Globalization

Asset Management is not an new-age terminology or practice. But the plethora of platforms and mechanisms at each other’s disposal have often raised deliberations on the best practices and technologies one should adopt to make this effective. Though asset management is being practiced at various intensities varying with the organization’s technology penetration and objectives, the evolving dimension to this is interesting. Traditionally perceived as a ‘labor-intensive’ function, asset management practice has slowly taking a new avatar of

‘organizational KPI’. This new paradigm has made us arise to the dawn of the new era of maintenance being considered as a ‘Profit Center’ as against its age-old face of ‘Cost-center’.

In the current globalization era, most of the enterprises have multiple manufacturing locations. This is basically done to optimize the operating cost, higher productivity and shorter “Go to Market” time. One of the key challenges, when the enterprise assets are in disparate locations, is effective monitoring and maintenance of these disparate key assets.

Some of the key drivers for this could be:

• Globalization
• Assets Efficiency
• Life of the assets

While the former is often debated and controlled by business objectives, the latter two drives the success of the former.

Assets Efficiency

The top line and bottom line of any enterprise depends on its assets performance. For example, an assembly line, where all the tools and assets are performing at 100% efficiency will have higher top line and bottom line compared to another assembly line with reduced efficiency. Enterprise should have an robust & need-specific maintenance management system in place to ensure the efficiency of their assets.

Life of the Assets

Effective monitoring and maintenance of plant assets is vital for smooth operations and to yield the expected ROI throughout its life time. Non-adherence to scheduled maintenance can result in lowered efficiency and faster wear & tear of assets much before it’s expected life. An enterprise should select the Asset Management Solution keeping the above mentioned driving forces in mind.