How to Make a Case for an Asset Criticality Assessment

Major asset failures affect nearly all aspects of an organization. The damaging effects can put a business at risk, but assets need not degrade that far. An asset criticality assessment gives organizations the power to improve equipment reliability and save time and money.

During the analysis, personnel identify the most essential assets via a ranking system. Equipment that would cause the most disruption to operations is brought to the forefront. Companies that have never conducted an asset criticality assessment find it useful, especially if they depend on aging equipment.

Time well spent

By using the results from the analysis, maintenance and reliability teams can focus their efforts on the most crucial assets. Additionally, a piece of equipment’s criticality score can help justify MRO, capital, and project expenses vital to production and operations. To ensure that the time and effort it takes to plan and implement the assessment pays off, organizations must first do some homework.

Pre-implementation best practices

• Clearly communicate why an assessment is necessary; explain the implementation plan and how the results of the analysis will be used.
• Involve key department members and stakeholders. Invite them to the discussions centering around the asset criticality assessment process.
• Confirm all parties agree on the asset criticality assessment goals and value.
• Use quantitative analysis to drive decisions and rank assets.
• Recognize the worth of perceptions and field experience, but back them up with figures.
• Choose a proven ranking system and one that best suits your organization.

Present your case

An asset criticality analysis provides an organization with data, insights, and more. Once it is completed and implemented, expect the following benefits:

1. Improve the allocation of limited resources, including labor and materials.
2. Enhance business decisions involving maintenance budgeting, procurement, and inventory.
3. Adjust predictive and preventive maintenance processes and procedures to align properly with the needs of critical equipment and cut costs.
4. Confirm necessary investments in predictive and condition-based maintenance technologies to improve reliability.
5. Advance digitalization to secure data capture for all critical assets.
6. Predict and maintain equipment, operations, and systems stability using asset assessment data.

Once asset criticality assessment results begin to accumulate, and operations start to improve, expect rankings to change. Continuously assess assets to make sure rankings stay accurate. An asset criticality assessment evolves with an organization and improves overall equipment reliability and, therefore, production. To learn more about asset reliability or Asset Criticality Assessments, please visit www.accelix.com

A similar post was originally published on Accelix.