Posted at 19 August 2019

Smarter Asset Management with ERIKS

Paul Skade
By Thomas Boswell
Condition Monitoring Engineer at ERIKS UK & Ireland

Tom has been with ERIKS just over 12 years, starting out his career as an apprentice.

Since joining ERIKS Tom has built up a wealth of knowledge which he u...

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In asset management as in life: the more you know, the more you can do. And the sooner you know something, the better. We can't upgrade our brains. You can be smarter about your management of assets with ERIKS Smart Asset Management.


Today’s Condition Monitoring largely relies on manual data collection: meaning its periodic at best, but can still leave you exposed. By the time a problem is flagged-up, performance may already be compromised, components already damaged, and you could be looking at unscheduled downtime for repairs.


Smart Asset Management not only gives you more data about your assets, but also gives it in real time. And in such quantities that you can spot trends, see problems as they develop – and act before they get out of hand.

Breakdown or break-in?

If assets were a car, the benefits of Smart Asset Management would be obvious.

Condition Monitoring – a service within asset management – is a single variable such as monitoring your tyre pressure or oil temperature. Smart Asset Management encompasses multiple variables such as an indication as to how many miles you have left based on your fuel level, MPG, speed etc. You can then schedule a time for when you next need to fill up, and have it all done well before you run the tank dry.

By automatically collecting data from sensors 24/7, Smart Asset Management gives you the opportunity to know exactly what’s happening with your assets, and to take timely action to maintain their optimum performance.

But just as your car won’t drive itself to the garage, Smart Asset Management still needs expert human supervision if it’s to repay your investment.


Figures aren’t facts

The sheer volume of data collected by Smart Asset Management will only be useful if it’s analysed and interpreted. Then you can spot trends, identify root causes, and act to address the issue.

That demands expert application engineers who understand your assets and how they’re utilised, understand how they fail, and know how to maintain, adapt, reconfigure or upgrade them, to perform more efficiently and more reliably, for longer.

ERIKS’ engineers not only understand your industry, applications and assets, but also your assets’ criticality to your process. They know how assets fail, and the length of the supply chain behind them. So they can interpret the data and take all these factors into account, before advising whether you should effect a quick repair, fit a replacement, or invest in an upgrade to optimise efficiency.


To use another analogy, a smart energy meter doesn’t cut your energy use if you only look at the bill. But look at the read-outs, understand when usage goes up and down, make decisions like turning down the central heating or using the tumble dryer less, and you’ll soon see a positive effect.

Keep on keeping on

Smart Asset Management is an essential tool for your journey towards ISO 55000 and the continuous improvement it demands. It’s a means of acquiring data that predicts problems so you can take action, then of monitoring the effect of those actions and providing yet more data, so you can do it all over again.


Amongst other things Smart Asset Management is itself on a continuous improvement journey, with more capabilities, monitoring and reporting coming on-stream all the time.

So talk to ERIKS about Smart Asset Management now, and you’re making a smart move towards asset reliability and efficiency, that’s far above the average asset.

Managing asset management

Smart Asset Management is more than maintenance and minimising downtime. It’s also optimising assets’ performance and minimising their total cost of ownership. The ISO 55000 Asset Management standard drives continual improvement and ongoing value creation, by managing asset-related cost, performance and risk. To meet that standard, you need to:

  • Establish an asset management system to optimally manage assets
  • Implement, maintain and improve an asset management system
  • Comply with asset management policy and strategy
  • Demonstrate that you are applying best practice
  • Seek external certification of your asset management system of make a self-declartion of compliance



Want to read more...?

Why not take a look at the latest edition of our magazine, Know+How, packed with the latest industry news, reliability improvements and best practice

Reliability is a buzzword that is seemingly always on the tip of industry tongues, but it’s clear that businesses need to be more proactive in their attempt to maximise their assets.

In this issue, we look beyond equipment, but at processes, systems, strategy and communication.

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