5 Metrics You Should Know to Evaluate Asset Reliability at Your Plant

In this article, the asset is referred to as a process plant’s physical asset. An asset is said to be reliable when it is operative as expected within the parameters of specific operating conditions and with no impending failures. A reliable asset is one that lasts its rated life with minimum maintenance intervention. We can say that asset reliability is meeting stakeholder requirements, business requirements, and regulatory requirements.

The manufacturing industry faces challenges in:

  • Managing and tracking equipment and inventory, including IoT enabled devices
  • Scheduling maintenance effectively and efficiently to minimize maintenance and repair costs
  • Reducing asset downtime due to equipment failures or maintenance
  • Producing reports on asset values instantly
  • Allocating equipment and inventory to selected employees or teams
  • Predicting the budget for future equipment and maintenance costs

Five metrics you can use to evaluate Asset Reliability at your plant are:


1. Requirements for a Successful Reliability Team

The most important thing to achieve asset reliability is to have an effective reliability team. A successful reliability team must include a good cross-functional involvement from the organization. 

For example; the team must include individuals from engineering, maintenance, supply chain management, accounting, and other departments because all of them have an impact on the reliability of that business and the stakeholder’s requirements.

When we are talking about the reliability team, it is important to understand the process of reliability and clearly outline the roles and responsibilities of each person in that process. 

2. Regulations, Codes, and Standards

There is no alternative to regulation codes and standards, and certain regulations must be complied with. There are industry standards that describe good asset management practices, which can help to keep facilities safe and meet business objectives. ISO is an independent, non-governmental international organization with a membership of 165 different national standards bodies. The ISO works to provide standardization across an array of products and companies. Its main purpose is to facilitate trade, but its focus is on process improvement, safety, and quality in several areas. Following ISO standards such as ISO 10816 can be helpful when establishing your reliability program.

3. Reliable Maintenance Program

There are various maintenance approaches as below – 

  • Run to failure results in:
    • Catastrophic machine damage
    • Unscheduled maintenance
    • Lost production revenue
  • Preventive maintenance 
    • Better than “Run to failure”
    • Results in:
      • Excessive scheduled downtime
      • Unnecessary maintenance and overhauling / replacements
      • Failures due to improper maintenance
      • Erratic failures due to lack of visibility between two planned maintenance activities
  • Predictive maintenance
    • Maximizes motor life through abnormal operation and fault detection
    • Reduces unscheduled downtime by alerting users of degrading mechanical/electrical conditions
    • Optimizes asset utilization
  • Proactive Maintenance
    • Identify repeat failures
    • Determine root causes for these failures
    • The correct root cause to eliminate future failures for the same reason
    • Reduce consumption of spares and consumables drastically
    • Achieve maximum asset life with minimum maintenance interventions

4. Metrics that Measure Maintenance Performance

Plant engineers and maintenance staff are most responsible for the execution of an asset performance management program. They have short term and long term needs. On an everyday basis, a few of the metrics often monitored are:

  • Work Order Closure Rate
  • Schedule Compliance
  • Productivity percentage
  • Reliability index 
  • Mean Time to Repair (MTTR)
  • Mean Time Between Failures (MTBF)
  • Planned Maintenance Percentage (PPC)
  • Unscheduled Downtime
  • Maintenance cost
  • The root cause of failure within an asset lifecycle
  • Overall Equipment Effectiveness (OEE)
  • Consumable consumption such as bearings and lubrication

The reliability index is a useful indicator to compute the failure probability, the reliability index tells you to operate as long as possible without losses; and when you have losses, you want to find a solution as fast as possible. You can use the reliability index, to be the shortest distance of the origin to the failure region. Overall production reliability is the reliability index. You must take into account these three indicators for using this index: production calendar time, number of production losses, and total production losses including losses in quality, time, and speed.

5. Equipment tracking software 

Business priorities require efficient operations and operation can be more efficient by the use of technology. With a strong asset tracking software, you can excel at maintaining your company’s physical assets by getting insights on key performance indicators. 

You need to have an understanding of resources, best practices, and where the resources can be utilized to the fullest potential.

You have to know where resources would be best used, what requirements are to be prioritized, which routine preventative measures should be taken regularly to allow your equipment to reach its fullest potential.

The absence of a robust data-analysis process puts you at the risk of wasting valuable equipment and precious work hours. All this could lead to an enormous loss in potential revenue.

Infinite Uptime is a global industrial edge solution provider for mechanical predictive maintenance in the engineering and process industries.

Infinite Uptime’s Industrial Data Enabler (IDE), patented edge-computing Vibration monitoring system for predictive analytics and maintenance remotely gathers tri-axial vibrations, noise, and temperature of any mechanical rotating equipment in real-time. It empowers the Maintenance team to monitor the machine uptime, reduce unplanned downtime, and combat impending equipment damage in advance. Moreover, the end-to-end solution with visual indicators ensures maximum machine-availability, decreased inventory of spares and maintenance costs, and complies with the guidelines on safety and physical distancing directed by the Government.  Not only does it help reduce maintenance fixed costs at a time where a reduction in costs and manpower is a dire need, but it also enhances social distancing by allowing remote monitoring of a plant without physical intervention. 

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