BY ACHMAD CHADRAN, PORTFOLIO MANAGER
First of all, let’s be clear: there’s nothing wrong with time-based asset management.
It’s effective, if incomplete. Most of our customers integrate our predictive maintenance solutions with their longstanding time-based practices and procedures. But we’d be remiss not to point out that a growing number of companies and organizations have found substantive economies, efficiencies, and other benefits after adopting predictive maintenance solutions.
Is your organization ready? If so, you’re in luck, because finding the right predictive maintenance solution for your operations can be simple and straightforward. It won’t be effortless; you and your stakeholders have a lot of decisions ahead of you. We will help you walk through this.
But based on the stories our customers share with us, the effort will pay off dramatically.
This post is the first in a five-blog series intended to help you plan your journey to predictive analytics.
Three Steps to Success
It’s helpful to plan your journey to predictive analytics in three steps:
- Define Success on Your Terms
- Embrace Your Search
- Pick Your New Solution Provider
Let’s touch on each of these briefly.
Define Success on Your Terms
The old cliché applies here: there’s no one answer. But it’s absolutely true. That’s what makes this first step so formative.
Since you’ve invested the time to get this far, you must have some goals in mind. These may include increased plant productivity, prolonged asset life, or fewer outages. They may also include intentions related to corporate leadership, like improved safety performance or targeted reductions in regulated emissions. Predictive asset management can help you achieve any or all of these, provided you define these goals from the outset.
But just as important as your ideas are those of your organization. What is the consensus view across all solution stakeholders on the goals and priorities of predictive asset management? Building this consensus is mission-critical, since your stakeholders will ultimately evaluate the success of the solution once it’s in place.
For this reason, this first step involves building a cross-functional team, conducting some high-level research, and articulating a desired outcome that the entire team can get behind.
Embrace Your Search
Once you’ve reached a consensus view on your predictive management needs and priorities, you’ll be ready to take on the solution search itself. A huge advantage of defining your success criteria beforehand is that you will now be better equipped to control the conversations with your vendor candidates.
As with any search process, it’s imperative that you leverage all resources at hand: the web, your peers, and industry analysts and consultants.
And don’t overlook the vendors themselves as resources. Their knowledge and insights are yours to leverage too. Outsourcing some of your research to them can both streamline your work and lend you insights into their expertise and professionalism.
Pick Your New Solution Provider
The process for picking your solution provider is the step where everything – your business and technical requirements, and the trove of knowledge and insight you’ve collectively built up – comes together in a critical milestone marker. As you prepare your RFQs and RFPs, be certain to document your must-haves, your nice-to-haves, and any organizational or environmental considerations that you consider important to solution success.
Document everything, in fact.
Draft your solution provider shortlist. Don’t overlook those opportunities for evaluating the same software twice or more: first, as a DIY project to deploy using in-house resources, and subsequently as part of a bundled offering from a value-added service provider.
You’re culling down the list of candidates now, so collaborate actively with your cross-functional team at every step of the way. Schedule demos with your prospective vendors. Send out your RFPs. The exact order of these tasks doesn’t need to be set in stone.
Finally, you’ll want to plan to celebrate; congratulate the team for choosing your predictive analytics solution. making your selection.
More to Come
I hope this overview was helpful. Our next blog in this series will dive more deeply into the process for articulating and prioritizing your solution requirements.
We’d love you to join us for these. Go ahead and subscribe to our monthly blog updates.