Best Practices to Turn Asset Management Into a Profit-Center

Best Practices to Turn Asset Management Into a Profit-Center

Lean is the elimination of enterprise waste, the streamlining of processes to increase productivity, and the more efficient use of capital assets and valued personnel in the pursuit of continuously improving bottom lines. It is common knowledge that asset downtime disrupts production and drives up both process and per unit operating costs. The irony is that companies can use asset performance management in implementing lean maintenance techniques not only to make more widgets, but to make each widget more profitably.

This paper provides concrete suggestions and identifies specific areas within the maintenance process where companies and enterprises can reduce waste, increase reliability, and view the maintenance effort as an integral part of a lean business posture. Recommended areas of improvement:

* Optimize parts inventory so parts are available for preventative and corrective maintenance
* Facilitate preventative maintenance activities for critical assets
* Provide cross-training for personnel to allow more skill flexibility
* Encourage and empower all stakeholders to initiate improvements