Operations & IT

Asset Optimization

Asset optimization is a broad range of practices that help a company to maximize the value from its physical assets, most often dealing with equipment and property. Asset optimization is generally of more value to capital-intensive industries, such as the oil and gas sector, but can apply to any company with a large value in physical assets.

Asset optimization consulting services have become increasingly appreciated over time as the cost of regulatory compliance and the complexity of relevant technologies have increased.

A company with a large nominal or relative value in physical assets that is committed to reducing costs and maximizing revenues needs to ensure that its assets are being employed and managed optimally.

This includes everything from maintenance scheduling and technician training to operating ratio analysis and novel revenue stream generation from physical assets.

The different possibilities for companies to significantly increase their profit through asset optimization are too numerous to count, so a Consultport consultant is an ideal choice for helping you to navigate you through these complex waters.

  • Risk-Based Inspection: Risk-based inspection (RBI) establishes a framework for minimizing the cost of inspections and repairs while also exceeding regulatory requirements for worker safety and environmental controls. An asset optimization consultant would apply risk-based inspection principles to determine the risk for all the maintenance requirements of your physical assets, assign acceptable risk levels based on relevant regulatory factors and then develop an optimized inspection plan.
  • Data Collection and Management: Recent developments in data and communications technology have provided the opportunity for companies to collect an unprecedented amount of data from their equipment and physical plants. This revolution in data has opened a whole new world of physical asset management and maintenance based on the analysis of this data. An asset optimization consultant can guide your company toward the future of asset management by incorporating these new technologies into your existing asset management processes.
  • Process Analysis: Companies that rely on a high relative proportion of equipment in their production processes often have many inefficient practices and untapped synergies between their people, technologies and machinery. An asset management consultant can perform a deep-dive analysis of your current processes and identify a number of enhancements that will improve productivity, reduce potential hazards and minimize potential production loss from failures.
  • Fitness for Service Analysis: The longer a unit of equipment operates, the more difficult it becomes to analyze its efficiency, potential hazards and remaining useful life. Only asset optimization consultants with a deep understanding of an industry’s equipment can provide the depth and quality of analysis to ensure that your company is employing its equipment optimally and safely until its full useful life is complete.
  • Process Agility: Many companies create rigid production processes that fail to control for varying and seasonal market demand, which results in idle machinery and increased inspection and maintenance costs. An asset management consultant can ensure that your processes are using the correct design, machinery and practises that will allow the greatest agility in meeting current market demand for your products.

Read some related publications

Asset Optimization, Asset Optimization

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