Optimizing Organizational Efficiency: Strategic Requirement of Modern Industrial Asset Level Management

Authors

  • Balasubramanian Malathi 59 Birchview Drive, Piscataway, New Jersey, 08854, USA

DOI:

https://doi.org/10.53469/jgebf.2024.06(09).02

Keywords:

Asset Hierarchy Management, manufacturing, efficiency, maintenance, standardization, implementation, framework, optimization, CMMS

Abstract

Asset Hierarchy Management (AHM) is not just a theoretical concept but a practical tool for optimizing operations in modern businesses, particularly in sectors with intricate infrastructures such as manufacturing, utilities, and healthcare. This research paper explores the significance of AHM in standardizing and enhancing organizational efficiency. It traces AHM's evolution, delineates its benefits, and provides strategies for implementation. By emphasizing the tangible benefits of AHM, the paper aims to instill optimism in the audience about its potential impact. The paper outlines prerequisites and steps for developing a robust asset hierarchy, stressing transparent governance and integration with technology solutions like Enterprise Asset Management (EAM) software. Furthermore, it presents a detailed framework for implementing AHM in manufacturing plants, highlighting the importance of defining clear asset categories, hierarchical levels, and relationships. By adhering to best practices and leveraging advanced tools, organizations can effectively manage assets, drive operational excellence, and achieve sustainable growth.

References

B. Christiansen, " 7 Steps for Creating an Asset Hierarchy", Sep 14, 2023. [Online]. Available: https://limblecmms.com/blog/asset-hierarchy/

O. Prokopovych, K. Losinskyi, " How to Scale Your Asset Management Solution", Aug 25, 2023. [Online]. Available: https://www.infopulse.com/blog/how-to- scale-asset-management

D. Chaudhry, " Asset Hierarchy in Asset Management", Apr 22, 2024. [Online]. Available: https://terotam.com/blog/asset-hierarchy-in-asset- management

" How Cryotos CMMS Helps Establish a Hierarchical Asset Structure for Asset Tracking?", [Online]. Available: https://www.cryotos.com/blog/how-cryotos- cmms-helps-establish-a-hierarchical-asset-structure-for- asset-tracking

D. Malik, " Best Practices for Establishing an Asset Hierarchy", Jun 20, 2023. [Online]. Available: https://www.nrx.com/best-practices-for-establishing-

an-asset-hierarchy/

J. Kovacevic, " How to Setup An Asset Hierarchy", [Online]. Available:

https://accendoreliability.com/setup-asset-hierarchy/

S. Reilly, A. Kumar, F. Adam, “The role of hierarchical production planning in food manufacturing SMEs,” International Journal of Operations & Production Management, 2015.

Mahalik NP. Advances in Packaging Methods, Processes and Systems. Challenges. 2014; 5(2):374- 389. https://doi.org/10.3390/challe5020374

T. Santos, F.J.G. Silva, S. Ramos, L. Ferreira, R. Campilho, “Asset Priority Setting for Maintenance Management in the Food Industry,” Procedia Manufacturing, 2019.

Maletič D, Maletič M, Al-Najjar B, Gomišček B. An Analysis of Physical Asset Management Core Practices and Their Influence on Operational Performance. Sustainability. 2020; 12(21):9097. https://doi.org/10.3390/su12219097

Downloads

Published

2024-09-26

How to Cite

Malathi, B. (2024). Optimizing Organizational Efficiency: Strategic Requirement of Modern Industrial Asset Level Management. Journal of Global Economy, Business and Finance, 6(9), 11–18. https://doi.org/10.53469/jgebf.2024.06(09).02