The Weekly Cost Savings Series covers several cost saving opportunities you may have at your facility, including common pitfalls, ways to optimize, and things you can do today to upgrade your program. Catch up on our 30-minute virtual workshops and open discussion sessions below, and check out our Cost Savings Digitization Series and Water Reliability Series.

Reduce Cost by Digitizing Your Existing Work Processes

The key to a successful digitization of your existing work processes is identifying which work processes you want to digitize and creating a plan to map out the major milestones. Three major areas where your facility could have the opportunity to reduce cost are: updating your facility’s plans and corporate stewardship reporting; identifying accurate drawings, engineering documents, and asset specific information to ensure you are pulling information from the correct documents; and preparing field documentation and inputting back into systems so you can make data-driven decisions.

Reduce Cost by Prioritizing Inspection and Maintenance Activities

Average facilities waste over 20% of their budget on performing inspection and maintenance activities that do not drive uptime or help mitigate risk. One way that your facility has the potential to reduce cost is by prioritizing your inspection and maintenance activities. To start, major cost focus areas include tasks driven by time-based events instead of a value-based approach, duplication of efforts across the asset’s lifecycle, and turnaround versus onstream activities.

Reduce Cost by Developing Asset Strategies Real-Time During Turnarounds

On average, facilities waste up to 60% of their costs on evergreening asset strategies after the completion of a turnaround. Post-turnaround tasks require a significant amount of time and resources and the intricacies of a turnaround can cause miscommunication after the unit or facility starts back up, which can lead to duplicated work effort and unnecessary costs. Creating real-time asset strategies during turnarounds can help facilities optimize their inspection strategies to reduce the budget and resources for post-turnaround tasks.

Reduce Cost with Spare Parts Optimization

Facilities waste millions of dollars annually purchasing, stocking, and relying on vendor-based spare part recommendations. When you choose to optimize spare parts, you are ensuring that your investment in spares is well spent. Having the right spare parts in inventory for equipment when needed, reducing unnecessary spare equipment stocking, and eliminating reliance on vendor-based recommendations will provide you with the opportunity to capitalize warehouse costs while achieving best-in-class reliability.

Reduce Cost by Prioritizing Corrosion Under Insulation (CUI) Inspection

Average facilities waste over 10% of their maintenance budget on identifying, mitigating, and managing Corrosion Under Insulation (CUI). Additionally, industry leaders estimate that 40-60% of pipe maintenance costs are the result of CUI. Failures due to CUI force facilities to spend additional time and money fixing the issues instead of investing that time and money initiatives that prevent CUI from happening in the first place. Costs can be reduced by properly identifying and inspecting the areas of an asset that are susceptible and mitigating the effects of CUI.

Reduce Cost by Optimizing Corrosion Monitoring Locations (CMLs)

On average, facilities waste up to 20% of their budget dedicated to thickness monitoring on either Condition Monitoring Locations (CMLs) that are incorrectly assigned or on CMLs that have redundant locations. As a result, facility leaders are often not very confident in their assets’ end of life or corrosion rate calculations. One area facilities need to evaluate for cost reduction is their CML placement strategy. Facilities have the opportunity to reduce costs and increase the safety of their program by optimizing CMLs.

Reduce Cost by Designing for Reliability in Capital Projects

The design phase of a capital project has a lasting impact on the total life cycle costs for a facility. On average, facilities spend about 80% of their total life cycle costs on maintenance costs, many of which become fixed during the design phase of a project. Designing for reliability in capital projects can help facilities reduce costs by minimizing design limitations, improving inherent reliability, and improving the longevity and performance of long-life assets.

Reduce Cost with Rope Access

On average, facilities waste thousands of dollars on traditional inspection methods such as scaffolding, crane baskets, and man lifts. These methods are expensive and often compromise the safety of inspection personnel. Additionally, these methods require more time and resources to complete. Facilities can reduce inspection accessibility costs by incorporating rope access into their inspection plan.

Reduce Cost with a Managed APM Program

Facilities can take four steps to ensure their programs are equipped to navigate the current market and are prepared for long-term success: embrace cultural change; build strong, data-driven processes to drive decision making; focus on data collection activities that will drive immediate actions; and pursue excellence and focus on quantifiable value.

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