Asset management involves the cataloging of specific items within an organization. This includes both physical items – equipment and buildings for example – as well as non-physical assets. These could include people, as well as intellectual property among other things. In addition to inventory control, asset management also includes:
- Developing assets,
- Maintaining and upgrading assets,
- Operating assets, including their disposal when they have reached the end of their lifespan.
Asset management is related to mining quite strongly, specifically with regards to equipment.
Mining is a process for extracting valuable material or any minerals from the earth. This is one of the most difficult jobs due to the safety issues faced by the workers.
Workers risk their lives in these mining fields. However, the world is developing at a very high speed and is constantly improving technologies. Changes in technology can be part of the solution to the risks that are caused due to mining.
These changes are not all about managing risk though. They also play a part in improving efficiency and the underlying profits companies can earn.
Technology changes regularly. Companies that focus on effective maintenance ensure improved ROI. In addition, by upgrading assets on a regular schedule, companies ensure that their employees are operating at peak efficiency.
Welcoming Digital Transformation
As Henry Ford once said:
“If everyone is moving forward together, then success takes care of itself.”
In today’s cooperative world, for a company to be successful, they need to understand the importance of collaboration. The mining industry needs to keep a collaborative approach to digital transformation. They cannot rely on old methods to support their business.
Companies need to change their methods and:
- adopt changes, so that they can
- create operational excellence.
Mine digitalization can save a large amount of money. It can be useful in raising productivity, reducing waste, and helping to keep the mines safe.
One of the primary objectives of digital transformation is to minimize the risk caused due to mining on human life. It will also help to decrease the time invested for each project.
Companies that see an increase in the level of automation, tend to also see an improvement in the quality of life for their employees. It will be smoother for the organization to keep the records of the data across multiple sites.
Asset Management & Smart Mining
Smart mines are well equipped with technology and mainly focus on sustaining the high level of the company. They propel the company towards the heights of success.
Today, smart products have made their way to every possible source. These products connected to the internet have changed our lives. These changes are also being seen in the corporate world.
By using smart, connected equipment within mines, companies are able to decrease costs and make it safer for the workers. Smart mining is also environmentally sound. It has a lower impact on the environment as compared to traditional mining methods. One of the enhancements now being seen includes:
Zero Discharge Water Programs – these systems take wastewater from mining operations and convert it back to reusable water. Current estimates point to mining operations using 20% of the world’s water supplies. By recycling the water back, this is drastically reduced.
In 2017 the World Bank published a study about the path to a low-carbon future. Titled “The Growing Role of Minerals and Metals for a Low Carbon Future,” it pointed out that moving to clean energy will require a significant investment in mining.
Asset Management In Action
Planning and vision are the most common activities to start with, to complete any successful project. Quality planning is an important task for management. Asset management is the management of conflicts caused due to the utilization of assets. It helps to take care of sustainability.
Companies to meet their competitive needs have to have a good asset management plan in place. It should be planned in a way that there is an enhancement of performance and minimizes the risks. The plan made should not be only based on organizational knowledge, but should be combined with data-driven insights.
Asset management is also helpful for a company striving to meet specific standards. It helps put the right information in the right place. For organizations that manage significant volumes of equipment, asset management is critical.
A correct plan will help organizations mitigate risk. When companies understand the history of assets including any inspections, audits and repairs, compliance is made possible. Knowing previous problems experienced across multiple sites for similar assets further extends these capabilities.
In addition to risk, asset management also enhances performance. Companies that understand where the right asset is and its condition are best placed to succeed. By having the “right tool” for the job, companies can ensure that they work efficiently and effectively.
Asset management software also lets companies use data to determine trends. This could be with regards to equipment life cycle, but it could also be based on compliance. As different governments introduce legislation, organizations must track the changing standards across geographies.
Laws and regulations in one part of the world can often be completely different in other areas. It is important to ensure those corporate standards map to the most stringent requirements to ensure compliance.
Field Eagle offers a complete and comprehensive asset management software solution with its innovative software. Using Field Eagle, companies can ensure that inspectors and auditors have the right information at all times.
This ensures that inspections get done right, the first time. By removing tedious data entry from paper forms, Field Eagle also reduces rework. This makes businesses significantly more productive and efficient. Utilizing a software-based solution has another benefit, which is analysis.
As asset information is input, management and senior staff have near real-time details. Companies are able to:
- track equipment by site
- track relevant repairs to ensure that they are done or scheduled
- track and correlate against equipment from other sites
This provides them with an improved ability to plan and also lets companies plot trends.