Greenville, SC – November 16, 2010 – AssetPoint has sponsored the recently published fourth Aberdeen annual report on Asset Performance Management. This year’s study highlights the vision and the strategies of companies that are able to successfully optimize operations and maintenance processes with zero tolerance towards safety incidents. The report reveals the role software plays in providing the right information to the appropriate decision makers, resulting in long term business viability.
The results of the survey shows that more than half of the total respondents view asset management as a high level strategic function, while a third view it as a mid-level function. The growing impact of asset management processes on organizations’ bottom line as well as on the safety of plant and employees has certainly elevated the importance and the criticality of this function in the eyes of senior management.
Aberdeen used the following four key performance criteria to distinguish the top performers from the rest of the industry. These leaders were able to achieve the following results:
91% Overall Equipment Effectiveness (OEE)
3% unscheduled asset downtime
8% reduction in maintenance cost year over year
Over achieve return on assets targets by +11%
“While the capital and operational budgets are still frozen in a majority of the industries, companies are taking an innovative approach to get more out of their existing asset base while ensuring the safety of their plant, people, equipment and environment,” explains Mehul Shah, research analyst, Aberdeen. “The report includes case studies of companies such as Scottish Power and Arch Coal and also reveals the trends that are industry specific. Readers can use this report to understand the lessons learned from the top performers while avoiding the pain points and obstacles encountered by their peers.”
Find out where your company’s asset performance management capabilities rank among the top performing companies. Take The Role of Software in Asset Performance Management Assessment Tool.