Achieving Asset Reliability: A Key Component of Business Strategy

3:57 pm
June 29, 2023

Asset reliability plays a crucial role in the success of businesses. When critical assets break unexpectedly, it can result in customer dissatisfaction and significant financial losses. To optimize performance, increase reliability, and extend asset lifespans without incurring unnecessary costs, enterprises are constantly seeking new ways to improve asset reliability.

What is asset reliability?

Asset reliability refers to the ability of an asset to perform under specific conditions over a defined period without experiencing breakdowns. It is considered reliable when it meets a certain performance level and complies with regulatory requirements.

Asset reliability vs. asset availability

Although asset reliability and asset availability are often confused, there are key differences between the two. Asset availability measures the operational capacity of an asset over time, indicating how long the equipment can successfully perform its tasks. On the other hand, asset reliability refers to an asset’s ability to function without unexpected shutdowns or disruptions under specific conditions.

How does asset reliability work?

In order to proactively address asset reliability, maintenance managers rely on two critical metrics: mean time between failure (MTBF) and mean time to repair (MTTR). MTBF calculates the average operating time before an asset fails, while MTTR determines the average time required to repair the asset.

Preventive and predictive maintenance

Preventive maintenance and predictive maintenance are two strategies utilized by businesses to enhance asset reliability. Preventive maintenance monitors asset conditions and enables strategic planning for repairs, minimizing overall impact. Predictive maintenance takes it a step further by utilizing real-time data and AI-driven analysis tools to identify potential issues before they occur.

Digital twin technology

Digital twin technology enables the creation of virtual representations of assets, mimicking real-life conditions. By analyzing data collected from physical assets and mapping it onto their digital twins, managers gain valuable insights into asset behavior and can develop strategies to improve reliability.

Asset performance management

Asset performance management (APM) integrates automation, analytics, and AI capabilities to enhance asset management insights. With the help of AI-powered remote monitoring, root-cause analysis, and predictive maintenance, APM reduces unplanned repairs, manages risk, extends asset lifecycles, and increases profitability.

Enterprise asset management (EAM) and computerized maintenance management system (CMMS)

Enterprise asset management (EAM) combines software and services to maintain, control, and optimize operational assets. Working together with a computerized maintenance management system (CMMS), EAM enhances maintenance planning and asset information management.

Why is asset reliability important?

Asset reliability offers enterprises peace of mind and various benefits. It reduces downtime, lowers costs, improves worker safety, and supports smarter asset management. By adopting cutting-edge technologies, implementing maintenance management strategies, and adhering to key metrics, businesses enhance asset performance and maximize return on investment.

Explore asset reliability solutions

The IBM Maximo Application Suite is an integrated platform that helps companies improve asset reliability through better maintenance operations. By leveraging real-time insights for condition-based and predictive maintenance, businesses can enhance asset performance, extend asset lifespans, and reduce costs and downtime.

FAQs

What are the benefits of asset reliability?

The benefits of asset reliability include increased uptime, reduced costs, improved worker safety, and smarter asset management through better decision-making capabilities.

What is the difference between asset reliability and asset availability?

Asset reliability refers to an asset’s ability to function without disruptions, while asset availability measures the operational capacity of an asset over time.

How can digital twin technology improve asset reliability?

Digital twin technology allows for the creation of virtual representations of assets, enabling managers to monitor asset behavior and develop strategies to enhance reliability.

What is the IBM Maximo Application Suite?

The IBM Maximo Application Suite is an integrated platform that helps businesses improve asset reliability through enhanced maintenance operations, leveraging real-time insights for condition-based and predictive maintenance.


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