Asset Management and Reliability Process Troubleshooting

Asset Management: A Business Necessity

Asset Management is essential to the success of any business enterprise, regardless of the size of the business. But even a successful business with an established asset management program can experience asset failures and incur related costs that strain the organization’s resources and pose obstacles to the achievement of operational and financial goals.

An Asset Management & Reliability program combines managerial art with engineering science to coordinate all asset management activity within a business enterprise, to realize maximum operational and financial value from the business’ critical physical assets. Once established, the AM&R program must continuously be evaluated and updated to adapt to an organization’s changing needs.

AM&R Process Troubleshooting Services

TÜV SÜD GRC offers systematic, top-down, enterprise-wide evaluation and assessment of a company’s asset management and reliability activities and decision-making processes, with a focus on asset protection and production value streams. Services include an overall assessment of the company’s AM&R program, validation of the program’s strengths, analysis of opportunities for change or improvement, and assessment of asset costs and risks in the context of the company’s financial and operational objectives.

The TÜV SÜD GRC team has the combined “art and science” skills to assess your asset management and reliability program from end to end, validate the program’s strengths, and identify potential for improvements. We offer opportunities to enhance asset reliability, improve consistency of performance, and measure the program’s financial returns. Our service will help your organization better mitigate business risks, improve process control, and increase financial returns on your physical and human assets.

Identifying Asset Management and Reliability Opportunities

Signs that an evaluation of a company’s asset management system could be helpful may include:

Asset management processes do not cover critical assets’ lifecycles in their entirety.
High, or increasing, estimated exposure to property damage or business interruption loss.
Absence of a comprehensive system of KPIs for asset performance, maintenance, and replacement.
Long lead times for replacement of critical production and /or infrastructure equipment not identified.
Underutilization or overutilization of the company’s Computerized Maintenance Management System (CMMS).
Underdeveloped “change management” processes.
Poor asset performance, poor maintenance performance, or excessive or escalating costs of asset maintenance or operational downtime, as measured by established KPIs.
Inadequate tracking of, or insufficient attention to, asset performance, maintenance performance and costs, in comparison to established KPIs.
Business interruption exposures are not adequately considered in asset contingency planning.
“Maintenance planning” drives “operations planning,” rather than vice-versa.
Absence of a formal process for analysis and management of third-party recommendations.
Asset management strategies seem more “time and compliance” based, rather than “asset performance and conditions” based.
Investment in hi-tech solutions to address asset management issues without collection and thorough analysis of applicable data.
High rates of turnover in company personnel and/or third-party contractors.

TÜV SÜD GRC Deliverables

Our AM&R Process Troubleshooting evaluations and deliverables include:

"Gap/alignment” analysis between standards established for asset management and reliability initiatives and performance of your current asset management and reliability program.
Review and analysis of asset management and reliability metrics (KPIs).
Review of CMMS implementation.
Review of site-specific asset management and reliability strategies currently in place for key assets, including:
- Preventative maintenance programs
- Condition monitoring programs
- Human capital
Review of physical asset loss prevention and business interruption plans.
Review of inventory of, and access to, critical assets and replacement parts for them.
Fact-finding site surveys to identify “gap patterns,” process failures, and process deficiencies.
Review of change management, root cause analysis, and “lessons learned” processes.
Identification of AM&R improvement opportunities, including cost estimates and risk weighting based on assessments of likelihood and possible severity of asset failures.

Reliability and Consistency of Performance

Any business enterprise seeking to extract maximum value from its physical assets can benefit from our Asset Management and Reliability Process Troubleshooting services. Several fold returns on investment in our service may be realized by clients across virtually every industrial business sector through reduced loss frequency, savings in maintenance costs, and reduced downtime. Resulting improvements in reliability and consistency of performance, along with corresponding improvements in financial results, can make your company more attractive to lenders, insurers, and other financial organizations, as well as to your customers and shareholders.