ISO 55000, launched in January 2014, is the international standard covering management of assets. By creating a set standard across assets and organizations, ISO 55000 enables businesses to effectively and efficiently manage their assets to achieve objectives sustainably over time. Without these standards, organizations would have no framework to guide their asset management strategy.

Standards drive strategy, and this principle applies to a company’s data strategy as well. Uniform data provides accurate summary level information and reports to improve operational and strategic management capabilities at all phases of the asset lifecycle. Lack of standards can lead to situations where different shifts or workers input varying data, such as different naming conventions, varying specificity, or unpredictable failure codes.

Standards prevent knowledge gaps

The first step to have accurate and complete data is to identify any gaps or shortcomings. Often, the information available in the CMMS or EAM is dated. As a result, asset information can regularly be unreliable. Frequently, asset hierarchies have shifted, and because these systems are transactional and not easily appraised consistently, item data only becomes less accurate over time.

Knowledge gaps will ultimately lead to inaccurate work orders. The listed asset won’t match the actual asset in the field or performance standards and task lists are missing or don’t exist. Other errors could include the maintenance BOM being only partially completed with supporting documents missing or not linked.

Standards retain knowledge

According to a survey by Willis Towers Watson, 4 out of 5 businesses in manufacturing are concerned about the loss of talent. With millions of Baby boomers expected to retire in the coming years, many organizations will struggle with the loss of specific company knowledge due to seasoned employees exiting the work force.

With almost 10,000 Baby boomers retiring daily, 57% have shared half or less of the knowledge needed to perform their job responsibilities. Even worse, 21% have shared none, according to a survey by Express Employment Professionals. For organizations with asset management professionals or reliability engineers, this loss of knowledge can be particularly disrupting.

A Standard Operating Procedure (SOP) helps to maintain company knowledge. An example of an effective SOP could be the foundational data formats or required data for CMMS equipment, such as equipment numbers or physical location.

Standards save money

Having disorganized or varying inputs adds additional expenses in the form of retraining workers and restructuring data. A well-developed data SOP allows for quicker turnaround with new employees while reducing costs from employee error. When it comes to creating your data strategy, it’s best to follow the Do It Right The First Time, or DRIFT, theory.

A major element in determining the “format” of the equipment and location records as they relate to a specific CMMS is the Equipment Strategy Session (ESS). The results of the session will provide very specific direction as to how the data will be formatted for final load. This session should occur prior to the commencement of the walkdown. Primary elements of a typical session would include decisions on some of the following: equipment numbering convention, the difference between equipment and components, or equipment unique identifier naming convention (e.g. Motor = MTR).

Conclusion: Reliable information

Maintaining consistent data standards is crucial for reliable information. Without plant-wide data rule sets for capturing data, duplicate entries and incomplete asset data will persist. Need assistance establishing your standards? MaxGrip can provide rapid EAM deployment by simultaneously developing asset hierarchy and creating the ideal maintenance plans for new assets using our ISO14224 compliant maintenance models.

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