Asset failure plans may not be followed

IFS study finds risk management plans aren’t backed up with action plans.

03/29/2012


While many industrial companies in a recent study report having asset integrity management plans and sustainability plans on file, only 21% are using information technology that would ensure those plans are being followed.

This, according to experts at IFS North America, means that adequate measures are not being followed that would protect stakeholder investments - and in many cases the environment - by preventing asset failure.

IFS North America conducted the study of more than 200 executives from medium sized to large companies with help from Mint Jutras principal analyst Cindy Jutras. While 58% of study respondents report having an asset integrity management or risk mitigation plan in place, few are using centralized enterprise technology like an enterprise asset management system to track the key elements of that plan, including documents about the equipment and assets themselves and information on the training and certification of employees working on the assets.

Asset integrity management ensures that an asset, like a piece of equipment or industrial facility, is operated in such a way that it can generate productivity and in many cases avoid damaging the environment. Effective asset integrity management provide mechanisms to see that the people, systems, processes and resources that deliver integrity are in place, in use and will perform when required over the whole lifecycle of the asset.

According to IFS North America Director for Asset Management Patrick Zirnhelt, asset integrity management ought to be a key concern for any stakeholder of a business that relies on productivity and viability of capital assets.

“A process manufacturer, during a catastrophic equipment failure, may lose revenue or inventory,” Zirnhelt said. “But for companies in the oil and gas industry, mining or power generation, asset failure can also involve health and safety breaches, environmental damage and civil or even criminal liability. Asset integrity management planning and execution is all about risk mitigation, regardless of how much is at stake. What our study found is that because data regarding the asset are being kept in spreadsheets, in various files on servers or in hard copy, it is almost impossible to ensure that asset data is current, that unqualified workers are not installing or maintaining equipment and that any type of asset integrity plan is being followed.

The full study on asset integrity management is available free for download at http://download.ifsworld.com/studies.



No comments
The Top Plant program honors outstanding manufacturing facilities in North America. View the 2015 Top Plant.
The Product of the Year program recognizes products newly released in the manufacturing industries.
The Engineering Leaders Under 40 program identifies and gives recognition to young engineers who...
World-class maintenance: The three keys to success - Deploy people, process and technology; 2016 Lubrication Guide; Why hydraulic systems get hot
Your leaks start here: Take a disciplined approach with your hydraulic system; U.S. presence at Hannover Messe a rousing success
Hannover Messe 2016: Taking hold of the future - Partner Country status spotlights U.S. manufacturing; Honoring manufacturing excellence: The 2015 Product of the Year Winners
The digital oilfield: Utilizing Big Data can yield big savings; Virtualization a real solution; Tracking SIS performance
Getting to the bottom of subsea repairs: Older pipelines need more attention, and operators need a repair strategy; OTC preview; Offshore production difficult - and crucial
Digital oilfields: Integrated HMI/SCADA systems enable smarter data acquisition; Real-world impact of simulation; Electric actuator technology prospers in production fields
Improving flowmeter calibration; Selecting flowmeters for natural gas; Case study: Streamlining assembly systems using PC-based control; CLPM: Improving process efficiency, throughput
Putting COPS into context; Designing medium-voltage electrical systems; Planning and designing resilient, efficient data centers; The nine steps of designing generator fuel systems
Warehouse winter comfort: The HTHV solution; Cooling with natural gas; Plastics industry booming

Annual Salary Survey

Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.

There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.

But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.

Read more: 2015 Salary Survey

Maintenance and reliability tips and best practices from the maintenance and reliability coaches at Allied Reliability Group.
The One Voice for Manufacturing blog reports on federal public policy issues impacting the manufacturing sector. One Voice is a joint effort by the National Tooling and Machining...
The Society for Maintenance and Reliability Professionals an organization devoted...
Join this ongoing discussion of machine guarding topics, including solutions assessments, regulatory compliance, gap analysis...
IMS Research, recently acquired by IHS Inc., is a leading independent supplier of market research and consultancy to the global electronics industry.
Maintenance is not optional in manufacturing. It’s a profit center, driving productivity and uptime while reducing overall repair costs.
The Lachance on CMMS blog is about current maintenance topics. Blogger Paul Lachance is president and chief technology officer for Smartware Group.
This article collection contains several articles on the vital role that compressed air plays in manufacturing plants.
This article collection contains several articles on the Industrial Internet of Things (IIoT) and how it is transforming manufacturing.
This article collection contains several articles on strategic maintenance and understanding all the parts of your plant.
click me