Nowadays, the widespread use of IT tools in the field of asset maintenance makes an important difference, especially when we have to make calculations from different sources of information. In this environment, it is important to establish a definition of the KPIs (Key Performance Indicators) of asset management that will help us take different decisions of vital importance for our work and also for the organization.
Categories of Asset Management KPIs
The KPIs we define can be adapted to different working environments and to the needs of each user. Therefore, it is important to define what will be our key, which will help us to measure the data that provide value to the business, the objectives, security, budgets, etc.
Most of the time, in maintenance, KPIs are grouped into 6 categories. It is usual that the indicators we work with can fit into several of these categories simultaneously:
- Availability indicators.
- Functional indicators.
- Cost indicators.
- Reliability indicators.
- Materials management indicators.
- Work order management indicators.
8 Asset Management KPIs you should be using
MTTF (Mean time to failure)
It defines the average time between failures without possibility of repair. It could correspond to what we call the operating life of the asset.
For example, a downlight or a light bulb, is not repairable, and its MTTF could be 50,000 hours.
MTTR (Mean Time Through Repair)
This model measures the estimated time a piece of equipment will be out of service while being repaired. In other words, the time it takes to make a repair.
This type of indicator could be included in both the functional category and the reliability or availability category. These groups should be closer to the real world and easier to monitor through different actions. Improved MTTR repair time is a key parameter for improving asset productivity. An efficient asset management tries to improve this parameter through an intelligent maintenance process: planning improvements, supplier delivery time control, equipment rotation, etc.
MTFB (Mean Time Between Failures)
This is the arithmetic mean of the time between failures of an asset. Usually managers consider it as the average time of something working until it fails and needs to be repaired again.
This indicator is used in equipment that has the possibility of being repaired. For equipment that cannot be repaired, the MTTF is used.
MTFB – for repairable equipment can be defined as :
MTFB= MTTF+MTTR, i.e. the mean time between failures, is the time between one failure and another.
FF (Failure Frequency)
The identification of equipment failure frequency helps to control the life of the devices, minimizing the costs associated with the maintenance of the installation.
Incident resolution and response time (Trsl and Trsp)
Trsl provide information on the resolution times of the different breakdowns according to their criticality.
With Trsp, managers can measure the response time of suppliers according to the different types of incidents.
MTBSA: mean time in which the system aborts.
MTBCF: mean time between critical failures.
MTBUR: mean time between unscheduled reset.
MTTFd: mean time of dangerous failure.
Controlling and improving KPIs: key to an efficient company
Optimizing the management of a maintenance department directly affects the volume of tasks it can perform preventively and those performed in the corrective.
On many occasions, these tasks depend on the ability and knowledge of the manager to carry out a correct planning of the preventive plans, as well as the correct resolution of the corrective works carried out by their maintainers.
Retain tools help managers to improve their skills and decision making related to their area of responsibility, such as supplier evaluation, asset analysis, etc.
In Retain we use metrics adapted to the needs of each case and we advise the client on the use of them. For example, we can set alarms according to the resolution limits established in maintenance contracts with suppliers.
If you want to know which metrics can be more useful in your activity or how you can implement them in your processes, contact us. We will be happy to help you.