The Role of the MRO Lifecycle and Advanced Analytics in Making Better Asset Management Decisions
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Tuesday, March 30, 2021
Asset intensive companies continue to rapidly advance their thinking regarding Enterprise Asset Management – including through the influence of connected assets and remote condition monitoring. These advancements, among others, have shifted focus from reactive to predictive maintenance practices based on real time failure data. Yet, despite the direct impact that spare part availability has on timely maintenance and Asset Health, the approach to spare part management has often lagged in asset heavy industries. The disconnect between asset decisions and supporting spare parts (MRO) inventory through the Asset Management Lifecycle contributes to stock outs, obsolescence, and unplanned downtime. The objective of this paper is to introduce the concept of the MRO Lifecycle as a complementary framework to the lifecycle management of assets. And to explore how actions and decisions made at each stage of the MRO Lifecycle correlates and contributes to more robust decisions throughout the Asset Management Lifecycle. The session will also introduce how software solutions are helping uncover and drive improvements in MRO Inventory Management to enhance the quality of Asset Management decisions, encompassing spare parts and the role that availability plays in improving overall Asset Health. Drawing from more than 20 years of industry experience and leveraging examples across sectors such as food & beverage, automotive and mining, Xtivity will share approaches, solutions and results from global industry.