Preparing Your Industry for the Future
In this recap of Frost & Sullivan’s report, Optimize Asset and Infrastructure Life Cycle, we highlight the five signs of a healthy asset life cycle strategy.
The Clock is Ticking
The average age of assets across industrial facilities is 30 years, meaning most are bound for maintenance or end-of-life actions. This dilemma forces plant managers into reactive solutions that may put a band-aid on asset performance management challenges in the near term but fail to meet requirements over the long haul.
The good news is many organizations are starting to act, and they’re doing so by focusing on five strategic areas of lifecycle strategy.
Did you know: Over half of industry leaders are investing 2x more in predictive asset analytics over the next 2-5 years. We aim to help make that investment count.
5 Signs of a Quality Asset and Infrastructure Life Cycle Strategy
1. Diverse and Distributed Nature
Assets, across industrial markets, are of different classes; distributed in nature; and vary in age, vintage, and make.
Based on criticality, consequence, and probability of failure, different types of maintenance strategies need to be deployed on different assets.
3. Availability and Reliability
Downtime results in over $200,000/day in production losses. Reliability is key to staying on track and within budget.
4. Responsive Decision Making
As digital disrupts and transforms processes, decision making is changing from minutes to seconds, days to minutes, and months to hours.
5. Risk and Scenario Planning
Managing assets with foresight will help predict failures and ultimately drive your organization to become a negative‑latency enterprise of the future.
Deploying a Holistic, Integrated Asset Performance Management Strategy
To take a closer look at how teams are addressing these five areas of life cycle strategy, download the full Frost & Sullivan report.