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JustifyingFunding_DigiTrans_Thumb_2880x1440.jpg

Justifying Funding for Digital Transformation

You have decided that you want to digitalize more of your site, but how will you justify the funding for digital transformation? By utilizing a third-party report and a quick, low-cost health check assessment on assets, organizational leaders can uncover potential savings and discover a path forward to help justify funding for digital projects.

According to research from LNS1 on the evolution of asset management, the top strategic objectives of asset performance management are:

  1. Increasing production capacity, availability and utilization
  2. Managing operational safety and lowering risk
  3. Raising financial performance

Historically, end users have over-spent on asset maintenance and the complexities of this process can result in reduced focus on reliability and inefficiencies in the system. And, since most operators have many competing priorities and lack the time and resources to conduct full asset health assessments in-house or plan detailed roadmaps for next generation asset management, options are typically limited.

However, a third-party report can help alleviate the stressors that come along with asset maintenance. Asset health consulting provides operators with an assessment of their plant’s overall equipment health and performance; and can deliver a comprehensive report identifying where the gaps are and recommendations for potential asset management improvements, all within a few short weeks. Specific deliverables that the report can include are things like gap assessment, digital maturity assessment, recommendations and priorities, and a path forward. The resulting report can also provide a clear roadmap with realistic and practical advice on how to improve maintenance efficiency, increase reliability, improve overall plant performance, and reduce costs – all leading to better margins for your plant.

With the report deliverables, operational leaders can get the status of their asset management maturity and the business case to justify future efforts. To learn more about asset performance management, click here.

1Source: LNS Research (2019), APM 4.0 Shifts into Second Gear – The Evolution of Asset Management