Introduction to IBM Maximo Asset Management

Introduction to IBM Maximo Asset Management

Acquiring, Stocking, Tracking, Maintaining and Disposing Assets (both capital and non-capital) are the processes that are covered in the scope of any Asset Management Plan. In other words, an Asset Management Plan is a plan for managing an organization infrastructure, regardless of the size and industry of the organization.

While the academic definition seems to be logical and easy to grasp, applying an Asset Management Plan can be much more complicated. Regulatory Compliance, Safety and Audit Requirements add further dimensions to the Technical aspect of any plan.

One way to analyse the challenges behind setting an effective Asset Management Process is to review the outcome of many Asset Management Audits that have been performed in different industries and business sectors. Most of the Audit Findings and Recommendations are related to weaknesses in one of the below areas:

  • Accuracy and Completeness of Data: Inaccurate and incomplete asset information may lead to ineffective life-cycle asset management decisions, which may ultimately lead to inefficient use of resources and possibly extra costs to the organization.

 

  • Timely update of information: In an effective process, something like moving an Asset, meter reading, triggering a time-based maintenance, reporting WO actual expenses and a lot more, have to be reflected in the system as soon as they occur. A delay in updating some information or a fail to trigger some actions on a timely manner can jeopardise the efficiency of an Asset Management Plan and significantly increase the Operation Risk.

 

  • Failure/ Cause Analysis: To prevent a reoccurrence of a certain failure, you have to analyse the direct causes, identify the route cause and apply the suitable solution accordingly. Incomplete Failure/Cause analysis is identified as a lack of control and a weakness in knowledge management. Without an analysis and a solution, same cause will lead to same failure again and again, and that will definitely lead to extra Risk and Cost of Operation.

 

  • Lessons learned: which is part of the knowledge management area. Analysing the situation is only half what it needs to be done to manage the knowledge within the organization, documenting the lessons learned is essential to maintain the knowledge and improve the process, it’s also is a critical aspect of QA/QC.

 

  • Communication: Lack of Communication is one of the most common issues that most of organizations face. A lot of accidents would be preventable if better communication was in place, and a lot of processes will be enhanced with a bit of better communication.

 

  • Reporting (whether Financial or Managerial): Who wouldn’t ask for reports? Whether Finance, Operation, SCM or Management. Every department have its own control requirements which always include reporting. You can hardly find an Audit report that didn’t recommend developing new reports to ensure better control and compliance.

Learn more about IBM Maximo Asset Management.

Enterprise Asset Management (EAM) Solutions

Imagine you are an Executive in an organization with hundreds or thousands of Assets, something like a Factory, a Resort or Power Plant. You have to set an Asset Management Plan, which will be based on the recommendation you got from the Assets Manufacturers and/or the Plant Construction Engineers. So far, that’s still the easiest part of the process. Applying the Plan and Managing your Assets are the hard and challenging part, and you can only do this effectively if you have an Enterprise Asset Management Solution.

An Enterprise Asset Management (EAM) is the complete lifecycle management of the physical assets across departments, locations and facilities within an organization. It covers design, operations, maintenance, replacement and decommissioning of Assets.

An EAM Solution is a software that automate and control the Management of Assets to gain near real time visibility,  increase reliability, enhance maintenance plan, and give feedback to build the knowledge and improve the business process.

A list of advantages will come by default with an Enterprise Asset Management Solution, which includes -but not limited to:

  • Greater Corporate Performance
  • Lower Operation Cost
  • Lower Cost of Ownership
  • Better Management and Control
  • Lower Assets’ Downtime
  • Effective decision making
  • Better Compliance
  • Lower Risk and Better Risk Management

IBM Maximo Asset Management

While there is a number of software in the market, IBM Maximo Asset Management is considered to be one of the World’s Leading Solutions for asset-based industries. With the right technical and business expertise, you would be able to fully automate your business process, have full visibility of the Assets set-up and manage the work to be performed within the organization.

The full process of Asset Management can be run and controlled in IBM Maximo which also offers some extra functionality such as workflow approvals, using maps, communication logs, escalation and many more.

Reporting is another strong area in Maximo; you can have a report of any data stored in the system and you can also retrieve information on a once-off basis and download it easily into an excel file without having a database technical experience.

IBM Maximo is not limited to this; industries specific Solutions are available for a number of business sectors such as Oil &Gas, Utilities, Transportation, Nuclear and Life Science to ensure a perfect fit to industries specific requirements. Furthermore, a number of Add-Ons are also available to offer additional functionalities that enhance automating the process within Maximo Asset Management. Those Add-Ons provide functionalities such as Scheduling, Maximo Mobile, Calibration, HSE Compliance and much more.

Although this article was all about Asset Management, IBM Maximo Asset Management is not only one of the leading Asset Management Systems, it is a comprehensive solution that integrate Locations, Assets, Preventive Maintenance, Work Orders, Labour Management, Inventory and Supply Chain Management in one centralised system, allowing better control and effective decisions making in asset-intensive organizations.

IBM Maximo Asset Management allows organizations to share and enforce best practices, inventory, resources and personnel. It helps manage all types of assets – including plant, production, infrastructure, facilities, transportation and communications.

Read the IBM Maximo Asset Management product sheet.

Maximo Asset Management includes six management modules in an enhanced service-oriented architecture:

  • Asset Management: Achieve the control you need to more efficiently track and manage asset and location data throughout the asset lifecycle.
  • Work Management: Manage both planned and unplanned work activities, from initial request through completion and recording of actuals.
  • Service Management: Define service offerings, establish service level agreements (SLAs), more proactively monitor service level delivery and implement escalation procedures.
  • Contract Management: Gain complete support for purchase, lease, rental, warranty, labour rate, software, master, blanket and user-defined contracts.
  • Inventory Management: Know the details of asset-related inventory and its usage including what, when, where, how many and how valuable.
  • Purchasing Management: Support all the phases of enterprise-wide procurement such as direct purchasing and inventory replenishment.

In addition to all the above Out-of-the-Box functionality, it is worth to mention that IBM Maximo is very easy to be configured and/or customised to meet the unique requirement of an organization. It also contains an Integration Framework to facilitate integration with other systems or with third party integration bus/software.