Asset Durability Management: Expertise at the Heart of Asset Management
Asset Durability Management (ADM) is a rapidly growing field of activity. Around the world, companies must balance their economic, social and environmental sustainability with the need to maintain and optimize their physical assets. With successive retirements, restructurings and relocations, corporate memory is being lost, as some of the knowledge and expertise disappears, making it difficult to determine the health and performance of assets. The development of cloud software such as a SaaS service has paved the way for significantly improved overall management of capital-intensive assets, whether they are infrastructure or equipment.
This contemporary problem that threatens growth
According to a study by the Institut de la statistique du Québec, supported by data from Statistics Canada, there are more than 250,000 vacant positions throughout Quebec. The job market is increasingly under pressure. Since 2018, the demand for qualified workers is constantly increasing while the pool of resources is shrinking. A real scourge for the Quebec economy, the lack of personnel is a major barrier to the growth of SMEs in Quebec, particularly in the manufacturing sector, which represents 12.6% of Quebec’s GDP.
How to avoid replacing assets unnecessarily
Industry assets are at the heart of organizations’ production activities. The durability of both infrastructure and industrial assets (buildings, bridges, various networks, tanks, conveyors, crushers, lifting facilities, tailings ponds, etc.) is of paramount importance.
Managers must maintain the overall health of their asset inventory. Extending the life of assets allows to postpone direct investments in the most important ones. The financial pressure naturally decreases over time, thanks to the extension of their lifespan.
How does a mining company’s digital transformation contribute to better management of its assets?
The asset management stream of the mining sector’s digital transformation is well under way and very necessary. Whether we consider the issues of productivity, safety, the environment or competitiveness on global markets, several reasons motivate the search for sustainable asset lifecycle management solutions. Fortunately, the accessibility of modern technology performance tools now facilitates their adoption and the achievement of measurable and therefore useful results. This article provides an overview of what digitization represents in an effective asset durability management approach at a mining company.
Successful Digital Transformation
According to a study published in the Harvard Business Review, 70% of digital transformation initiatives do not achieve the expected results. Companies that have gone through transformation know how difficult such an initiative can be. We anticipate the upheavals caused by change, employee complaints and the exorbitant costs to be incurred. However, the digitization of certain operations is now essential, and the gains from a digital shift are numerous. At Norda Stelo, we believe that the success of a digital transformation lies in five key factors and that, by creating an environment bringing together these winning conditions, your digital transformation will be a success.
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Digital Transformation, for a Sustainable Vision!
Cutting-edge manufacturing technologies are developing at an exponential pace, competition on the global scale is creating strong pressure on Québec companies, and the labour shortage is adding multiple challenges related to productivity. Is digital transformation becoming the solution?
Industry 4.0 and digital transformation: what are today’s critical issues?
The digital transformation of heavy industry and manufacturing companies is a real development opportunity for the manufacturing sector and Québec’s economic growth. As in the case of any transformation, this comes with its share of issues and challenges.