Protecting Assets For Longer Life Is Even More Critical Today

Whenever the energy industry might happen to be in its predictable "boom-to-bust" cycle, maintaining a company's assets in today’s troubled economy should be a key priority for each person who has responsibility for designing, servicing and keeping equipment operating safely and reliably.

Assets should be designed and maintained for optimal service with the purpose of obtaining the maximum service life while providing a reasonable return on investment. Systems should operate at levels that do not encourage failure while in service. When equipment is operating at or above capacity 100% of the time, reliability will suffer if the equipment is not properly maintained.

Decisions on whether to rebuild or replace equipment need to be made long before a component fails while in service. Maintenance budgets should not suffer in a downturn, but should be kept in line with the business model to ensure equipment can continue to operate safely, efficiently and productively. In fact, properly managing assets is of utmost importance to the long-term viability of the organization.

Keys To Asset Management

Companies that want to successfully manage assets should consider implementing three operational practices:

1. Manage Expectations. Processes designed to protect assets should fully outline the goals and objectives, how progress will be measured and evaluated, and how the process is kept on track. Maintaining communications with customers, employees and other stakeholders throughout the process is critical, as are sharing the final results of the measures.

2. Encourage Open Communication. Encourage employees to have open and honest communication with their respective audiences to keep them fully informed of the progress being made toward an organization’s goals and objectives. Employees should not only be fully trained and accountable, but also empowered to make decisions.

3. Design And Execute On Processes. Designing and executing on processes provides a road map for achieving goals and objectives and clearly defines the leader. Without this clear direction, the chance for success, even in good times, is hard to achieve. Slowdowns from sharp turns and road blocks need to be minimized.

When all three best practices are implemented throughout an organization, the results can easily be measured by 1.) safe operation, 2.) engaged and productive workforce, 3.) better return on investment and 4.) excellent customer relations.

Customers have the right to demand a good product and even better service. Knowing your customers’ needs is only part of the equation. Maintaining a reputation for equipment longevity and backing it with knowledge, expertise and responsiveness is equally as important.

As budgets tighten during a downturn, there is a higher expectation that equipment will run safely, reliably and productively. Excessive downtime is not an option at any time - but especially not during a shrinking market. It is critical to both keep a customer informed and meet his or her expectations.

At Valerus, for example, when a problem vexes even the most veteran field personnel, the company dispatches a team of seasoned field technicians known as the “V-Team.“