Asset intensive organizations operate in ever-changing environments. Changes in commodity prices, global economies, environmental and health and safety standards have great impact on asset management strategies. In order to adapt quickly with minimal disruption to an organization, it is important that asset management teams have a strong understanding of their critical assets. In this article, we discuss the importance of determining asset criticality and how to get started.
While asset criticality isn’t a new innovation or industry trend, it is an integral piece of the overall asset optimisation strategy. Unplanned downtime of critical assets can result in significant financial and productivity losses for an organization. Understanding which assets are critical to keep an operation running and ranking them in a way that illustrates their potential impact on an operations’ productivity allows an organization to adapt while making optimal asset management decisions.