How to get optimal asset utilization and peformance

To go down the path of getting operating asset optimization it is necessary that you first identify what measures will be used to determine an “optimized asset utilization” state. Input into the choice of measures must be had from engineering, operations, reliability, maintenance, safety regulatory, procurement, and risk.

Some organizations may justify the development of teams that take these inputs to develop criteria for performance and costs in conjunction with corporate business objectives. Inevitably these indicators must be in the form of financial benchmarks for the use of senior executives. These criteria must take into account the life time financial impact that any asset used has on installation, development, production, quality, safety, hazardous waste disposal, maintenance, purchasing, and final disposal.

However, it is equally important that the asset optimization model identify in quite specific detail where losses are taking place and what it costs the operation not to take action on those losses. Appropriate measures, or performance indicators, must be used that serve the practical purposes of production and maintenance.

Because business requirements may change daily in response to outside factors there needs to be a continuous refinement of the optimized asset profiles.

Source: https://www.lifetime-reliability.com/cms/free-articles/enterprise-asset-management/asset-utilization-asset-performance/