MechChem Africa May-June 2020

⎪ Maintenance and asset management ⎪

perspective.Thisisprecededbyconductingan asset assessment. While this may take some investment of time up-front, the rewards will pay off,” says Bannerman. The first step is capturing data around the critical nature of the asset or the ‘value’ to the organisation. That means more than replace- ment costs. For each asset, managers should also note whether the technology is consid- ered ‘modern’orifithasbecomeoutdatedand is lagging behind current industry standards. The second step is developing the ability tomonitor each asset and track performance issues. This will contribute to sound financial planning. This empowers users to search the system for assets which need preventive maintenance and make sure the necessary parts and resources are available, while esti- mating those costs. Bannerman believes that the most signifi - cant value will come from the power of pre- dictive analytics. Today, innovative Business Intelligence (BI) solutions can contain power- ful predictive capabilities, using algorithms and data science to identify patterns in data points andproject next likelyoutcomes. Users canexplore ‘what if’ scenarios andobtain cost and demand forecasts. “This glimpse of future investment needs canbeevaluatedagainstprojectedcashcycles – taking into account forecasts for customer

Innovative Business Intelligence (BI) solutions can contain powerful predictive capabilities, using algorithms and data science to identify patterns in data points and project next likely outcomes.

departments or business units and negotiate for possible economies of scale or bulk pur- chasing. “With the view into future demands and future capital available, asset managers can make well informed recommendations. Toppriorities andcritical needs canbe consid- ered along with potential gains and benefits. Smart investments will yield success in 2020 and beyond,” Bannerman concludes. q

demand. Managers can then prioritise major investments, when fundswill beavailable, and plan for stop-gap, bare-minimumfixes during lean periods. All this while identifying time- sensitive critical issues that are high priority and demand immediate response,” he says. The reporting generatedby theEAMsolu- tion, paired with advanced analytics, allows asset managers to consolidate needs across

May-June 2020 • MechChem Africa ¦ 9