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Is it Groundhog Day for your enterprise asset management (EAM) program?

Groundhog

If you are an energy or industrial executive who is responsible for the operational and financial performance of your organization, ask yourself these questions:

  • Are your operating and maintenance (O&M) costs increasing and/or getting out of control?
  • Do you know the condition of your company’s most critical assets?
  • Do you fully understand your compliance risks and the potential liability surrounding the condition of those assets?
  • Are you confident that your asset management program is reducing costs and improving performance?

Now, imagine things differently:

  • Imagine, for the first time, you have complete visibility to the condition of your most critical assets, and you have visibility to where and when a potential problem may occur before it happens.
  • Imagine consistently improving financial performance and improving asset reliability.
  • Imagine reducing risks and compliance liability from your operations, while improving your reputation with regulators and stakeholders.
  • Finally, imagine that your workforce and mobile assets are being fully utilized, while non-value-added activities are being driven out of the organization for good.

You don’t have to imagine it. The solutions are available and within your reach through a strategic roadmap that will help you, and everyone around you, see far ahead into the future.

If you want your EAM transformation to succeed, you need to think beyond the existing condition to create a strategy that considers what your customers will demand now, and also addresses what’s possible for them over time. Meaningful investment is required because what you have now is unlikely to serve you and the customer well in the future.

Here are four areas to consider when building your EAM transformation roadmap:

  1. Governance and risk management: Aligning executive leadership around the goals of the initiative. Putting their participation and key decision-making authority on point through a formal update and review process reduces the likelihood of competing priorities or agendas. When combined with a comprehensive risk management component, the opportunity for failure is greatly reduced.
  2. Employee engagement through design thinking: Putting your employees front and center in the design of a new process or program is not only important, it’s critical. The fundamentals of design thinking, often referred to as human centered design, provide an innovative and engaging framework to generate step changes in the way your employees contribute to creating innovative solutions to nagging problems. These fundamentals provide a sense of accomplishment, accountability, buy-in, and—most importantly—ownership of the change being implemented.
  3. Technology: You must work with a partner who understands the dynamics of the changing technology landscape and can help you prioritize your technology investments while balancing risk from “How do I integrate what I have?” to “Where should we go?” And from mobile workforce management to remote monitoring and cyber security, it is critical that your technology partner understands the industry and the impact technology will have on it.
  4. Quick and consistent wins utilizing agile project management: Agile project management is a tremendous tool for addressing the complex nature of multi-faceted change initiatives. The use of short-interval sprints to advance the project provides almost immediate feedback on results. When managed properly, the outcomes can be measured, ensuring the project status and progress will be communicated to all stakeholders.

An organizational game-changer will be implementing innovative technology and data-driven programs that dramatically transform your current practices from:

  • Reactive
  • Unsafe
  • Expensive

To:

  • Predicted and planned
  • Safe and reliable
  • Low-risk and cost effective

We believe EAM programs can be used to strategically drive your organizational growth and profitability—and manage your operational risks—eliminating the feeling of Groundhog Day!