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AjayKrishna
Explorer
What are Six Sigma and its usefulness in Asset Management?

Organizations can effectively enhance the performance of their various business processes using Six Sigma, a methodology that employs a range of tools and techniques.

Failures are part of everyone’s life, and that remains true for the equipment and other assets as well in all manufacturing facilities. Sometimes, failure of these assets becomes Hazardous, but you can minimize the failures of your Assets and improve their performance efficiency by using Six Sigma Methodology. An Efficient SAP Asset Management tool will help to improve asset performance to the six-sigma level.

In Quantitative terms, Six Sigma is a level at which only 3.4 Defects/Failures/errors happen in a million opportunities.  Six Sigma in Asset Management will increase your operational efficiency by reducing downtime and improve your profits by reducing your maintenance or depreciation cost of assets. Six Sigma Methodology will help you identify the Root Cause of the failure of Assets /Equipment, Reduce the risk of failure and assist in implementing actions.

 

How to make your Assets perform better than competitors?

Making your Asset performance to a Six Sigma Level requires a single data source and insights available from that single data source. There comes the function of SAP Intelligence Asset Management. Maintaining a single data source as SAP Master Data and getting their insights to make strategic and tactical decisions before any failure or safety incident.

Achieving exceptional performance for your assets requires the use of a dependable data source that can provide you with invaluable insights. SAP Intelligence Asset Management is the solution that can transform this into a reality. Through the utilization of SAP Master Data as your main source of information, you can confidently make informed strategic and tactical decisions, allowing you to avoid any possible mishaps or safety issues.

Risk Assessment Matrix Example:

                                           


 

The failure events in the colored cells are all of the interest, with the stress on the High Risk and Unacceptable areas.

It is very much required to do the Asset Risk Assessment to ensure that Assets are not at any risk. The world has moved from Corrective and Reactive Maintenance to preventive Maintenance. Now is the time to get into predictive maintenance by assessing your assets, their risk, performance and improvising on them.

 

Conclusion

Failures can be changed to your success, provided you take the necessary steps much before the occurrence of any undesired event. Assets are worthy; you have two choices, either to increase their worth by consistently monitoring risk and performance levels or wait for the failure of assets & production stoppage. If we have that opportunity to monitor the performance level of assets and calculate the risk of assets altogether, we should go for it and make your assets perform world-class and gain an edge over your competitors.

If you have any questions or suggestions regarding the topic, please feel free to leave a comment and let me know. Your feedback is greatly appreciated and will help me determine which areas to cover in my upcoming blog series. I appreciate your support!
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