Making the Jump from Maintaining Assets to Averting Risk
Making a jump from one business methodology
to another is no easy task because it involves variables typically outside of your
control—people, processes, and products. This leap can be especially difficult
when the data simply isn’t there to justify the change. Making a move with
data, however, makes it a whole lot easier.
To move from a “maintain and react” to an
“identify and evade” mode of asset management is a leap, but not as great as
you’d think. You simply need to know more about your assets and start thinking
more about how they will—or won’t—fit into your future business demands. Knowing
more about your assets means that you need to do some kind of condition or
level-of-service assessment. By knowing more about how the assets are performing,
you can begin to make better decisions on how they are operated, maintained,
and/or even replaced.
Once you have the data on how assets are
performing, the next part of the journey may take you to some unfamiliar
places. Beyond condition and level-of-service information is risk assessment. Risk
is an understanding of the probability and consequence of different forms of
asset failure or significantly diminished performance. There are analytical tools available to you through Hansen 8 that
systematically analyze the information and assess risk based on characteristics
that you may already be tracking in your asset inventory.
Infor Hansen Asset Analysis is one tool that uses
predictive curves and decision models to generate prioritized needs lists and
can run multiple funding scenarios to generate multi-year plans over longer
time horizons of 5 years, 10 years, 20 years, and beyond.
So, is the gap that you must leap a pothole
or a vast chasm? That depends on your data, your level of risk, and your
combined ability to avert it.
You need solutions that will not only meet
your current needs, but provide more advanced tools to take you to a place you
may have never been before.
View this on-demand webinar to learn more
about asset management.
Posted by Kevin
Price, Asset Management Solution Director, Public Sector
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