The Need for Asset Management in The Chemical Industry

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The average service life of systems in the chemical industry has increased over time and the associated maintenance costs have increased significantly. Asset Management is a crucial aspect of the chemical industry. 

It is estimated that 50% of the fixed costs of a typical chemical plant are the result of ongoing maintenance. This is why it is important to have certain practices and procedures in place to reduce costs and increase the longevity of the assets. 

Let’s look at some of the best practices that you can implement to improve your asset management.

 

Proactive Maintenance

Asset Management Solution acts as a predictive maintenance tool; enables experts to determine the operational status of devices and field resources so they can make informed decisions about servicing, maintaining, or replacing those devices. This increases the reliability of work equipment and equipment and reduces the likelihood of a sudden failure.

Proactive Maintenance addresses the greatest challenges chemical plants face by reducing the likelihood of any type of plant accident or failure.

 

Legal Compliance

Compliance is a very important criticism of a chemical plant. Critical and complex systems and devices that contain dangerous particles and can be harmful to employees. Most accidents occur in chemical plants, so compliance and maintenance are very important factors.

If a property review is conducted during this audit and a breach is found, a large bill will be created for the breach of the terms and conditions. Especially in a chemical plant. Because it is very complex, large machines have to be maintained in order to protect plants and employees.

These chemical plants are also checked for their environmental safety. In addition, they must ensure that no toxic substances enter the environment. The plant asset management ensures that all rules are adhered to and a strong compliance function can keep your organization from your competitors. With the help of the asset management solution, you receive reports on a plant in the shortest possible time.

 

Reactive Maintenance

As the name suggests, reactive maintenance is performed after something goes wrong. When a company spends a significant amount of its time, money, and resources performing reactive maintenance, it typically “pays” for it in the form of downtime, rescheduling, lost sales, lost customers, and reduced pricing power, customers, Fines, and Fees, etc. While reducing maintenance costs may seem profitable, a full assessment of all side effects would likely prove otherwise. In fact, the total cost of reactive maintenance can be two to three times higher than that of a preventive maintenance approach.

 

Preventive Maintenance

Many companies rely on OEM specifications to tell them when to perform preventive maintenance and what steps to take. While this is a good discipline, it can often be done to extremes. Preventive maintenance carried out too often can cause production stoppages or maintenance is not carried out until it is too late. 

In addition, the data recorded with this type of “standard maintenance” does not provide a lot of information about the actual condition of the system. And also does little to provide orientation for future maintenance requirements.

However, this approach is a better approach than reactive maintenance, especially for systems whose failures are difficult to predict. With a modern EAM solution, users can determine optimal maintenance plans and automatically create and assign work orders. Preventive maintenance generally helps to extend equipment life while improving productivity.

 

Predictive Maintenance

According to the Society for Maintenance and Reliability Professionals (SMRP), you can define predictive maintenance as: “An asset maintenance strategy that is based on assessing the condition of an asset to determine the likelihood of failure. And then taking appropriate action to prevent failure, Before the error actually occurs.”

The combination of preventive and predictive maintenance with the resulting corrective work orders gives an overall picture of proactive work. This prescriptive and precise proactive work is in the foreground of first-class maintenance and asset management.

 

Conclusion

A modern solution from an industry-leading solution provider can provide early warning of non-optimal plant conditions. Such a system can provide sensor data and perform analysis to help users determine when failures are likely to occur in the future. You can use algorithms and machine learning models to determine exact breakpoints. 

Raise decision-making to the right level based on severity. Identify the people, processes, and tools needed to resolve issues before they occur; and automatically update the results based on the last job you ran. 

You can optimize these processes with the help of a PLM system such as KloudPLM. A cloud-based solution that will help in increasing your product development and assist in asset management.  Schedule a demo today to find more about KloudPLM

 

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