This document discusses best practices for managing asset information. It outlines a multi-stage process for developing an accurate asset database, including asset hierarchy development, physical asset audits, documentation audits, and uploading information to an enterprise asset management system. It also emphasizes the importance of change management and periodic auditing to maintain data integrity over the long term. The document recommends that organizations develop an internal strategy to improve their asset data and monitor best practices in this area.
Strategize a Smooth Tenant-to-tenant Migration and Copilot Takeoff
Best Practices for Managing Asset Information
1. THOUGHT LEADERS FOR MANUFACTURING & SUPPLY CHAIN
ARC INSIGHTS
By Sid Snitkin
Accurate and Comprehensive Asset
Information is vital to developing an
effective CALM Strategy. This must be
one of your first priorities.
INSIGHT# 2003-21E
MAY 21, 2003
Best Practices for Managing Asset Information
Keywords
CALM, EAM, Asset Information Management, CEC
Summary
Although the effort required to develop and maintain accurate databases of
currently deployed assets remains a major barrier to broader Enterprise As-
set Management (EAM) adoption, solutions are appearing that address this
critical issue and EAM provides an ideal structure for organizing asset in-
formation. Many of these solutions offer deep
visualization tools that enhance stakeholder access
to asset information. ARC considers the use of as
EAM a Best Practice in Asset Information Man-
agement.
Analysis
Capital Equipment Assets have unique characteristics that complicate in-
formation management. They are complex, often custom-engineered, and
include many components that must be individually managed to achieve
maximum Asset Lifecycle Value. Large operations, such as Tier 1 Chemical
Plants (e.g., Dow Freeport) have thousands of assets to manage, and the
associated asset information comes in a multitude of paper-based and elec-
tronic forms, such as bills of material (BOMs), instruction manuals,
drawings, maintenance instructions, and parts lists that must be inter-
related.
EAM systems use asset hierarchies to relate assets to component parts, to
associated documentation, and to other assets in the same process. They
also support enhanced asset visualization tools that facilitate rapid naviga-
tion through the information trees to access specific part, work order, and
inventory information. This greatly extends the ability to use asset infor-
mation for more effective planning and execution. But even the most
powerful EAM solution provides little support for developing a compre-
hensive and accurate asset information database that enables this
functionality.