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Industrial Firms Invest In Solutions To Optimize Maintenance Strategies For Asset Reliability And Performance Improvement

In the Verdantix 2020 survey of 259 executives in operations, maintenance, engineering and process safety roles, 40% mentioned using software for maintenance optimization either widely or at multiple facilities, while a further 25% reported limited usage at a few facilities and 27% undertaking pilots.

Given multiple market factors at play such as the COVID-19 pandemic, economic recession, supply chain issues and tougher environmental regulations, industrial firms cannot afford to continue maintaining their assets just based on OEM recommended guidelines or because it is what they always did. An effective maintenance strategy goes beyond simply maximizing asset uptime by minimizing risk of asset failure. Solutions that optimize maintenance strategies for industrial firms such as those offered by ARMS Reliability, AVEVA, GE Digital and Nexus Global close the loop by providing input into enhancing the maintenance strategies to increase asset reliability and performance and generate maximum returns, on an ongoing basis.

Icon Water, a water and wastewater services utility to the Australian Capital Territory, implemented ARMS Reliability’s asset strategy management solution OnePM to develop maintenance strategies and corrective action work orders for 700,000 assets. With OnePM, Icon Water was able to create a proactive culture around asset reliability by identifying and updating the right maintenance strategy for one asset (such as valves or pumps) and implementing that change across similar assets instantaneously. On February 18, 2021, Baker Hughes announced the acquisition of ARMS Reliability, in order to expand and deepen the capabilities of its asset performance management (APM) software application. A brewery and bottling firm worked with Nexus Global to review its maintenance practices and improve its strategy going forward. Some of the benefits it realised included 30% reduction in maintenance costs, while improving throughput by more than 5%.

For more information and insights on asset maintenance, read the following Verdantix reports: Market Overview: Asset Management Software Landscape, Alcoa Improves Operational Efficiency And Asset Reliability With Predictive Maintenance, Green Quadrant: Asset Performance Management Solutions 2020.

OPEX OPEX To What Extent Do You Use Maintenance Optimization Software At Your Firm 28

Malavika Tohani

Research Director, Operational Excellence, Verdantix
Verdantix

Malavika leads the Verdantix Operational Excellence practice. Her current research agenda focuses on the digitization of Operational Excellence and covers operational risk technologies, best practices and growth strategies. Her recent research focussed on benchmarking the capabilities of the prominent operational risk software vendors. She has over 10 years’ experience in research and strategy consulting. Malavika previously worked at Frost & Sullivan, managing and delivering advisory projects for clients involving expansion, acquisition, benchmarking and product development strategies. Malavika holds a MSc in Economics from Madras School of Economics.