What are the benefits of Physical Asset Management for critical Manufacturing Industries?
What is the difference between Operation & Maintenance [O&M] and a complete Physical Asset Management strategy?
Consumer goods companies, especially ones that are also manufacturing industries, have experienced a series of upheavals over the last few years, culminating in a global pandemic, huge changes in consumer behaviour, supply chain shock and competition from new players who have quickly embraced trends for sustainability.
Physical asset management in manufacturing industries concerns the entire life cycle of assets, such as equipment, components, production lines, even factory buildings. It involves making decisions about their use and policies regarding investments and disposal of assets. As the goal of asset management is to achieve maximum value from physical assets, PAM is a critical step towards operational excellence and overall equipment efficiency (OEE).
Although PAM includes maintenance, it goes beyond that. Maintenance is about quickly resolving failures with minimal downtime, while asset management is about reducing failures, extending assets’ life cycle, streamlining operations, and increasing efficiency throughout the manufacturing unit.
PAM can help manufacturing industries, among other things, to:
Physical asset management in manufacturing industries is often one of the last options to maximise cost savings in a competitive global economy due to its inherent complexity, yet it is a building block of a successful strategy. Atom Group’s team of experts, scientists, and technicians, with specialised training and long-standing experience, can help you build this successful strategy in managing your physical assets beneficially.
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