Shifting from a Linear to Circular Model
As a continuation of our blog series dissecting the Frost & Sullivan report, Optimize Asset and Infrastructure Life Cycle, we’re taking a closer look at how to execute a more enlightened and sustainable asset management strategy.
Traditionally, plants often utilize a linear value chain, one that begins with procurement and ends with decommissioning end-of-life assets. Because this model lacks foresight, production gets stalled at the end of the line. To keep the supply chain in motion, many forward-thinking organizations are adopting a circular model.
Six Benefits to a Circular Asset Management Model
The key is adopting a value chain that focuses on outcomes, rather than reactive solutions. The ability to integrate insights and align them to business goals will ultimately achieve the following…
- Drive unchallenged visibility across assets and facilities.
- Help assess remaining useful life of assets, provide risk advisory services and what-if scenario analysis.
- Balance risk and investments effectively.
- Extract insights and recommendations from data.
- Avoid an overload of asset-specific applications.
- Gain better foresight in operations.
If you’re interested in learning more about how to achieve a holistic, integrative supply chain, or how to achieve the benefits of increased efficiency and reduced costs, download Frost & Sullivan’s full report here.
Stay tuned for the last entry into our series recapping the Optimize Asset and Infrastructure Life Cycle report!