Asset Criticality Analysis for Effective Asset Management
Asset Criticality Analysis is a strategic tool designed to optimize asset management by identifying the most important assets within your organization. By evaluating each system and machine down to a granular level, this process assigns a criticality rating based on potential risks, including production impact, safety, environmental concerns, and financial implications. The resulting criticality score prioritizes assets, guiding maintenance strategy and resource allocation to improve overall performance and reliability.
Addressing Common Challenges
Organizations often face difficulties in identifying which assets have the highest impact on uptime, maintenance costs, and safety. Without a clear criticality analysis process, reaching a consensus on which assets are most critical can be challenging, hindering effective maintenance planning and asset management. Identifying important assets and determining which should be continuously monitored is crucial to enhancing asset health and safety.
Benefits of Implementing Criticality Analysis
Implementing a thorough criticality analysis helps maintenance teams prioritize work orders for corrective and preventative maintenance. By understanding each asset's criticality rating, companies can make informed decisions on maintenance planning and risk management. This process ensures that high-priority assets receive the necessary attention, optimizing resource allocation and supporting the development of effective equipment maintenance strategies. Additionally, it aids in spare parts optimization and Bill of Material (BOM) management, further streamlining maintenance operations.
Our Approach to Criticality Analysis
Allied Reliability uses a dual approach—risk-based and consequence-based—to conduct a comprehensive criticality analysis. The consequence-based method focuses on the impact of potential failures without considering their probability, while the risk-based approach considers both the likelihood and consequence of failures. Working closely with your criticality analysis team ensures that criticality questions and categories align with your corporate goals and facility-specific needs.
Our Asset Criticality Tool assists in identifying which assets require priority focus by calculating a composite criticality score. This tool standardizes the criticality analysis process, allowing for customizable criticality categories, questions, and answers tailored to your organization's business drivers. The resulting criticality score is a key input throughout the asset's lifecycle, informing decisions on asset risk strategy, data collection, and continuous improvement efforts.
Deliverables to Support Your Asset Management
Our criticality analysis study provides actionable deliverables, including a detailed report on how criticality questions were answered, a system ranking analysis, and a histogram of components with their criticality rankings. We also provide an Excel spreadsheet to easily integrate criticality data into your computerized maintenance management system (CMMS), ensuring that criticality analysis is seamlessly incorporated into your daily reliability processes.
By leveraging criticality analysis, organizations can prioritize assets based on their potential impact, leading to more effective maintenance strategies and improved asset reliability.
Partner with Allied Reliability
Let us help you optimize your asset management strategy and achieve your business objectives. Contact us today to learn more about our Asset Criticality Analysis services.
