Using Data to Drive Asset Strategies for Asset Intensive Industries

What Are Asset Strategies?

Asset strategies refer to the way asset intensive industries manage risk of asset failure. These strategies include focused activities and analytical methodologies such as Risk-Based Inspection (RBI), Reliability Centered Maintenance (RCM), Integrity Operating Windows (IOWs), and Failure Mode and Effects Analysis (FMEA)–all of which are designed to ensure asset reliability and integrity.

What Does the Future of Reliability Look Like?

Proven asset strategies, such as RBI and RCM—have helped the industry become more reliable, more safe, and more cost effective with resource allocation. However, major advancements in data acquisition, warehousing, modeling, and analytics are now creating the opportunity to achieve the next evolution in reliability analysis. This next leap will allow us to further improve reliability, while decreasing total maintenance and inspection spend

We believe this leap is being made possible through Quantitative Reliability Optimization (QRO). QRO is an approach to reliability modeling which connects every relevant reliability data point at a complex facility to one integrated model, allowing for near real time complex decision making that allows users to do things like:

• Near real time optimize all maintenance spend based on short/mid/long term reliability targets.
• Understand the economic value of every inspection or maintenance activity performed.
• Understand the economic value of every piece of data that is currently being gathered or possibly gathered in the future.
• Near real time scenario modeling, including the implications of moving a turnaround, feedstock pricing changes, or various capital projects.
• Drive effective economic decisions in the event of reliability based operating excursions.

To learn more about QRO, click here.