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4 Reasons You Need Asset Hierarchy and Asset Criticality Analysis

April 26, 2023

Four Reasons You Need Asset Hierarchy and Criticality Analysis

Modernizing maintenance is all about leaving behind legacy systems and integrating new systems that help you run your department more efficiently. As our society rapidly moves and grows, we need systems in place, so we don’t fall behind. The moment a company does so is the moment it gets into financial trouble. Finding ways for your company and department to run like a well-oiled machine helps ensure job security and financial stability. Systems like asset hierarchy and criticality help move your department to a proactive maintenance team with little unexpected downtime.

  1. Reliability

Understanding your asset relationships can significantly reduce equipment downtime. Asset criticality ensures reliability from a data-driven perspective rather than guesswork.  

  1. Efficiency

Knowing what’s inside each asset gives you a better idea of how to schedule preventive maintenance tasks. Asset criticality ranks assets from most critical to least critical, helping your technicians to increase inventory management efficiency by keeping the most critical parts on hand instead of having to wait for a shipment.

  1. Budgets

Directly connect every cost to individual components instead of the asset as a whole. This will allow you to have a better inventory management system and fine-tune purchasing decisions.

  1. Scheduling

Asset hierarchy organizes assets in a parent–child relationship so that you can identify and prioritize maintenance tasks, replacement parts, preventive and corrective maintenance, and other steps needed to keep an asset in working condition. This will help determine what work needs to be done and ensure critical assets are looked at first.

Asset hierarchy and criticality are tedious but simple tasks. Remove the guesswork when assigning work orders, and improve inventory management and asset reliability. Reliableplant.com has a great article on how to get started. Check it out here: https://www.reliableplant.com/criticality-analysis-31830.