Beckway Insights: Digital Transformation in Asset Management

New cloud-based technologies are quickly emerging and enabling organizations to leverage the Internet of Things (loT) to create value with data. In a recent article, researchers noted that in industrial organizations, production activities rely heavily on timely and effective Equipment Asset Management (EAM). The researchers also noted that Industrial Internet Platforms (IIPs) are being created with great potential to dramatically change the velocity and effectiveness of EAM, but a lack of knowledge of practical use applications is creating a lag in how organizations implement these new value-creation tools.

The impact can be staggering. A Beckway client had lost 8 hours of line time valued at over $5K an hour because their mechanics were not reporting parts usage, which was a manual Kanban system. The lack of a set of equipment drive belts that cost $400 wound up costing the organization $40K, in one shift!

Beckway’s team worked with this client to implement an EAM program centered on standing up a cloud-based Computerized Maintenance Management System (CMMS), which enabled the collection of useful work order information that was used to manage inventory, technician hours, and equipment histories. Each technician was then trained to use a tablet-based application for work order creation, giving leaders real-time visibility into asset health, and helping reduce unplanned maintenance downtime costs by over $5M annually.

To learn more about how Beckway’s team can help you identify and implement cloud-based EAM systems and processes that can quickly create bottom-line value in a practical, hands-on way, contact Managing Director, Joe Pollhein, at Joe is a Certified Maintenance and Reliability Professional (CMRP) and PMP with many years of experience helping global organizations create value by uncovering the true cost of poor asset management and implementing practical solutions.