Table of contents
Customized Asset Models for Live Decision Making
Top 3 Asset Management Tips For Improved Performance and Efficiency
Partner With Asset Management Professionals
Invest In Asset Analytics
Understanding Your Asset Risks
How Reliability Modelling Can Help You Improve the Value of Your Asset
What Is Reliability Modelling?
The Value of Reliability Modelling
A practical approach to defining indicators within an integrated ERM Framework
Workshop Overview
Many organisations have made considerable progress in the area of enterprise and operational risk management since the financial crisis in 2007/2008. However events over the last few years have demonstrated, and continue to demonstrate the need to make improvements in organisational risk management capabilities and tools.
One area of weakness and, particular challenge for many organisations is around indictors, specifically developing and managing with Key Risk indicators (KRIs). KRIs have a vital role to play in monitoring and managing risk exposure within any organisation, and should be developed and deployed in the context of a wider indicator suite which includes Key Performance Indicators (KPIs) and Key Control Indicators (KCIs).
Workshop Objective
This interactive workshop provided attendees with a deep understanding of developing and managing with Key Risk Indicators. We started by providing an overarching management framework which integrated strategy execution and risk management. We then moved on to clarify the role of KRIs, alongside KPIs and KCIs.
Using a combination of presentations and practical examples, we were able to:
Learn how to define robust suite of indicators, including the different between Leading and Lagging, and Financial and Non-Financial indicators
Understand how to use a well-structured risk definition to guide the definition of KRIs
Understand the relationship between risk appetite and KRIs, and however Risk Appetite should influence the definition of KRIs
Understand the role KRIs play in scenario analysis
Understand the role of KRIs in the risk assessment process
Understand the role of KRIs within the risk, regulatory and management reporting
Who Attended:
CROs, Directors, General Managers, Senior Management and Managers of: Operations, Operational Risk Management, Enterprise Risk Management, Internal Audit, Compliance, Operational Risk, Strategy and Performance.
Please contact andrew.smart@stratexsystems.com for more details about the presentation or to have a talk about our software solutions.
Do you have the right tools to measure your financial performance? Do you know what elements are necessary to guide your business? Based on last year's rave reviews, Autotask's own Chief Financial Officer, Vince Zumbo, will return to lay out the fundamentals of planning and monitoring your financials for success. Vince will be aided by Autotask Product Manager Joe Rourke who will demonstrate how you can apply what you've learned by leveraging Autotask to support your business' optimal financial health. This session is full of tips, templates and insights that are used by financial professionals today and can be used by organizations of all sizes.
[Presenters: Vince Zumbo & Patrick Burns, Autotask]
What influences working capital managementSachin Karpe
Applying an effective funds control system is an excellent way for many companies to improve their returns. Funds management ensures a company has sufficient proceeds to meet its short-term debt debts and operating expenses
Principled Performance delivered through Federated GRCNick Carus
Principled Performance is an approach to business that helps organisations reliably achieve objectives while addressing uncertainty and acting with integrity.
To meet the objectives involved, Acuity Group are bringing to market a disruptive approach to the evolution of Federated GRC platform solutions to achieve the imperative of supporting a business to achieve their strategic objectives, establishing an effective culture of Governance to monitor, measure and manage all aspects of Risk & Compliance (GRC) across the organisation and throughout the supply chain.
Shared services - A Strategic Cost Management PlatformSanjay Chaudhuri
Shared Services Platform (as self defining as it can be) promotes the idea of 'sharing' within an organization or group or may also be provided as 3rd party SBU services.
Creating a Single point of contact for all service deliveries, enabling Cost effective solutions, leverage Automation, optimize workforce and the Speed to fulfillment is the key to success of such organizations.
More and more companies are moving to such platforms and the success rate is very high.
A practical approach to defining indicators within an integrated ERM Framework
Workshop Overview
Many organisations have made considerable progress in the area of enterprise and operational risk management since the financial crisis in 2007/2008. However events over the last few years have demonstrated, and continue to demonstrate the need to make improvements in organisational risk management capabilities and tools.
One area of weakness and, particular challenge for many organisations is around indictors, specifically developing and managing with Key Risk indicators (KRIs). KRIs have a vital role to play in monitoring and managing risk exposure within any organisation, and should be developed and deployed in the context of a wider indicator suite which includes Key Performance Indicators (KPIs) and Key Control Indicators (KCIs).
Workshop Objective
This interactive workshop provided attendees with a deep understanding of developing and managing with Key Risk Indicators. We started by providing an overarching management framework which integrated strategy execution and risk management. We then moved on to clarify the role of KRIs, alongside KPIs and KCIs.
Using a combination of presentations and practical examples, we were able to:
Learn how to define robust suite of indicators, including the different between Leading and Lagging, and Financial and Non-Financial indicators
Understand how to use a well-structured risk definition to guide the definition of KRIs
Understand the relationship between risk appetite and KRIs, and however Risk Appetite should influence the definition of KRIs
Understand the role KRIs play in scenario analysis
Understand the role of KRIs in the risk assessment process
Understand the role of KRIs within the risk, regulatory and management reporting
Who Attended:
CROs, Directors, General Managers, Senior Management and Managers of: Operations, Operational Risk Management, Enterprise Risk Management, Internal Audit, Compliance, Operational Risk, Strategy and Performance.
Please contact andrew.smart@stratexsystems.com for more details about the presentation or to have a talk about our software solutions.
Do you have the right tools to measure your financial performance? Do you know what elements are necessary to guide your business? Based on last year's rave reviews, Autotask's own Chief Financial Officer, Vince Zumbo, will return to lay out the fundamentals of planning and monitoring your financials for success. Vince will be aided by Autotask Product Manager Joe Rourke who will demonstrate how you can apply what you've learned by leveraging Autotask to support your business' optimal financial health. This session is full of tips, templates and insights that are used by financial professionals today and can be used by organizations of all sizes.
[Presenters: Vince Zumbo & Patrick Burns, Autotask]
What influences working capital managementSachin Karpe
Applying an effective funds control system is an excellent way for many companies to improve their returns. Funds management ensures a company has sufficient proceeds to meet its short-term debt debts and operating expenses
Principled Performance delivered through Federated GRCNick Carus
Principled Performance is an approach to business that helps organisations reliably achieve objectives while addressing uncertainty and acting with integrity.
To meet the objectives involved, Acuity Group are bringing to market a disruptive approach to the evolution of Federated GRC platform solutions to achieve the imperative of supporting a business to achieve their strategic objectives, establishing an effective culture of Governance to monitor, measure and manage all aspects of Risk & Compliance (GRC) across the organisation and throughout the supply chain.
Shared services - A Strategic Cost Management PlatformSanjay Chaudhuri
Shared Services Platform (as self defining as it can be) promotes the idea of 'sharing' within an organization or group or may also be provided as 3rd party SBU services.
Creating a Single point of contact for all service deliveries, enabling Cost effective solutions, leverage Automation, optimize workforce and the Speed to fulfillment is the key to success of such organizations.
More and more companies are moving to such platforms and the success rate is very high.
What is Business Performance Management?Corporater
In this presentation on Business Performance Management, you will learn:
• The essentials of Business Performance Management (BPM)
• How to align strategy and tactics using BPM
• About BPM software
You will also gain insights on how to run your business more efficiently by measuring, managing and driving performance.
Information Governance (IG) is truly a strategic initiative of any organization. As such, the connection to organizational strategy must be made concretely. The starting point for any IG initiative must be the organization’s corporate mandate, policies and strategic directives, mission and goals. The resulting tactical elements must be aligned with the organizational plans, objectives, and the operational targets of management.
The presentation sheds light on the concept of GRC (Governance, Risk and Compliance). Features associated to GRC, such as - its history, its impact on businesses, types etc are covered here.
Here is the list of the topics covered:
1. How was GRC developed?
2. What exactly is GRC?
3. The role of GRC in ISMS
4. Impact of GRC
5. Types of GRC
6. The role IT-GRC in IT-RMC
7. IT-GRC Foundation
8. Why to deploy IT-GRC Management System?
Next Generation Approaches: Why Smart Buyers should Abandon the Traditional A...EightyTwenty Insight
The traditional approach to sourcing, involving only a cursory look at the overall strategy before diving into the transaction (build or buy), is now being recognised as not being ‘fit-for-purpose’. This presentation looks at the new drivers for change, and provides some tips on how to move forward.
For more information, please go to www.8020i.co.uk .
Factors to Consider in Asset ManagementStuart Hansen
Asset management is a salient determinant of success in any business enterprise. The effective management of an organization's assets helps ensure a seamless assessment of investments. This process guarantees that the required level of quality desired for assets is upheld through regular maintenance practices. It also helps to ascertain that a company’s assets are kept safe, and an organization complies with requirements from both insurance companies and the government.
Managing assets is difficult, especially if an organization has many investments. Therefore, the intricacy inherent in asset management emphasizes the need to be strategic in approaching the issue. You may want to start by assembling a team of qualified asset management professionals. The size of this team depends on the organization's size.
Table of ContentsIntroduction. 2Summary of the busines.docxjohniemcm5zt
Table of Contents
Introduction
.
2
Summary of the business
.
3
Benefits and disadvantages of Business Analytics
.
3
Challenges that the organization may face using business analytics.
5
Business Analytic Techniques That the organization Can Use
.
6
The Implementation Plan
.
7
Backup plan
.
8
Conclusion
.
8
References
.
9
Introduction
Analytics refers to discovering, interpreting and communicating important patterns in collected data. Analytics has been used in organizations since exercises in managements were put into place by Frederick Winslow Taylor in the late 19th century.
Today, with the introduction of computers in day to day running of businesses, organizations and most of the institutions, the use of analytics has been brought to a whole new level. These consequential patterns can help in decision making in different scenarios.
Business analytics refers to the proficient use of technologies in continuously exploring and investigating past business performance so as to make inferences and help in business planning and decisions. Predictive modeling and statistical methods are extensively utilized to help the management in making this decision.
Business analytics are applicable in a wide range of business and organization scenarios to help in making management decisions. Business analytics has been changed the way businesses look at their key indicators of performance.
The business analyst has responsibilities in the following areas:
They help in identifying the technical actions that would address a certain situations, also supports in delivering the business strategies.
They help in defining procedures they will use in organizations.
They help in supporting the implementations and operations of strategic plans.
They refine the techniques once they have implemented in order to tolerate changes while ensuring continued alignment with the business strategy.
Business Description
The firm is involved in the design. Design firms make designs to clients to meet their (clients) needs.
The business analytics can use different methods analytical techniques. For example, the orders for particular graphic designs vary seasonally due to upcoming promotions and holiday season. The firm should use business analytics to know when in the past they experience different designing orders. The firm should use business analytics to analyze data so that it can be able to make informed decisions.
The organization possesses technological equipment’s but they do have any integrated system. The business should use analytics to connect its databases for easy access and efficiency of information flow.
The firm should also use business analytics to predict how the business would perform in a new environment it wishes to venture into. It would analyse all the factors that would seemingly impact its operations and success in the new environment.
Benefits and disadvantages of Business Analytics
Benefits
Business analytics creates a better .
Take a look at this interesting presentation on ➡ 3 Pillars to become successful with your analytics strategy
Inculcate a culture of analytics, have the right people on-board, get your organization strategy on one page, and have the right architecture and data management strategies in place.
Link: https://bit.ly/2BanJcW
What is Business Performance Management?Corporater
In this presentation on Business Performance Management, you will learn:
• The essentials of Business Performance Management (BPM)
• How to align strategy and tactics using BPM
• About BPM software
You will also gain insights on how to run your business more efficiently by measuring, managing and driving performance.
Information Governance (IG) is truly a strategic initiative of any organization. As such, the connection to organizational strategy must be made concretely. The starting point for any IG initiative must be the organization’s corporate mandate, policies and strategic directives, mission and goals. The resulting tactical elements must be aligned with the organizational plans, objectives, and the operational targets of management.
The presentation sheds light on the concept of GRC (Governance, Risk and Compliance). Features associated to GRC, such as - its history, its impact on businesses, types etc are covered here.
Here is the list of the topics covered:
1. How was GRC developed?
2. What exactly is GRC?
3. The role of GRC in ISMS
4. Impact of GRC
5. Types of GRC
6. The role IT-GRC in IT-RMC
7. IT-GRC Foundation
8. Why to deploy IT-GRC Management System?
Next Generation Approaches: Why Smart Buyers should Abandon the Traditional A...EightyTwenty Insight
The traditional approach to sourcing, involving only a cursory look at the overall strategy before diving into the transaction (build or buy), is now being recognised as not being ‘fit-for-purpose’. This presentation looks at the new drivers for change, and provides some tips on how to move forward.
For more information, please go to www.8020i.co.uk .
Factors to Consider in Asset ManagementStuart Hansen
Asset management is a salient determinant of success in any business enterprise. The effective management of an organization's assets helps ensure a seamless assessment of investments. This process guarantees that the required level of quality desired for assets is upheld through regular maintenance practices. It also helps to ascertain that a company’s assets are kept safe, and an organization complies with requirements from both insurance companies and the government.
Managing assets is difficult, especially if an organization has many investments. Therefore, the intricacy inherent in asset management emphasizes the need to be strategic in approaching the issue. You may want to start by assembling a team of qualified asset management professionals. The size of this team depends on the organization's size.
Table of ContentsIntroduction. 2Summary of the busines.docxjohniemcm5zt
Table of Contents
Introduction
.
2
Summary of the business
.
3
Benefits and disadvantages of Business Analytics
.
3
Challenges that the organization may face using business analytics.
5
Business Analytic Techniques That the organization Can Use
.
6
The Implementation Plan
.
7
Backup plan
.
8
Conclusion
.
8
References
.
9
Introduction
Analytics refers to discovering, interpreting and communicating important patterns in collected data. Analytics has been used in organizations since exercises in managements were put into place by Frederick Winslow Taylor in the late 19th century.
Today, with the introduction of computers in day to day running of businesses, organizations and most of the institutions, the use of analytics has been brought to a whole new level. These consequential patterns can help in decision making in different scenarios.
Business analytics refers to the proficient use of technologies in continuously exploring and investigating past business performance so as to make inferences and help in business planning and decisions. Predictive modeling and statistical methods are extensively utilized to help the management in making this decision.
Business analytics are applicable in a wide range of business and organization scenarios to help in making management decisions. Business analytics has been changed the way businesses look at their key indicators of performance.
The business analyst has responsibilities in the following areas:
They help in identifying the technical actions that would address a certain situations, also supports in delivering the business strategies.
They help in defining procedures they will use in organizations.
They help in supporting the implementations and operations of strategic plans.
They refine the techniques once they have implemented in order to tolerate changes while ensuring continued alignment with the business strategy.
Business Description
The firm is involved in the design. Design firms make designs to clients to meet their (clients) needs.
The business analytics can use different methods analytical techniques. For example, the orders for particular graphic designs vary seasonally due to upcoming promotions and holiday season. The firm should use business analytics to know when in the past they experience different designing orders. The firm should use business analytics to analyze data so that it can be able to make informed decisions.
The organization possesses technological equipment’s but they do have any integrated system. The business should use analytics to connect its databases for easy access and efficiency of information flow.
The firm should also use business analytics to predict how the business would perform in a new environment it wishes to venture into. It would analyse all the factors that would seemingly impact its operations and success in the new environment.
Benefits and disadvantages of Business Analytics
Benefits
Business analytics creates a better .
Take a look at this interesting presentation on ➡ 3 Pillars to become successful with your analytics strategy
Inculcate a culture of analytics, have the right people on-board, get your organization strategy on one page, and have the right architecture and data management strategies in place.
Link: https://bit.ly/2BanJcW
1Running head BUSINESS ANALYTICS IMPLEMENTATION PLANBusin.docxeugeniadean34240
1
Running head: BUSINESS ANALYTICS IMPLEMENTATION PLAN
Business Analytics Implementation Plan
2
Business Analytics Implementation Plan
Table of Contents
· Cover page
1
· Table of contents
2
· Introduction
3
· The business and summery of business analytics
3
· Benefits and disadvantages of business analytics 4
· Organization proactive in addressing any disadvantages 5
· Challenges that the organization may face using business analytics 5
· Business analytic techniques 6
· Implementation plan 8
· Back up proposal 12
· Conclusion 13
· References 15
BUSINESS ANALYTICS
Introduction
Business analytics involves studying of data by means of operations and statistical analysis, formation of models which are predictive, optimization techniques application, and communicating the outcome to clients, associate executives and business associates. Companies which are committed in decision making which is data driven can use business analytics (Alvin, 2008). The company can use business analytics in order for it to gain a clear insight which inform decisions in business. The business analytics can also be applied in business processes’ automating and optimization. Business analytics can be viewed as an intersection between business and technology (Jeanne, 2005).
The business and summery of business analytics that could be applied to the business in multiple scenarios
The firm deals with a wide range of graphics design, which involves creation of items to be used in visual communication and also use of image, type, and space, for problem solving. The business has a lot of clients, and uses technology for daily operations but do not perform data analysis which helps in business decision making. Business analytics will be of great help because it can help the firm to integrate their data and consequently make informed business decisions. The databases which are all independent of each other can be linked as well as the other systems which are not connected.
Since the firm is dealing with graphics design and has a wide variety of clients for different designs, it can apply business analytics in order for it to be able to focus on methods of quantitative and the task of data which is evidence based, in the firm’s business decision making and modeling. This.
[DSC MENA 24] Ahmed_Refaay_- Where to Start Your Data Analytics Journey.pptxDataScienceConferenc1
The world of data analytics is booming, offering exciting opportunities to those who can unlock the power of information. This talk will equip you with a roadmap to kickstart your data analytics journey. We'll explore three key areas to empower your beginning: Business Acumen: Gaining a business understanding is crucial. We'll discuss how to translate business problems into data-driven solutions, ensuring your analysis is relevant and impactful. Six Sigma Foundations: This problem-solving methodology can be a valuable asset. We'll delve into the basic principles of Six Sigma and how they can improve your data analysis approach, leading to more efficient and accurate insights. Data Analytics Fundamentals: We'll introduce essential data analysis concepts like data wrangling, visualization, and basic statistics. Understanding these fundamentals will equip you to handle and interpret data effectively. By combining business acumen, Six Sigma principles, and foundational data analysis skills, you'll be well-positioned to embark on a rewarding data analytics journey. This talk will provide a clear starting point and ignite your curiosity to explore this dynamic field further. at the end we shall share some business cases from our success stories.
Data governance is a bunch of strategies and practices that ensure high quality through the complete lifecycle of your data. Data Governance is a practical and actionable framework to assist a wide range of data stakeholders across any organization in identifying and meeting their data requirements.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
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Youtube – https://www.youtube.com/startuplviv
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Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
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Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
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It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
2. Table of
contents
Why Every Asset Intensive Organization Needs Customized Asset Models for Live Decision
Making
Top 3 Asset Management Tips For Improved Performance and Efficiency
– Partner With Asset Management Professionals
– Invest In Asset Analytics
– Understanding Your Asset Risks
How Reliability Modelling Can Help You Improve the Value of Your Asset
What Is Reliability Modelling?
The Value of Reliability Modelling
3. Why Every Asset Intensive Organization
Needs Customized Asset Models for Live
Decision Making
Asset intensive organizations tend to face a wide range of management and operational
challenges, one of which entails creating risk management models that reinforce the goals and
objectives of the organization. The situation is even more challenging when an organization is
focused on short-term operational performance.
4. One of the best strategies for overcoming such hurdles is working with
customized asset management models. So, how can asset models help or
reinforce the decision-making process?
1. Best asset management practices require technology, processes, and people
in an organization to be organized or work around a common goal or
objective. In other words, everything needs to be joined together. This is
where asset modelling comes in—it provides the clarity and focus that’s
required to meet the dynamic demands of customers and other external
regulators. Asset models provide the framework that you can follow to make
timely maintenance and investment decisions about an organization’s assets.
5. 2. Before implementing any asset management technology solution, it is
critical to understand how the solution works and how it can benefit your
organization’s asset maintenance operations. This will help you with fast
system selection and functionality prioritization. Asset modelling can help
you understand the entire process of asset management—from asset data,
condition monitoring, and strategy for maintenance, interventions and
operations. It can also help you figure out the true operating costs, sound
operational strategies, and how to improve the transparency of an
organization’s asset base.
6. 3. A key benefit of implementing asset management software or technology is the visibility of
data. However, for such data to be useful, the organization must set up a clear approach of
verification and management. Asset modelling can come in handy in such a situation as it can help
you measure and estimate performance expectations in greater detail, allowing you to make the
necessary adjustments to achieve the desired results.
7. 4. Finally, asset model provides a forward-looking planning framework, which
incorporates risk-based decisions to help you deliver an organization’s
objectives effectively and efficiently. This allows you to figure out the
operational interventions to proactively manage asset performance to the
required standards. An asset model may also foster continuous
improvement that will allow you to benchmark and review your asset
management systems to not only maintain but also raise the performance of
your organization, particularly when it comes to delivering its goals. In other
words, your organization can benefit from asset modelling far beyond
maintenance planning.
8. Every asset should be managed and maintained efficiently to ensure that it continues to function
with the goals and objectives of the stakeholders. Doing this blindly without any kind of
professional help or a model to follow is not recommended as it comes with a lot of challenges.
However, there is a solution that has been proven to work for many organizations—asset models.
Asset modelling provides a structured approach to implementing a sound asset management
solution. This ensures that managers of asset intensive organizations are certain of the asset
management moves that they make.
9. Top 3 Asset Management Tips For Improved Performance
and Efficiency
Some organizations simply don’t know their current asset conditions, risks or
how to maximise the value they provide. To address such a scenario, it is easy
to lose valuable time and money. Even though there are a lot of challenges
that you are likely to face when it comes to understanding, managing, and
making decisions around your assets, it is possible to simplify the process.
Without further ado, here are the most important asset management tips that
you can leverage for improved performance and efficiency.
10. Partner With Asset Management
Professionals
There are a lot of things that you need to do for your organization to run smoothly. It can be hard
to control every aspect of asset management, especially the optimisation of your assets.
Accordingly, it is advisable to partner with a company that you can rely on to help you manage
this process. If you have a small budget, you can partner with start-ups or asset management firms
that are affordable. However, if you have the budget or have a large company, then you can team
up with a high-end firm that can give you a much broader response as far as the management of
your assets is concerned
11. Invest In Asset Analytics
Without analysing your assets, your organization is likely to be suboptimal.
For instance, you could end up paying for excess maintenance costs, operate
your assets in a suboptimal way, or even select equipment that isn’t fit for
purpose. You could also end up paying for mismanaged assets over the long
term. Invest in asset analytics will help you keep track of your assets
performance and strategy recommendations seamlessly:
12. • Better Operational Decisions: How loaded? What duty? What rate? The operational
questions can have a significant impact on asset life as well as profit generation. Analytics can
assist with these decisions. .
• Better Maintenance Decisions: Asset analytics provides real-time maintenance
recommendations for maintenance and intervention or replacement strategies.
• Detailed Insights on Asset Performance: Tracking your assets performance allows you to
save money, reduce operational downtime, and control risk.
• Updated Total Cost of Ownership for Your Assets: Assets analytics help you understand the
value of your assets, which further allows you to better manage costs and resources needed to
support the assets. Knowing the cost of ownership can also help you conduct advanced capital
budgeting analysis.
13. Understanding Your Asset Risks
You need to know your asset risks. You should know where your risk lies so
that you can manage it effectively. For instance, you should find out whether
changes to asset condition are increasing your risk exposure. Continuous asset
risk tracking is critical to help you identify the best course of action to take at
any given moment.
14. Bottom-line
There are many benefits of implementing better asset management strategies to boost your
performance and efficiency. Whether it is partnering with the right firms, investing in asset
analytics, or tracking your risks, you need to have effective systems in place to take your asset
management efforts to another level. It can also go a long way in helping you lower the total costs
of operating and maintaining your assets.
15. How Reliability Modelling Can Help You Improve the Value
of Your Asset
Many businesses face a lot of challenges when it comes to asset reliability.
Whether a given asset will be available when it is needed to meet the
operational needs of an organization may be anyone’s guess. This may result
in a lot of monetary costs and can jeopardize the productivity and value of an
organization.
16. When you dig deeper to find the possible causes of unreliability, some of the most common
factors that you are likely to find are poorly designed management programs, poor maintenance
schedules, and lack of planning among many other factors. Add that to the limited collaboration
with other stakeholders like the asset management teams, which may sometimes fail to implement
the right asset reliability practices.
So, how can reliability modelling save the situation? Well, before we dig deeper, let’s first
understand what the term means in the first place.
17. What Is Reliability Modelling?
Reliability modelling focuses on risk estimation as well as calculation or
assessment of failure probabilities over an asset’s lifetime. The goal of a
reliability model is to ensure that a product or an asset will consistently meet
the organization’s expectations to perform its intended purpose over a given
period of time under specified conditions.
A reliability model factors in the costs of failure, including any form of
downtime, maintenance costs, and warranty costs. In most cases, this is done
via a wide range of analysis tools and methods. So, reliability modelling
experts must not only understand the proper use of methodologies and
analysis tools, but must also know the tools that are effective during the
various phases of a product or asset life cycle.
18. The Value of Reliability Modelling
Saves Time: Any form of unanticipated failure translates to a lot of lost time and resources to an
organization. Using reliability modelling concepts can help minimize such failures and ultimately
avoid time wastage.
Boost Productivity: Some assets require rigorous tests to be done to eliminate early life failures
or optimize their operations. Reliability modelling techniques can help reduce the time and
resources that are needed to do all these or figure out what’s likely to work and what cannot.
19. Maximizes Throughput: Any form of downtime in the life cycle of an asset
reduces an organization’s throughput. A well-executed reliability modelling
minimizes operating costs and maximizes an organization’s overall
throughput.
Minimizes Distribution System costs: Optimized maintenance programs
and few failures minimize an organization’s distribution system costs in terms
of storage costs, transportation and logistics. It also lowers labour costs.
Minimizes liability risks: Reliability modelling not only minimizes failures but
also mitigate potential damages that may be caused by such failure, which
ultimately minimizes the risk of exposure to unnecessary liabilities.
20. There are numerous benefits of integrating reliability modelling and analysis tools in your
organization. For instance, you can improve your asset reliability, reduce liability and labor costs,
boost your organization’s productivity and throughput, and strengthen your overall asset value. Put
simply, reliability modelling will have a positive impact on your business or organization’s bottom
line.
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