STEP 1: Decide which equipment you want to monitor.
The first step in asset health management is determining which equipment you want to monitor. Start by separating your rotating equipment into two categories: critical assets and balance-of-plant equipment. The technology used and the type of data collected vary between these two categories, so this is a vital step.
STEP 2: Define the data you want to see.
The actionable insights you’ll glean from equipment performance data depend on what software and analytics you’re using to analyze it. Algorithms are based on proprietary models, methodologies and industry experience, so the company providing the algorithms has a significant impact on what you can achieve by using them.
STEP 3: Establish access to expertise.
The ability to repair equipment problems before they result in downtime, lost productivity and decreased revenue is asset health management’s greatest benefit. However, without access to repair and maintenance expertise, a failing asset is a ticking time bomb.