Asset Lifecycle Management

Asset Lifecycle ManagementOptimizing an asset’s performance

Complex and costly assets can potentially pose operational and financial risks if not managed well. Taking an integrated approach to the lifecycle of your assets, Myrtle has developed solutions that optimize the asset’s performance and take away risk so that market opportunities can be exploited. Our team works within the build, operate and maintain phases of the asset lifecycle. Operational, financial and maintenance performance are analyzed and tracked so that the asset is generating the most profit.

During the build/assemble phase, Myrtle controls the cost, schedule and quality of the asset by tracking the AFE (Approved for Expenditure CapEx Budget), total cost and asset specifications while managing change orders.

By tracking the metrics during the operating phase, Myrtle determines utilization and efficiency, which improves overall revenue. Specific operating data provides a useful platform that drives efficiency for the present and the future.

The maintenance phase tracks potential failure trends based on current corrective work, unplanned downtime, root causes and inspection results collected by operations personnel. With these metrics, Myrtle clarifies the asset’s viability within the organization.

Maintenance and Reliability

 

Making world-class maintenance and reliability a reality

Myrtle knows that most organizations live in a reactive culture. They react to assets that break down or systems that stop functioning. Myrtle also knows that the total cost of maintenance is the combination of actual maintenance costs and lost revenue resulting from a dearth of available assets. Maintenance efficiency requires proactively ascertaining processes, systems and organizational opportunities. This might involve scoping and preparing work orders for technicians in advance or integrating and managing contractors by using computerized maintenance management systems (CMMS). By utilizing a reliability assessment and working with our clients, Myrtle successfully assesses maintenance operations. We compare actual reliability performance with other program designs. We find bad actors and evaluate their WO histories. We ask, “Do our systems support an effective reliability program?” We preemptively discover predictive and condition-based maintenance processes that make world-class maintenance and reliability a reality for our clients.

Commissioning/Operational Readiness

 

Prepared for full-scale operations

New facilities require complete assurance that specified capabilities exist, or will exist, and that there is mission readiness. Planning, scheduling and organizing new processes are the hallmarks of operational readiness. Program management office and operational management teams are in place—planning, training, communicating, collaborating and managing so that the new facility is prepared for full-scale operations. Myrtle anticipates all the components of operational readiness so that each plant is prepared to perform safe and efficient operation of assets in a sustainable and environmentally friendly manner. Our team neither “swamps” users in a sea of information nor “starves” them of vital information. Myrtle thoroughly prepares the custodians of an asset under construction so that they are fully ready to assume ownership and leverage operational readiness.

Capital Project Management

 

Proactive approach yields results

Implementing best practices at the initiation of a project ensures that optimal capital expenditure (CAPEX) performance is driving critical processes throughout the entire life of the project. However, costly budget and schedule overruns plague more than 40% of all CAPEX projects. Do the symptoms below sound familiar?

  • Project engineers losing bandwidth due to improvements being scoped/developed in the pipeline
  • Rework during engineering and construction due to lack of scope and charter at beginning of the project
  • Inconsistent project designs which impact costs, scheduling and safety
  • Schedule delays and re-engineering resulting from inadequate communication with procurement
  • Inefficient change order processes without applicable management visibility and scheduling
  • Lack of project closeout documentation which affects future maintenance or replacement of assets
  • No management operating system which leads to a lack of both status transparency and the ability to predict cash flow in order to forecast for capital expenditures
  • No critical reviews or formal assessments at project end which could facilitate future modifications and improvements

Myrtle’s framework for major capital projects enhances its clients’ working capital position. Recognizing how critical contractors are in the CAPEX process, Myrtle consultants and clients enlist contractors during the initial stages of a project by tapping into their expertise and apprising them of their role during each phase of the project.

Myrtle’s proactive approach to capital project management includes a complementary management operating system which clearly allocates the proper assets, designs and schedules to each project in order to successfully yield the desired outcomes.

Overall Equipment Effectiveness

 

Enhancing throughput and asset utilization

In today’s highly competitive environment, clients know that intensifying throughput and asset utilization are the mainstays of lowering costs and positively impacting earnings before interest, taxes, depreciation and amortization (EBITDA). Failure to optimize critical equipment, mechanisms and human performance, however, is often driving up costs and negatively impacting productivity.

The lean management method of value stream mapping (VSM) analyzes the entire flow of information or materials required for production. It involves measuring performance in terms of time, work in process (WIP) and resource utilization, both human and mechanical. Failure to use this method may result in isolated improvements which do not achieve gains because the improvements are not connected to the company’s overall vision and planning. As a result, problems are simply moved up or down the line. Myrtle uses VSM alongside the client to identify critical equipment and/or performance that are limiting the total throughput of production operations. In addition, our team optimizes performance by focusing on the gold standard of measuring manufacturing productivity, OEE (Overall Equipment Effectiveness). By taking into account the various subcomponents of manufacturing (availability, utilization, rate and quality), OEE can function as a snapshot of underlying issues and root causes that are leading to production inefficiency. Once these opportunities are identified and addressed, total operating cost per ton/unit produced decreases and throughput is maintained or increased.