Development of asset management model using real-time equipment monitoring (RTEM): case study of an industrial company

Globally, the issue of implementing efficient and effective asset management systems has been a challenge for most companies, especially those operating in the oil and gas industry due to the complex nature of their operations. In recent years, with the decline of oil prices, market conditions have...

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Autores principales:	Oshios Earnest Iluore, Angela Mamudu Onose, Moses Emetere
Formato:	article
Lenguaje:	EN
Publicado:	Taylor & Francis Group 2020
Materias:	assets barcodes industrial company maintenance management and real time equipment monitoring Business HF5001-6182 Management. Industrial management HD28-70
Acceso en línea:	https://doaj.org/article/c63d653ae7c74f49bb06ed7a509b73a0
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spelling	oai:doaj.org-article:c63d653ae7c74f49bb06ed7a509b73a02021-12-02T18:21:13ZDevelopment of asset management model using real-time equipment monitoring (RTEM): case study of an industrial company2331-197510.1080/23311975.2020.1763649https://doaj.org/article/c63d653ae7c74f49bb06ed7a509b73a02020-01-01T00:00:00Zhttp://dx.doi.org/10.1080/23311975.2020.1763649https://doaj.org/toc/2331-1975Globally, the issue of implementing efficient and effective asset management systems has been a challenge for most companies, especially those operating in the oil and gas industry due to the complex nature of their operations. In recent years, with the decline of oil prices, market conditions have become so competitive such that even a few minutes of downtime of equipment could lead to significant loss of revenue. A case study of an Industrial Company is presented, with the goal of assessing its current asset management system. Based on the evaluation of the current asset management system practiced by the Company, it was noted that there are significant gaps in the current practice, and the Company is yet to leverage advanced technological tools in managing its assets. Specifically, the Company does not currently have an appropriate system of tracking and monitoring its assets location, and utilization, despite the fact that the assets move from one location to another in fulfilling customer’s needs. A Real-Time Equipment Monitoring system is developed for the industrial company using GPS, Barcodes and RFID technology to provide information relating to assets location, status, condition and maintenance history which led to 30.8% increase in assets utilization. Generally, a benefit analysis carried out shows that the new system will always provide real-time observation data and instrument parameters for maintenance engineers and ultimately company managers for effective decision-making at strategic levels.Oshios Earnest IluoreAngela Mamudu OnoseMoses EmetereTaylor & Francis Grouparticleassetsbarcodesindustrial companymaintenancemanagement and real time equipment monitoringBusinessHF5001-6182Management. Industrial managementHD28-70ENCogent Business & Management, Vol 7, Iss 1 (2020)
institution	DOAJ
collection	DOAJ
language	EN
topic	assets barcodes industrial company maintenance management and real time equipment monitoring Business HF5001-6182 Management. Industrial management HD28-70
spellingShingle	assets barcodes industrial company maintenance management and real time equipment monitoring Business HF5001-6182 Management. Industrial management HD28-70 Oshios Earnest Iluore Angela Mamudu Onose Moses Emetere Development of asset management model using real-time equipment monitoring (RTEM): case study of an industrial company
description	Globally, the issue of implementing efficient and effective asset management systems has been a challenge for most companies, especially those operating in the oil and gas industry due to the complex nature of their operations. In recent years, with the decline of oil prices, market conditions have become so competitive such that even a few minutes of downtime of equipment could lead to significant loss of revenue. A case study of an Industrial Company is presented, with the goal of assessing its current asset management system. Based on the evaluation of the current asset management system practiced by the Company, it was noted that there are significant gaps in the current practice, and the Company is yet to leverage advanced technological tools in managing its assets. Specifically, the Company does not currently have an appropriate system of tracking and monitoring its assets location, and utilization, despite the fact that the assets move from one location to another in fulfilling customer’s needs. A Real-Time Equipment Monitoring system is developed for the industrial company using GPS, Barcodes and RFID technology to provide information relating to assets location, status, condition and maintenance history which led to 30.8% increase in assets utilization. Generally, a benefit analysis carried out shows that the new system will always provide real-time observation data and instrument parameters for maintenance engineers and ultimately company managers for effective decision-making at strategic levels.
format	article
author	Oshios Earnest Iluore Angela Mamudu Onose Moses Emetere
author_facet	Oshios Earnest Iluore Angela Mamudu Onose Moses Emetere
author_sort	Oshios Earnest Iluore
title	Development of asset management model using real-time equipment monitoring (RTEM): case study of an industrial company
title_short	Development of asset management model using real-time equipment monitoring (RTEM): case study of an industrial company
title_full	Development of asset management model using real-time equipment monitoring (RTEM): case study of an industrial company
title_fullStr	Development of asset management model using real-time equipment monitoring (RTEM): case study of an industrial company
title_full_unstemmed	Development of asset management model using real-time equipment monitoring (RTEM): case study of an industrial company
title_sort	development of asset management model using real-time equipment monitoring (rtem): case study of an industrial company
publisher	Taylor & Francis Group
publishDate	2020
url	https://doaj.org/article/c63d653ae7c74f49bb06ed7a509b73a0
work_keys_str_mv	AT oshiosearnestiluore developmentofassetmanagementmodelusingrealtimeequipmentmonitoringrtemcasestudyofanindustrialcompany AT angelamamuduonose developmentofassetmanagementmodelusingrealtimeequipmentmonitoringrtemcasestudyofanindustrialcompany AT mosesemetere developmentofassetmanagementmodelusingrealtimeequipmentmonitoringrtemcasestudyofanindustrialcompany
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Development of asset management model using real-time equipment monitoring (RTEM): case study of an industrial company

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