Are you facing a formidable asset performance problem? Now’s the time to pause and make sure that you have a clear understanding of the underlying issues you’re trying to resolve.
Uncertainty kills real change. Deep comprehension is vital to defining a viable solution to a complex problem. Targeting surface-level symptoms or relying on assumptions rarely yields meaningful and sustainable improvements in the long run.
When we work with large and complex asset portfolios every day, we can sometimes miss new capability gaps or lose sight of how each individual asset drives business value.
If your strategies are no longer working, it might be time to take a step back and confirm that you understand exactly what’s going on. It could mean the difference between extended downtime and sustained productivity.
1. Identify business-critical assets
Your on-site situation and asset portfolio change over time. Start by re-evaluating which assets have the most significant role in your operation. In the mining industry, your large-scale equipment enormously impacts productivity and profitability.
While they may be more difficult to assess and address than ‘low-hanging fruit’, focusing on the assets that matter most for your business will see the highest return on your investment.
Map out your operation
-
How much does each asset contribute to the overall workflow?
-
Which assets have others that depend on them to perform?
-
Are certain assets vital for safety?
Determine asset impact
-
Does a failure grind your operation to a halt or result in a reduced capacity?
-
How long does it take to repair or replace the asset?
-
What are the cost implications?
2. Evaluate performance
By benchmarking your actual asset performance with expectations and industry standards, you can better determine where the gaps are and gain insight into which areas of your operation require the most attention.
While benchmarking doesn’t take into account unique circumstances that could affect your asset, it’s still an essential methodology that provides valuable insights for strategic decision-making.
Identify performance indicators
-
Equipment downtime
-
Maintenance costs
-
Mean time between failures (MTBF)
Collect trustworthy internal data
-
Operational records
-
Maintenance logs
-
Other sources of relevant information
Collect trustworthy internal data
-
Operational records
-
Maintenance logs
-
Other sources of relevant information
3. Uncover root causes
No matter how well you know your assets, always use Root Cause Analyses (RCA) to identify the fundamental issues causing performance or capability gaps. This way, you resolve the actual problems – rather than the symptoms – to prevent future occurrences.
Whether the issue lies in environmental factors, maintenance practices or operational procedures, it’s crucial to find the real reasons behind your asset performance challenges. It’s never enough to just rely on ‘common sense’.
It isn’t about assigning blame
Identify the factual cause of a problem. You want to find solutions, not scapegoats.
It’s relevant to all issues
Look at minor issues too. Even something small can indicate a systemic problem.
4. Assess capabilities
Consider all the factors that could influence the performance of your critical assets and operational effectiveness as a whole – including people, processes and systems (in addition to the physical assets).
Gaps in your capabilities may be interrelated with your gaps in performance. By both addressing the root causes and enhancing capabilities, you can stop issues from recurring while increasing efficiency and profitability.
Comprehensive
-
Consider all elements to deliver the required outcomes
-
Take a consistent approach based on industry frameworks
Fact-based
-
Include information based only on evidence and observations
-
Take a fully unbiased view of the facts and findings
Actionable
-
Connect the current business state to the future desired state
-
Prioritise allocating resources to the biggest value improvements
5. Confront reality
Before your organisation takes action, establish a shared understanding of the real issues affecting asset performance. By ensuring that everyone ‘buys in’ and agrees on what the problems are, your team can work collectively towards the right solutions.
This step requires open communication and collaboration among all stakeholders – including front-line operators, maintenance teams and management.
See what results you can achieve when you truly understand your performance problems during an asset turnaround project.
Get in touch
Ready to address the root cause of your mobile and fixed asset problems?
Speak to Core Asset Co. to transform your asset performance.
