Efficient Plant April 2020 - 21

asset management

Catalog Your Assets
WHEN COMPANIES WANT to develop or improve their
asset-management program, it's quite common for them to
discover they don't have an accurate list of the assets. The catalyst for some organizations is compliance with the ISO 55000
series of standards. This requires understanding how goals and
objectives relate to the physical assets, followed by identifying
the current asset condition and the likelihood of them meeting
those requirements.
Other organizations are prompted to seek help when they
look to replace aging infrastructure. In this situation, they are
usually asking for help to create an asset health index or asset
register. Developing either isn't feasible without a comprehensive
list of the assets.
To develop a holistic asset-management system, first gather
asset master data. Organizations usually begin with these two
business processes: Asset Data Collection and Asset Hierarchy
Development.

Rick Wheeler is the Executive Director of Asset Management Services
at Life Cycle Engineering, Charleston, SC (LCE.com).
He is responsible for deploying new products and services to support assetmanagement systems based on the ISO 55000 body of knowledge. Rick
is a member of USTAG 251, which updates and improves ISO 55000
standards and of the GFMAM P-20 work team, charged with updating
the Maintenance Framework document. Reach Wheeler at
rwheeler@LCE.com.

APRIL 2020

EP2004rmclce.indd 21

Rick Wheeler, Life Cycle Engineering

+

ASSET DATA COLLECTION (ADC)

+

ASSET HIERARCHY DEVELOPMENT (AHD)

is the process used to identify and collect asset data and asset-type
characteristics so they can be entered into a computer maintenance
management system (CMMS/EAM) to a master record of asset data.
Complete and accurate asset data makes possible informed and appropriate decisions across the asset-management spectrum. Accurate data is
necessary to build an asset hierarchy, perform asset-criticality analysis,
manage spare parts, establish a bill of materials (BOM), and develop a
maintenance strategy.

is the process used to create the hierarchical relationships between
company, sites, systems, and assets as a way of showing the grandparent-parent-child relationship for the purpose of effective asset management. As a fundamental component of your CMMS/EAM system, asset
hierarchy plays an integral role in work management, failure tracking,
maintenance cost accounting, and asset downtime tracking. A welldefined asset hierarchy will allow more accurate planning and assignment of work, better control of parts/components, and allocation of
maintenance costs to the right equipment at the correct level of detail.
It allows the condition and performance of equipment to be tracked and
managed and feeds critical information into the asset-health register
which, in turn, informs the strategic capital plan.

While it's certainly not as glamorous as Industry 4.0, establishing accurate, comprehensive data is foundational to your asset-management system
and your asset-health register. EP
EFFICIENTPLANTMAG.COM |

21

3/27/20 12:38 PM


http://www.LCE.com http://www.EFFICIENTPLANTMAG.COM

Efficient Plant April 2020

Table of Contents for the Digital Edition of Efficient Plant April 2020

Efficient Plant April 2020 - Cover1
Efficient Plant April 2020 - Cover2
Efficient Plant April 2020 - 1
Efficient Plant April 2020 - 2
Efficient Plant April 2020 - 3
Efficient Plant April 2020 - 4
Efficient Plant April 2020 - 5
Efficient Plant April 2020 - 6
Efficient Plant April 2020 - 7
Efficient Plant April 2020 - 8
Efficient Plant April 2020 - 11
Efficient Plant April 2020 - 12
Efficient Plant April 2020 - 13
Efficient Plant April 2020 - 14
Efficient Plant April 2020 - 9
Efficient Plant April 2020 - 10
Efficient Plant April 2020 - 11
Efficient Plant April 2020 - 12
Efficient Plant April 2020 - 13
Efficient Plant April 2020 - 14
Efficient Plant April 2020 - 15
Efficient Plant April 2020 - 16
Efficient Plant April 2020 - 17
Efficient Plant April 2020 - 18
Efficient Plant April 2020 - 19
Efficient Plant April 2020 - 20
Efficient Plant April 2020 - 21
Efficient Plant April 2020 - 22
Efficient Plant April 2020 - 23
Efficient Plant April 2020 - 24
Efficient Plant April 2020 - 25
Efficient Plant April 2020 - 26
Efficient Plant April 2020 - 27
Efficient Plant April 2020 - 28
Efficient Plant April 2020 - 29
Efficient Plant April 2020 - 30
Efficient Plant April 2020 - 31
Efficient Plant April 2020 - 32
Efficient Plant April 2020 - Cover3
Efficient Plant April 2020 - Cover4
https://www.nxtbook.com/atp/MaintenanceTechnology/efficient-plant-june-2021
https://www.nxtbook.com/atp/MaintenanceTechnology/epapril2021
https://www.nxtbook.com/atp/MaintenanceTechnology/epmarch2021
https://www.nxtbook.com/atp/MaintenanceTechnology/epjanfeb2021
https://www.nxtbook.com/atp/MaintenanceTechnology/epjulyaug2020
https://www.nxtbook.com/atp/MaintenanceTechnology/epjune2020
https://www.nxtbook.com/atp/MaintenanceTechnology/epmay2020
https://www.nxtbook.com/atp/MaintenanceTechnology/epapril2020
https://www.nxtbook.com/atp/MaintenanceTechnology/epmarch2020
https://www.nxtbook.com/atp/MaintenanceTechnology/epfeb2020
https://www.nxtbook.com/atp/MaintenanceTechnology/epjan2019
https://www.nxtbook.com/atp/MaintenanceTechnology/epnovdec2019
https://www.nxtbook.com/atp/MaintenanceTechnology/epseptoct2019
https://www.nxtbook.com/atp/MaintenanceTechnology/epmay2019
https://www.nxtbook.com/atp/MaintenanceTechnology/epapril2019
https://www.nxtbook.com/atp/MaintenanceTechnology/epmarch2019
https://www.nxtbook.com/atp/MaintenanceTechnology/epfebruary2019
https://www.nxtbook.com/atp/MaintenanceTechnology/epjanuary2019
https://www.nxtbook.com/atp/MaintenanceTechnology/epdecember2018
https://www.nxtbook.com/atp/MaintenanceTechnology/epnovember2018
https://www.nxtbook.com/atp/MaintenanceTechnology/epoctober2018
https://www.nxtbook.com/atp/MaintenanceTechnology/epseptember2019
https://www.nxtbook.com/atp/MaintenanceTechnology/epaugust2018
https://www.nxtbook.com/atp/MaintenanceTechnology/0818schneider
https://www.nxtbook.com/atp/MaintenanceTechnology/epjuly2018
https://www.nxtbook.com/atp/MaintenanceTechnology/epjune2018
https://www.nxtbook.com/atp/MaintenanceTechnology/epmay2018
https://www.nxtbook.com/atp/MaintenanceTechnology/epapril2018
https://www.nxtbook.com/atp/MaintenanceTechnology/epmarch2018
https://www.nxtbook.com/atp/MaintenanceTechnology/epfebruary2018
https://www.nxtbook.com/atp/MaintenanceTechnology/epjanuary2018
https://www.nxtbook.com/atp/MaintenanceTechnology/epdecember2017
https://www.nxtbook.com/atp/MaintenanceTechnology/epnovember2017
https://www.nxtbook.com/atp/MaintenanceTechnology/epoctober2017
https://www.nxtbook.com/atp/MaintenanceTechnology/mtsept2017
https://www.nxtbook.com/atp/MaintenanceTechnology/mtaugust2017
https://www.nxtbook.com/atp/MaintenanceTechnology/mtjuly2017
https://www.nxtbook.com/atp/MaintenanceTechnology/mtjune2017
https://www.nxtbook.com/atp/MaintenanceTechnology/mtmay2017
https://www.nxtbook.com/atp/MaintenanceTechnology/mtapril2017
https://www.nxtbook.com/atp/MaintenanceTechnology/mtmarch2017
https://www.nxtbook.com/atp/MaintenanceTechnology/mtfebruary2017
https://www.nxtbook.com/atp/MaintenanceTechnology/mtjanuary2017
https://www.nxtbook.com/atp/MaintenanceTechnology/mtdecember2016
https://www.nxtbook.com/atp/MaintenanceTechnology/mtnovember2016
https://www.nxtbook.com/atp/MaintenanceTechnology/mtoctober2016
https://www.nxtbook.com/atp/MaintenanceTechnology/mtseptember2016
https://www.nxtbook.com/atp/MaintenanceTechnology/mtaugust2016
https://www.nxtbook.com/atp/MaintenanceTechnology/mtjuly2016
https://www.nxtbook.com/atp/MaintenanceTechnology/mtjune2016
https://www.nxtbook.com/atp/MaintenanceTechnology/mtmay2016
https://www.nxtbook.com/atp/MaintenanceTechnology/mtapril2016
https://www.nxtbook.com/atp/MaintenanceTechnology/mtmarch2016
https://www.nxtbook.com/atp/MaintenanceTechnology/mtfebruary2016
https://www.nxtbook.com/atp/MaintenanceTechnology/mtjanuary2016
https://www.nxtbook.com/atp/MaintenanceTechnology/mtdecember2015
https://www.nxtbook.com/atp/MaintenanceTechnology/mtnovember2015
https://www.nxtbook.com/atp/MaintenanceTechnology/mtoctober2015
https://www.nxtbook.com/atp/MaintenanceTechnology/mtseptember2015
https://www.nxtbook.com/atp/MaintenanceTechnology/MTAugust2015
https://www.nxtbook.com/atp/MaintenanceTechnology/MTJuly2015
https://www.nxtbook.com/atp/MaintenanceTechnology/MTJune2015
https://www.nxtbook.com/atp/MaintenanceTechnology/M
https://www.nxtbook.com/atp/MaintenanceTechnology/0415endress
https://www.nxtbook.com/atp/MaintenanceTechnology/MTApril2015
https://www.nxtbook.com/atp/MaintenanceTechnology/MTMarch2015
https://www.nxtbook.com/atp/MaintenanceTechnology/MTFebruary2015
https://www.nxtbook.com/atp/MaintenanceTechnology/MTJanuary2015
https://www.nxtbook.com/atp/MaintenanceTechnology/MTDecember2014
https://www.nxtbook.com/atp/MaintenanceTechnology/MTNovember2014
https://www.nxtbook.com/atp/MaintenanceTechnology/MTOctober2014
https://www.nxtbook.com/atp/MaintenanceTechnology/MTSeptember2014
https://www.nxtbook.com/atp/MaintenanceTechnology/MTAugust2014
https://www.nxtbook.com/atp/MaintenanceTechnology/MTJuly2014
https://www.nxtbookmedia.com