In today’s fast-paced business environment, effective asset management is critical to the success of energy companies. The ability to track and manage assets is essential to reducing downtime and increasing asset utilization, which ultimately leads to improved profitability. However, many companies struggle to effectively track and manage their assets, leading to lost productivity and increased costs.
Asset tracking and management involve the process of monitoring, maintaining, and optimizing the utilization of assets. This includes everything from heavy machinery to software systems. Effective asset management requires the ability to track assets in real time and the use of data-driven insights to optimize asset utilization and reduce downtime.
How Can Benchmarking EAM/CMMS Performance Help Increase Asset Utilization and Reduce Downtime?
EAM/CMMS solutions provide a wealth of data about asset performance, maintenance history, and utilization. By benchmarking EAM/CMMS performance, energy companies can identify areas for improvement, set goals, and track progress toward those goals. This data-driven approach to asset management can help companies extend the lifespan of equipment. Furthermore, these benchmarks are used to compare actual performance against industry best practices to identify areas for improvement.
Here are some techniques energy companies can use to benchmark EAM/CMMS performance to better their asset management and tracking:
1. Keep Track of Key Performance Indicators (KPIs)
Identifying the right KPIs is the first step in benchmarking EAM/CMMS performance. Some of the essential KPIs to consider include asset availability, mean time between failures (MTBF), mean time to repair (MTTR), overall equipment effectiveness (OEE), and energy efficiency. To read more about specific benchmarks that energy companies can use, make sure to read our last blog.
2. Establish Baseline Performance
Before benchmarking EAM/CMMS performance, it’s important to establish baseline performance for each KPI. This provides a starting point for comparison and helps to identify areas for improvement.
3. Set Realistic Targets
Setting realistic targets is critical to successful EAM/CMMS benchmarking. Targets should be challenging but achievable and based on historical data, industry standards, and best practices.
4. Implement a Data-Driven Strategy
A data-driven strategy involves collecting and analyzing data to identify trends, patterns, and insights that can be used to optimize asset utilization and reduce downtime. This strategy requires the use of advanced analytics tools and EAM/CMMS solutions to gather and analyze data.
Need Help Benchmarking to Improve Asset Management?
Benchmarking EAM/CMMS performance is an essential technique used by energy companies to improve asset tracking and management. Effective asset management requires a comprehensive view of assets and operations, which can be facilitated by benchmarking.
If you are looking to start your benchmarking journey, consider contacting HubHead for an assessment. Our team of experts is ready to help you maximize your asset utilization and minimize downtime. With our EAM/CMMS benchmarking service, you’ll have the data-driven insights you need to make informed decisions to maximize your EAM/CMMS performance.
Follow the links below to download our brochure on benchmarking or book a meeting with our consultants to learn more.
Industry Insights: Best Practices for EAM/CMMS Systems in Oil and Gas Companies
A Guide to Benchmarking EAM/CMMS Performance in the Food and Beverage Industry
The Power of Benchmarking for Mastering Master Data
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