cannot afford wages or repairs.

As mentioned earlier, the fix is ​​not difficult, especially if an asset-intensive organization uses an EAM system. Enterprise Asset Management (EAM) systems are designed to give maintenance management the tools needed to more effectively manage the work order process. More effective maintenance work spends less time fighting fires and more time performing maintenance functions such as inspections or preventative maintenance. The extra time spent on inspecting and addressing issues such as pressure / water leaks, lubricating critical parts or identifying other issues keeps assets running more efficiently. Energy costs will decrease due to early identification of problems and quick solutions.

To better understand how this works, the maintenance management functions of an EAM automate the work order process to minimize paper flow. For example, maintenance teams can use hand technology to submit work requests at the point of origin (problem identification). After management approvals, the work request is converted into a work order that allows on-site repairs. This method is much more efficient than returning to an office to complete paperwork and pending approvals and a subsequent return trip to the work order location.

The benefits of an EAM do not stop with improved maintenance work. One of the strongest features of an EAM is its ability to help manage the entire useful lifecycle of an asset. This is achieved during implementation by creating a knowledge base of all asset information. The database that is created contains a description of the asset, location, purchase cost, designed use, expected useful life, item condition, maintenance history, and can be modified to include many asset details.

Upon completion, the asset information in the database allows management to identify MRO trends, follow standard operating procedures, or create more accurate capital projections, all by knowing where the organization’s assets are, what condition they are in and what maintenance work is performed. Gluttony should no longer be a problem when assets are managed with an EAM system.

Source by S W Smith