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23 Aug 2017

Building & Sustaining Your Asset Data Foundation

August 23, 2017Blog

What is an Asset Data Foundation?

An Asset Data Foundation is made up of high-quality master data, including Maintenance Master Data, accurately reflecting the physical plant and its needs. This data stands as the backbone of effective Maintenance Work Management and Asset Management. For asset-intensive organizations, the range of data extends from assets (functional locations, equipment) through their attributes, their routines (task lists, plans, strategies), and their required spare parts (BOMs).

 

The Importance of a Solid Asset Data Foundation

With the rise of international competition and market globalization, enormous pressure has been placed on corporations to improve efficiency and reliability while reducing operating costs. As a result, asset-intensive organizations have invested billions of dollars worldwide in ERP, EAM, and CMMS systems such as IBM Maximo, SAP PM, Oracle eAM, Infor EAM, and others to meet their maintenance and reliability goals. Unfortunately, many companies load legacy data into the new system, failing to ensure their data is complete and accurate.

Without an adequate Asset Data Foundation, EAM systems will simply fail to deliver their expected value. It is not possible to be strategic and continuously improve maintenance operations without assurance that existing data is valid and fit for purpose. Poor maintenance strategies directly impact day-to-day business and are usually a result of inaccurate or incomplete EAM data. Common consequences of poor quality data include unplanned shutdowns, HS&E issues, spares shortages, and high-cost maintenance operations.

 

Getting the Data Right is a Challenge

Delivering validated, high-quality data (on time) for projects or ever-increasing scale and complexity is a significant challenge. Without a proper solution for managing process, operators their contractors are challenged by non-repeatable and inefficient processes, risks to operational readiness, and a general lack of visibility into data readiness. For pre-operations teams that are spread across multiple locations, these challenges are often amplified. By relying on multiple versions of disconnected spreadsheets, data integrity can be compromised, exposing an organization to critical risks that can threaten operational excellence and the integrity of their maintenance systems.

 

Sustaining Asset Data Foundations Across the Enterprise

Engineering, maintenance, and supplier changes can affect the quality of Asset Data after it is placed in production. Sustaining data quality is very difficult and cannot be done in a timely and cost-effective manner using traditional tools or broad-reaching management or change programs. Consequently, post-production data can deteriorate rapidly. As companies experience changes to equipment and processes, existing Asset Data must be updated accordingly. Companies must be able to validate changes to data against organizational standards and industry best practices. Without a proper solution to manage these essential processes, companies are prone to large backlogs of unimplemented change requests, expensive manual processes, duplicate requests with no central visibility, and a lack of automated validation against corporate or industry standards.

 

How Can NRX AssetHub Help?

Building Your Asset Data Foundation with NRX AssetHub

NRX AssetHub allows teams responsible for delivering Asset and Maintenance Master Data for new capital projects to work within a single environment to build, visualize, and validate data prior to handover. By centralizing all maintenance records and related data in AssetHub, operators and their contractors are able to measure project completion, report on progress at any stage of a data build, and eliminate dependencies on ineffective home-grown solutions. NRX AssetHub also helps drive the prevention of work duplication and allows users to reference existing data, best practices, and knowledge through the power of an integrated Maintenance Library.

Sustaining Your Asset Data Foundation with NRX AssetHub

Even once a solid Asset Data Foundation has been established, it can be very difficult to keep it that way. Asset-intensive operations are constantly changing, and companies who do not have tools and processes in place to update their data as a result of these changes can quickly find themselves faced with many problems. NRX AssetHub allows organizations to address the root cause of costly and inefficient maintenance practices through the structured governance of enterprise-wide Asset Data. With NRX AssetHub, organizations can reduce maintenance costs tied to poor data, control exposure to operational risks, and build repeatable processes and reference points that can be leveraged across the enterprise.

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