Managing Your Assets 01 - Introduction

Summary

In this Electric Spline seminar, Rick Bingham and his counterpart discuss the challenges in managing manufacturing assets to reduce costs and increase uptime. They explore key issues such as the difficulty of asset management when the equipment inventory is unclear, the readiness of equipment for future demands, and the importance of having the right parts. The seminar also addresses how to handle equipment failures effectively, emphasizing the need for strategic planning in asset management to ensure operational success and minimize unexpected disruptions.

Takeaways

• 😀 The seminar focuses on managing assets to reduce costs and improve uptime.
• 😀 Rick Bingham and his counterpart, Into Camp, are hosting the event.
• 😀 The presentation addresses current manufacturing asset challenges.
• 😀 A major challenge is managing assets without knowing what is available.
• 😀 Building an asset management program is difficult when asset information is unknown.
• 😀 There is an increasing need to assess whether equipment is ready for the future.
• 😀 Equipment readiness for future challenges is an important aspect of asset management.
• 😀 The availability of necessary parts is crucial for managing equipment effectively.
• 😀 The seminar explores how to handle equipment failures when they occur.
• 😀 Understanding the best course of action during equipment failures is emphasized.

Q & A

What is the focus of the Electric Spline seminar?

The seminar focuses on managing assets to decrease costs and improve uptime, specifically in the context of equipment management.

Who are the hosts of the seminar?

The seminar is hosted by Rick Bingham and his counterpart, Into Camp.

What are some of the current challenges in manufacturing asset management?

The challenges include the difficulty of managing assets when the details are unknown, and the uncertainty about whether equipment is ready for future needs.

Why is it important to know what assets a company has?

Knowing what assets a company has is critical for building an effective asset management program, as managing the unknown makes it harder to plan and optimize operations.

What does the phrase 'The future is here' refer to in the context of this seminar?

'The future is here' refers to the importance of ensuring that equipment is ready for upcoming challenges and needs, which might include changes in technology, production demands, or maintenance requirements.

What does the seminar suggest about preparing for the future of equipment management?

The seminar suggests that companies need to be proactive in assessing whether their equipment is ready for future demands, and to ensure they have the necessary parts available to maintain and repair equipment.

How should companies approach equipment failures?

When equipment failures occur, companies should have a clear, well-defined course of action in place to minimize downtime and cost, which could involve timely repairs, replacements, or preventive measures.

What is a key problem when managing assets without detailed knowledge of the equipment?

A key problem is that without knowing exactly what assets are available, it becomes challenging to build an efficient asset management program, making it difficult to plan maintenance and anticipate failures.

What can impact the readiness of equipment for future demands?

Equipment readiness can be impacted by factors such as outdated technology, lack of maintenance, insufficient spare parts, or the failure to anticipate future production or operational requirements.

Why is asset management important in reducing costs and improving uptime?

Effective asset management helps optimize the performance of equipment, reduce unplanned downtime, extend the life of assets, and minimize repair costs, ultimately leading to lower overall operational costs and improved uptime.