Asset integrity is defined by the ability of an asset to perform its required function effectively and efficiently while ensuring the protection of EH&S principles. But what happens when your assets are incorrectly represented in your EAM and CMMS system? There are 3 components in which incomplete and inaccurate EAM and CMMS data will affect asset integrity. Consequences of poor data can disrupt the business function and much more. Now, let’s talk about the costs of poor data.
Health, Safety and Environment
Your CMMS system is often considered as the final authority that determines the maintenance activities, tools and parts to be used. It is highly important for companies who have high-risk operations to have an auditable record ensuring that their plant maintenance system data is accurate, complete and consistent with plant operating and safety procedures with the highest CMMS asset integrity. Without complete and accurate data, your company may experience the inability to measure the mechanical integrity of an asset, predict and avoid operational failures, prove compliance with corporate/industry standards and have an increased risk of EH&S incidents.
Return on Asset
When you decrease the time to deploy an asset, increase its up time, reduce its maintenance costs and extend its life through strategic maintenance, all of this impacts the Return on Asset. Assets that are frequently repurposed, moved or sold, arrive at their new locations with little to no data could be missing key data needed to maximize RoA. There could also be inaccuracies that are virtually impossible to overcome. Incomplete and inaccurate data can affect the RoA with a shortened lifetime of the asset, lower return on investments due to increased maintenance costs and decreased end-product quality. The effort to fix the data for these assets may render the asset a poor investment, which ultimately wastes your time and money.
Asset Life Cycle Management
Regular preventive maintenance keeps the asset functioning at its optimal level. When it fails, or is incomplete, the asset requires repairs. But if repairs are no longer feasible, an asset is decommissioned, at which time it may be warehoused or disposed of. With incomplete and inaccurate data, there could be delays with moving the asset into operation, inability to successfully maintain and repair the asset, inability to accurately forecast the end of life of an asset, decreased life span of the asset and difficulties and delays decommissioning the asset.
These are the reasons why you should always have complete and accurate data!
NRX AssetHub is a complete solution for resolving differences between the physical plant and its digital representation
Find out more about how NRX AssetHub can help match your physical assets and materials to your digital representations, and capture and upload any missing data here.
If you would like to learn more about how NRX AssetHub can assist your organization, contact us at 1-877-603-4679 or book a meeting today!
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