The energy industry is one of the most asset-intensive sectors, relying heavily on equipment and machinery to produce and deliver power. However, managing and maintaining these assets can be a challenging task, especially when considering the cost and complexity involved in their operation.
To maximize asset visibility and utilization, companies in the energy industry need to establish effective benchmarks for their enterprise asset management (EAM) and computerized maintenance management system (CMMS) performance.
In this blog, we will explore some specific asset management benchmarks that can help organizations in the energy sector optimize their asset performance, reduce downtime, and improve overall operational efficiency.
Asset Management Benchmarks for EAM/CMMS Performance
1. Asset Availability: Asset availability measures the percentage of time that equipment is available and ready for use. In the energy industry, where equipment downtime can be extremely costly, maximizing asset availability is critical to maintaining profitability.
2. Asset Utilization: This benchmark measures the percentage of time an asset is used to produce or deliver power. By tracking asset utilization, companies can identify underutilized assets, optimize asset allocation, and reduce maintenance costs.
3. Mean Time Between Failures (MTBF): MTBF is the average time between asset failures. This benchmark helps organizations predict when maintenance is needed and plan for downtime, reducing the risk of unexpected failures and associated costs. A higher MTBF indicates that equipment is more reliable and requires less maintenance, resulting in less downtime and lower maintenance costs.
4. Mean Time to Repair (MTTR): MTTR is the average time required to repair an asset after a failure. By reducing MTTR, companies can minimize downtime and increase asset availability. A lower MTTR indicates that equipment is easier to repair and requires less time and resources, resulting in less downtime and lower maintenance costs.
5. Planned Maintenance Percentage (PMP): PMP measures the percentage of maintenance activities that are planned and scheduled. This benchmark helps organizations reduce reactive maintenance, which is often more costly and disruptive than planned maintenance.
6. Maintenance Cost per Unit of Production: This benchmark measures the total maintenance costs divided by the total production output. By tracking maintenance costs per unit of production, companies can identify opportunities to reduce maintenance costs and improve operational efficiency.
Effective asset management is essential for organizations in the energy industry to maintain reliable operations, minimize downtime, and optimize asset utilization. By establishing and tracking specific asset management benchmarks, companies can improve EAM/CMMS performance, reduce maintenance costs, and increase overall operational efficiency. From asset utilization to maintenance cost per unit of production, the benchmarks discussed in this blog can help companies in the energy sector stay competitive and profitable.
Consider HubHead’s Benchmarking Services for a Comprehensive Evaluation
It is important to note that these are only a few general benchmarks that may apply to your company’s situation. If you are looking for a comprehensive benchmarking evaluation, consider HubHead’s benchmarking services. Our experienced consultants have worked with many companies, especially in the energy sector, to evaluate the performance of their EAM/CMMS and provide a tailored roadmap to achieving EAM/CMMS excellence.
If you would like to learn more, follow the links below to download our brochure or to get in touch with our team.
Maximizing Equipment Reliability and Uptime: How Benchmarking EAM/CMMS Performance Can Give Your Company a Competitive Edge
Working Smarter, Not Harder: Strategies for Improving EAM/CMMS Performance Based on Benchmarking Results
Revamping Maintenance Processes: How Benchmarking Boosts Efficiency
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