Asset Modeling describes the end- to- end analytic process of ‘modeling’ asset data to enable effective decision-making around a company’s assets, impacting maintenance, operational, interventional, and equipment strategies.
The five primary outputs of asset modeling include presenting recommendations for:
1. Maintenance strategy.
Strategic recommendations point to finding the optimal combination of varying tasks and time allocations, arriving at the lowest cost. Among others, aspects such as RBI (Risk Based Inspections), adaptive and online strategies are addressed.
2. Operational strategy.
An operational strategy is intended to uncover the operating parameters needed to deliver the most value over an asset’s lifespan. Over- or under-utilisation of an asset can have a significant impact on an asset’s performance or asset life, and asset modelling assists in understanding trade-offs, and answering whether operational needs for the asset can be altered.
3. Equipment selection.
An essential function, especially when looking to replace or purchase new equipment. An optimal selection will be based on considerations such as varying the asset traits best suited for operational and environment dynamics. A trade-off may well be needed, and asset modeling can determine the optimal equipment choice.
4. Cost and risk profiling.
When coupled with costs and risks, asset modeling can be used to indicate profiles for risk reporting and budget planning.
5. Intervention strategy.
Typically, an intervention strategy deals with when to replace or refurbish assets. Managing assets in an optimal way requires some experience and intuition but mostly using data, analytics, and modelling to make far-reaching value decisions.
Luhann van Zyl
Head of Asset Division
Mubesko Africa
mubesko.co.za
Operating in the private and public sectors, Mubesko Africa offers Financial Accounting and Management Support, Asset Accounting and Modeling, and Forensic Examination services.