What Can You Learn from Well-Organized Data?
We have all heard the saying “build your house on a strong foundation,” and the same can be said about your company. The master data you collect will build either a strong or a weak foundation for your business. Accurate and complete data can be used as a tool to identify and improve on areas that have the greatest impact on your business.
Successful companies can take advantage of their well-organized data for benchmarking and KPI intelligence. These business improvement initiatives cover several vital areas of a business. Here are a few examples:
• Business planning and leadership
• Predictive and preventative maintenance management
• Computerized maintenance management information systems (CMMS)
• Materials management such as BOM building
• Contractor management
• Reliability improvement
One way companies use their data for analytics is benchmarking. Comparing internally, to industry, and to geographically or process-similar companies provide very useful information. Internally, one can analyze the plant profile, practices, and the organization. From here the data can indicate areas for improvement. It is recommended that your company use the benchmark results as a guide and focus on the areas that are critical for business improvements.
Developing KPI’s is another way companies can analyze their master data in order to monitor areas for improvement. Often these areas KPI’s are specific to the site, the plant, the equipment or the actual components. They are designed to monitor the reliability of specific assets, and the cost of production losses and maintenance work. These goals are set with a targeted performance level and therefore need to be monitored over time for improvements.
Asset-intensive companies choose many similar KPIs to monitor. Here are a few popular ones:
• Mean Time Between Failures: average time between failure of an asset that determines changes in reliability.
• Worst Actors: list of failed equipment that aids decisions on prioritizing maintenance and can be used for root cause failure analysis.
• Preventative Maintenance Man-Hours Ratio: percent of maintenance spent on wrench time which measures proactive preventative maintenance work hours.
Well organized data can make trends in data obvious. As the KPIs change over time, management can move towards to corrective action. A business will be able to address gaps and make a plan fix them.
How Does NRX Help?
Every company strives towards continuous improvement. This requires well-organized data so that strengths and weaknesses can be fully understood, addressed, and improved upon. NRX provides many solutions to improving the quality of your data. We help you build data so that you will have all the data required to benchmark and measure KPIs. We also can cleanse your data so that your data analysis is accurate, cost effective, and time efficient. This will also help to improve KPIs such as Preventative Maintenance Man-Hours Ratio because employees will spend less time searching through the data required for their job. If you would like to learn more, please contact us at 1-877-603-4679 or visit us here.
Share this article
- Improving spare parts management
- 3 problems efficient equipment tags can help you solve
- Accurate EAM Data and the World Cup
- Asset data from a new perspective
- Please, Not Another Software Application
- Big data and what to do with it.
- Improve your ROI when you’ve hit the wall.
- Building Your Business Case for IIOT
- Smart Data Powers Smart Manufacturing
- The Downtime Your EAM Data Can Prevent