Although you may hate reorganizing, it may be necessary to improve yourself or your company. Corporate reorganizations may be prompted by failures now and then, but more often they are essential elements of success.
Even with advancements in technology and a focus on automation, many companies still rely on a significant amount of manual effort to manage their business processes and overcome current challenges; tools that are still commonly used include Excel, PowerPoint and basic charting programs.
These tools are inefficient for managing data relationships and prevent companies from keeping up with changing business conditions. As a result, companies experience significant productivity losses, slowed decision making across the executive team, and inaccurate data and information.
Companies should adopt clear standards for creating and managing their asset hierarchies. The standards should have sufficient detail to avoid misinterpretation and ensure consistency across multiple facilities. Ideally the corporate standard should be based on an appropriate industry standard like ISO 14224 for Oil and Gas or RDS-PP or KKS for Power Generation.
Industry standards promote supply chain efficiency between suppliers and owner operators, facilitate sharing information across sites and help Oil and Gas companies better collect reliability and maintenance (RM) data. This data is used for equipment in all their facilities during the operational life cycle of their equipment. Standardizing the collection of failure information makes it possible to improve reliability through RCM and FMEA analysis.
How can NRX AssetHub help?
We provide advisory services on developing standards for creating and reorganizing asset hierarchies to companies in many different asset intensive industries. We can help you develop an appropriate standard for your company.
Our NRX AssetHub software solution is the ideal tool for reorganizing asset hierarchies according to an appropriate standard. Our consultants can do the heavy lifting required to reorganize your assets for your approval prior to loading into your EAM or CMMS solution.
We can also get your hierarchy ready to load into reliability analysis, data collection, operations, condition monitoring or Industrial Internet-of-Things (IIoT) solutions.
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