As any business with effective enterprise asset management knows, improved operational efficiency for reduced costs isn’t a simple, one-solve concept. Reliable, proactive, predictive-based maintenance, for example, encompasses a wide range of solutions, utilized across an organization effectively. Organizations with large-scale asset management programs who rely on critical spare parts will tell you that a better managed and more affordable Bill of Materials is a huge benefit recognized from paying greater attention to critical spares in their inventory and their associated digital twins.
Although all of these operational improvements focus on increasing facility/plant uptime, reducing costs or improving wrench-time, it’s nearly impossible to determine which of those benefits will have the largest impact over time.
The one thing tying everything together… the data behind it.
Issues with data quality introduce diverse challenges across different arms of the organization dealing with increased operational costs, potential fines for non-compliance with government regulations and a rising number of expenditures in purchasing, maintaining, and ownership costs of spare parts.
Businesses that invest in an MRO data strategy (both to get it clean and then an approach to keep it that way long-term) not only stand to save considerably on their annual spare parts inventory costs by but they can also recognize large cost savings through operational efficiencies.
Take a look at the on-demand video on Utopia’s approach to Improving Data Quality for MRO Optimization.