By Kim Custeau
Organizations in asset-intensive industries are constantly challenged to deliver maximum return on assets (ROA) while working with minimal budgets, data integrity challenges and lack of insight into the factors driving asset performance. Who are some of the best collaborators to implement the most cost-effective asset management strategy? How can organizations handle current and future challenges? What do technology trends like Industry 4.0, IIoT, digital twin, predictive maintenance, cloud and mobility mean for the industry and how can companies derive value from them? These are the big questions companies need to think through to optimize their asset management and deliver maximum economic return. Companies can maximize their economic return on assets by leveraging a risk-based maintenance strategy. Here are three steps organizations can take to implement the transformational changes needed. By following these guidelines, companies can increase asset performance, reduce unscheduled downtime, lower costs and improve safety.