Asset Performance is Key to Profitability
Creating an environment for Continuous Improvement
In a digitally transforming world, asset performance and profitability are directly linked. Operational data is one of the essential means to ascertain asset performance and find the path to continous improvement, innnovation, productivity and reliabilty.
Opportunities
Increasing ROCE
Assets are capital intensive. Improvements in asset performance, whether measured by OEE or other means, translates directly into quantifiable financial contribution by improving the return on capital employed (ROCE).
Reducing Losses
A reduction in the equipment failure rate opens the way to improvement in product quality and yield by minimizing downtime, product reruns, scrap, idling, etc. It also means less repair cost, more productive labor, meeting production schedule more accurately, etc.
Facilitated collaborationÂ
Proactive and organized management of downtime and production slowdowns into a common system of record and analysis framework creates a digital image of an asset's health and performance and enables multi-disciplianary collaboration including equipement and system vendors.
Improved Decisional Acuity
We can only improve what is measured and managed. Systematic collection and analysis of down time and production slowdown events improve decisional acuity by providing objective indicators of efficiency in near real-time. It enables the power to redirect operations to adjust for unexpected changes with minimal downside impact.
Challenges
Measuring & Tracking
Improving asset performance in the process industries starts with collecting data to measure the overall equipment efficiency (OEE) and analyse the results. Without a structured framework to gather and analyze this information, analysis will yield few results and guessing is not a strategy.
Data collection
Collecting data for OEE is typically a combination of manuel data entries or selections, real-time triggers and calculations and ad-hoc observations. Pulling such data together efficiently can be tedious and mission critical.
Understanding
The process of improving asset performance requires analysis to gain insight into root causes, interactions, bottlenecks, interferences and other factors impacting asset performance. This analysis depends on the quality and usability of down time and slowdown data.
Takng the high road
Asset performance improvement requires we take the high road which requires analysis and optimization efforts vs. the low road which requires we fix a given problem. Taking the high is more effort, more collaboration, more information to manage. Making the high road more accessible matters a lot in the acceptance of an OEE strategy.
Roadmap to success
The roadmap to a successfull solution involves understanding of the requirements, assessing the degree of fitness of commercial off the shelf solutions vs custom built solution, gap analysis, design, implementation and validation of benefits. Omicron Development is the trusted partner that will accompany you in this journey.
Get started today!
We are ready to assist you in transforming streaming OSIsoft PI data & events into tangible business and operational outcomes.