Understand the Asset Key Performance Indicators

Asset Failures

Definition

This KPI reflects the count of assets that have open work orders, where these work orders include a work type that uses a Failure Code. On click will filter out the grid accordingly

Explanation

• Purpose: To monitor assets that are currently experiencing issues that have triggered work orders associated with a failure condition.
• Usage: Helps in identifying how many assets are undergoing repair or maintenance due to failures. This can aid in prioritizing maintenance efforts and assessing the overall reliability of assets.

Example:

If there are 15 assets with open work orders categorized under Failure Codes, the Asset Failure KPI will show 15. This indicates that there are 15 assets with ongoing issues that need to be addressed.

Assets Down

Definition

This KPI indicates the count of assets that are currently out of operation due to reasons such as maintenance, breakdowns, or other issues. On click will filter out the grid accordingly

Explanation  

• Purpose: To gauge the extent of operational disruption caused by assets being down. It provides insight into the immediate impact on production or operations.
• Usage: Helps in understanding the availability and performance of assets. If a high number of assets are down, it may signal the need for improved maintenance strategies or resource allocation.

Example:

If the KPI shows 8 assets down, it means 8 assets are not operational at the moment due to various reasons like scheduled maintenance or unexpected breakdowns.

Asset Category

Definition

This KPI is represented as a bar chart showing the distribution of open work orders across different asset categories. The X-axis represents the count of work orders, and these are further categorized by work type within each asset category. On click will filter out the grid accordingly

Explanation 

• Purpose: To visualize and analyze the volume of work orders based on asset categories and their respective types.
• Usage: Helps in identifying which asset categories have the most work orders and what types of work are most frequent (preventive, breakdown, maintenance, etc.). This information can be used to optimize maintenance strategies and resource planning.

Example:

For the asset category "Vehicle," if the chart shows 10 work orders, and these are divided as 3 Preventive Maintenance, 4 breakdown, and 3 General Maintenance, you can see not just the total work order count but also the nature of the issues being addressed.

Example Breakdown:

Vehicles: (Asset category)

• Total Work Orders: 10
• Preventive Maintenance: 3
• Breakdown: 4
• General Maintenance: 3

Visualization: The bar for Vehicles category on the chart will be a total height of 10. This bar is segmented into three parts:

• The first segment (3 units high) represents Preventive Maintenance work orders.
• The second segment (4 units high) represents Breakdown work orders.
• The third segment (3 units high) represents General Maintenance work orders.

Asset Not Utilized

Definition

This KPI tracks assets that have meters or logs with assigned primary meters or logs, which have not been updated within a defined time period (Period/ time is a number of days set in work order settings log reset days). These assets are considered "not utilized." On click will filter out the grid accordingly.

Explanation

• Purpose: To identify assets that are not being used as expected or not having their usage tracked properly.
• Usage: Helps in recognizing underutilized or potentially neglected assets, prompting a review of asset utilization practices. Regular updates are crucial for accurate asset management.

Example:

If an asset has a meter reading that hasn’t been updated for over a month (as per the number of days set in work order settings log reset days) , it is flagged as “not utilized,” suggesting that the asset may either be idle or that its usage data is not being recorded properly.

Average Age

Definition

This KPI calculates the average age of all assets based on their manufacture dates and the current date.

Explanation 

• Purpose: To determine the overall age profile of the assets in the inventory. This can indicate the potential need for replacements or upgrades.
• Usage: Helps in understanding the longevity of assets and planning for future capital expenditures. Older assets might require more maintenance or replacement sooner.

Example:

If the average manufacture date of assets is calculated and found to be 5 years, it means, on average, the assets in the inventory are 5 years old.

Cost Compare

Definition

This KPI compares the costs of asset management and maintenance for the current period (month/year) against the previous month and the previous year.

Explanation

• Purpose: To assess cost trends over time and evaluate the financial impact of asset management and maintenance activities.
• Usage: Helps in budget planning and cost control. By comparing costs month-over-month or year-over-year, organizations can identify trends, forecast future expenses, and implement cost-saving measures.

Example:

If this month’s maintenance costs are $10,000 compared to $8,000 last month and $12,000 in the same month last year, it provides insights into recent changes in maintenance spending and helps in financial planning.