The recent disruption in global supply chains from the pandemic has left an indelible mark on the industrial manufacturing sector. With declining production and forced shutdowns, there has been an alarming decline in GDP across the sector. Under this new normal, the importance of sustaining assets and ensuring their reliability becomes more critical than ever. Since organizations invest heavily in their assets, there is a constant need to protect them and to get the best ROI from every part of the production flow. With this in mind, asset reliability management is critical in ensuring that the process of sustaining asset lifecycles takes advantage of optimized techniques using new technology and best practices.
A reliable asset is defined as one that lasts for the duration of its determined lifecycle with the minimum outlay on any maintenance. When it comes to asset reliability management, not only are the machines themselves a factor but so are the regulatory, business, and stakeholder requirements. It is important to remember that a strong focus on reliable machinery is a vital long-term investment for any business; not only does it impact financial performance, but also heavily influences safety and production quality. By focusing on this core aspect, organizations can increase production output, decrease overall costs, and increase the overall longevity of their production plants.
