What is the decision making process in risk and quality management?

 “Asset management involves balancing costs, opportunities, and risks against the desired performance of assets to achieve an organization’s objective. Asset management is the art and science of making the right decisions and optimizing the delivery of value. A common objective is to minimize the life cycle cost of assets, but there may be other critical factors, such as risk or business continuity, to be considered objectively in this decision-making.”

So says the Institute of Asset Management, and we at Design Maintenance Systems Inc. (DMSI) wholeheartedly agree. It’s why our mission is to make this process as simple as possible for our clients through a streamlined enterprise asset performance management system (EAPM) that is continuously refined and in line with market opportunities and client requirements.

There are two main factors in successful risk management and decision-making

They are a reliable, industry-leading asset performance management system and a reliable, proactive plant manager.

We’re playing the long game, as are you when looking at the life of your organization’s assets. It’s a birds-eye view of the total cost of ownership. This includes predictive analysis of the complex systems that make up your organization, including an asset’s lifecycle.

It’s crucial to implement a top-level APM system

Implementing the best possible APM is a well-worth investment to ensure an uninterrupted flow of accurate, reliable data to make decisions, when amortized over the many years you’ll be in business.

But who is making those decisions?

This is where your plant manager comes in. They must have an exceptional understanding of plant financial and operating data, and be adept at strategic practices such as initiating improvements.

Quick thinking and being detail-orientated are also an asset to the job, as plant managers, in conjunction with the maintenance managers, are often required to make decisions on the spot regarding the repair or replacement of machinery to minimize downtime. Their understanding of your APM system, time management, critical thinking and effective communication skills are paramount to the success of your plant. 

Using a centralized APM system is your #1 tool in helping your plant manager to succeed in their role of reaching organizational goals. Predictive and proactive maintenance is very effective in maintaining a better management of plant assets as well as increased life expectancy.

While the reactive maintenance repairs the plant assets after a breakdown occurs. This helps the plant manager to be aware of quality levels, inventory, equipment capacity utilization, and more. 

Book your demo today for how DMSI can help with asset management!