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To boost the productivity in the short and long terms corporate executive rely on assets. For long term expansion plans, asset management procedures help a company leverage its resources to grow. Corporate assets are resources on which a company relies on to operate and expand. Logistical acumen, financial expertise and attention to detail are necessary for Asset analysis and asset performance management. The main objective of performance management is to improve business processes, maintenance procedures and streamline production. Asset management helps to align maintenance strategies with business. It also helps in strategic planning and budgeting. Asset analysis and management helps in enhancing the productivity quotient and improves the bottom line. With the help of corporate assets the companies get the economic lifeblood. Collectively and individually assets will generate a huge amount of data. For better asset analysis and performance management many companies hire asset analyst. The roles of asset analyst are: • To identify and allocate resources to high value opportunities. • Formulating maintenance strategies. • To identify process bottlenecks and to monitor collective progress. • To cut down the maintenance costs. • To monitor the performance for timely actions. • To understand the systemic problems and managing performance gaps. Asset management and analysis helps in identifying unnecessary expenditure and monitoring budget and control the cost. Generating alternative ideas and challenge assumptions. Timely analysis saves time, money and energy. It also optimizes resources. Every asset is acquired for specific business objectives. Throughout its total life cycle assets go through various stages and each and every stage generates lots of data from instrumentation, condition monitoring, automation control, maintenance, and production system. All these data are compiled together and analyzed to get insight into overall performance. Compilation and analysis are done by using various statistical techniques. The procedures of compilation and analysis of all the data on the assets throughout the total life cycle is known as asset Lifecycle management. Some of the assets are very critical. For optimizing their performance and to make informed decisions the end users and decision makers requires comprehensive time analysis, throughout various phases of asset’s life cycle.
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asset performance management, maintenance strategies, asset Lifecycle management,
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