Utilising asset management in the manufacturing industry allows you to systematically track, maintain and optimise your existing processes and infrastructure. Bringing an asset management company on board to support your organisation with the monitoring allows you to spend more time in your facility, focusing on productivity, while they analyse data and offer improvement suggestions.
The ultimate goal of using an asset management company is to extend the lifespan of your machinery, reduce any unplanned downtime, and maximise your equipment’s overall effectiveness (OEE).
Importance of asset management
Asset management companies come in all shapes and sizes, each with their own specialisms. Some are very unique – such as Purple Sector, an organisation used by fast-paced manufacturing facilities, that uses knowledge and asset management techniques gained from the Formula 1 industry to optimise processes.
Asset management solutions can be vital in supporting your facility and the manufacturing sector as a whole in several critical ways.
One of the key benefits of using an asset management agency is that while you and your organisation are working hard to manufacture your products and keep your production line running, your agency will have set up digital systems and sensors to monitor and assess your outputs and processes, which will alert you to any potential issues or improvements you can make.
Benefits of using an asset management agency
Reducing unplanned downtime
Utilising predictive analytics and continuously monitoring your systems, your asset management company can alert you to potential equipment issues before failures occur. This allows you to fix any potential problems before they force your production to stop, minimising unplanned downtime.
Extended lifespan
Your asset management company should assist you with regular maintenance schedules, structured around your production line and the equipment you use. Regular maintenance will enable your machinery to operate at peak performance and extend the lifespan of your equipment.
Health and safety
Your asset management company should be aware of your industry’s health and safety regulations and help you to ensure your machinery and equipment meet regulatory standards. With regular check-ins and inspections of your safety-critical machinery, you can reduce the risk of workplace incidents and avoid any legal issues for non-compliance.
Operational efficiency
Machinery and equipment that have been well maintained and optimised for operational efficiency consume less energy and produce less waste, meaning your production line will be far more efficient and improve your profits.
Data-driven decisions
One of the key parts of asset management is the data sourced from tracking systems and monitoring services. While some manufacturing systems are set up with the capabilities to track data, they are often only using basic sensors to keep the systems running and alert you to any issues once they have already happened.
An asset management company like Purple Sector will be able to offer enhanced sensors and detection systems that capture data in real-time and enable you to make smarter decisions regarding your production line.
These enhanced data collection systems can spot potential issues before they happen, with projection insights and create virtual replicas of your processes to enable you to act accordingly to adjust your production lines or upgrade equipment.
Not using an asset management company
Not every facility in the manufacturing industry will choose to partner with an asset management company, but if you do choose to go it alone, there are some things you should be aware of that could cause issues later down the line. While the cost of using a company to manage your assets may be costly up front, not using one could end up costing you even more.
Downtime
Most factories will already have sensors fitted in their equipment as standard from the manufacturer which will alert you if your machines suddenly stop working, causing costly downtime. But these sensors are rudimentary, they can tell you when your machine has stopped working correctly, but they can not tell you why or how to stop this from happening in future.
This is where specialist sensors and expertise from an asset management company can come in handy – their sensors will tell you there is a fault before the machine breaks down, saving you costly downtime.
Higher long-term costs
While your machinery helps create products, it’s your team that really keeps your business running. They may be highly trained professionals in their industry and expert engineers, but when it comes to being able to optimise your assets and offer improvements, their skills are often more suited to replacing broken parts. This knowledge gap between the technicalities of tracking the production line digitally and physically producing products is where an asset management company can bridge the gap.
Safety risks
Expecting your members of staff to be able to understand and manage all of the regulatory standards in your industry, while also doing their daily tasks, is a big ask. There are a lot of workplace safety standards and safety audits that must be completed and kept up to date, some of which may require specialist support to complete.
While staff should be trained in health and safety to ensure they are careful when using and moving around factory machinery, they cannot be expected to uphold and be in charge of overseeing the stringent protocols designed for management and expert asset management companies to complete.
Inventory tracking and analytics
One of the key issues with not using an asset management company is that without specialist sensors and tracking systems in place, you may end up overspending. Without the projection insights gained from data sourced from tracking systems, you could end up purchasing more stock than is required, or selling out far quicker than expected, leading to stockouts, shipment delays and unhappy customers.
Asset management companies can prevent this for you by analysing performance data using specialised software that will help you boost productivity, reduce energy usage and optimise operational efficiency.
In summary
If you are not currently using an asset management company to analyse your data and optimise your systems, you’re running the risk of overspending, underproducing and missing out on important insights into your business. Finding the right asset management solutions for your business can be simple; you just need to work with the right people. An asset management company understands how your production line works and has first-hand experience dealing with strict regulations, tight deadlines, and has the know-how to help you get the most out of your machinery.
