Using Work Management Best Practices to Achieve Asset Optimization (6)

Stage Five: Asset Optimization

Asset optimization—the tying together of service, quality, performance, and cost—is the ultimate goal of any asset-intensive company. But to get there, companies must have progressed through the other four stages, putting in place the processes that will allow them to achieve this goal.
Once this groundwork is laid, they have all the resources and tools required to drive continuous improvement.

“As success is gained from the initial improvement efforts, organizations must institute a process of continuous improvement to guide the [EAM] process. Continuous improvement is driven by prioritized failure analysis that includes proactive identification, prioritization by risk, and action to eliminate the defect. The strategy and implementation is adjusted and refined, as necessary, to ensure progress.”
(Pennsylvania State University Applied Research Laboratory2 )

At this point, the foundation is firmly in place. Companies are now able to understand what areas
they need to focus on for greater improvement.

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