Software manages asset operations and maintenance strategies.April 25, 2008 -
With Asset Strategy Management, users can prioritize actions and costs so that unnecessary or low-value actions can be identified through quantitative analysis and eliminated from overall strategy. Analysis of strategy can also identify unacceptable safety, environmental, and production risks. Providing common methodology to define actions for asset and mitigated risks, program enables users to evaluate existing plans with basic qualitative risk analysis and conduct what-if scenarios.
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Original Press release
Meridium
10 South Jefferson Street
Suite #1100, VA, 24011
USA
Meridium Unveils Asset Strategy Management Solution
ALBUQUERQUE, N.M., April 22 /-- Meridium Inc., the leader in asset performance management (APM) software solutions, today announced the release of its newest solution, Asset Strategy Management. Asset intensive companies, like any business, face enormous pressure to keep their equipment reliable, available, safe and productive. For most of these organizations, loss of production can result in millions of dollars per day in lost opportunity. Minimizing lost production and mitigating safety, health and environmental risk involves, among other things, developing and managing action plans to keep their physical assets functioning at optimal levels while optimizing costs and maintaining system integrity.
Meridium and its customers have identified a need for companies to define, manage implement and then re-evaluate an overall asset strategy which consists of the actions performed and the specific risks that are mitigated. Asset Strategy Management allows prioritization of actions and costs, so that unnecessary or low-value actions can be identified through quantitative analysis and eliminated from the overall strategy. Likewise, analysis of the strategy can identify unacceptable safety, environmental and production risks which must be addressed through additional investment in new or updated actions.
Analyzing and Mitigating Risk
Meridium's Asset Strategy Management (ASM) solution provides a better way to manage asset strategies using a risk-based assessment approach. ASM provides a common methodology to define actions for an asset and the mitigated risks, providing the ability to evaluate existing plans with basic qualitative risk analysis that is both straightforward and easy to use. This assessment capability provides the ability to easily conduct "what-if" scenarios of asset strategy options. Options may be evaluated to determine the best investment to manage the asset to an acceptable level of risk.
Developing and Implementing Risk Strategies
Once asset, system and unit strategies have been defined, evaluated and approved, Meridium's Asset Strategy Implementation (ASI) solution provides a comprehensive tool to automatically deploy the strategies for execution in enterprise asset management systems through implementation packages. The Meridium ASI for SAP solution allows for the automatic implementation of one or many asset strategies through robust integration which generates SAP Maintenance Plans, Maintenance Items, Task Lists and Operations for maintenance strategy execution. This solution's ability to automatically implement the asset strategy in SAP removes the traditional barriers of strategy implementation and ensures the right work is executed at the right time. Meridium ASI for SAP also provides the basis for evaluation techniques to drive continuous improvement and refinement of asset strategies over time.
Sid Snitkin, PhD, Vice-President Enterprise Advisory Services, ARC Advisory Group, commented, "Equipment safety and reliability management has never been more important to asset-intensive organizations. Plants need to operate at peak levels on a 24/7 basis to keep up with growing, global demand. Maintenance budgets need to be continuously reduced to remain competitive. And, the risks of equipment failures must be managed to an ever-widening set of safety and environmental regulations.
Traditional asset performance management strategies are not adequate to support this dynamic, challenging environment. Optimal maintenance strategies, developed for one set of assumptions about use, risks and failures, can quickly become wasteful and ineffective as conditions change. Companies need a continuous improvement approach to maintenance strategy management and the tools to help their personnel do this effectively and efficiently. Meridium's new Asset Strategy Management solution meets these needs exceedingly well. I was impressed by both the comprehensiveness and ease of use of this product and applaud how they continue to advance the state of technology in this critical area."
Bonz Hart, Meridium's President/CEO announced the release of Asset Strategy Management this morning at the opening session of the company's annual Americas conference. "The release of Asset Strategy Management represents the first in a wave of new solutions that will change the way our customers manage and improve their reliability, operations and maintenance functions. Developed in conjunction with four of our clients -- all industry leaders in their fields -- ASM provides them with a foundation for comprehensive enterprise reliability and efficiency."
About Meridium
Meridium, Inc. is the leader in asset performance management solutions for process, power, mining and discrete manufacturing industries. With Meridium software and services, companies can improve profitability and achieve predictable production capacity without additional capital expense by increasing reliability and improving the performance of their production assets. Industry leaders such as Eastman, Lyondell, Marathon Petroleum and Xcel Energy rely on Meridium for enterprise wide asset performance. Founded in 1993, Meridium is headquartered in Roanoke, VA, USA, with regional offices in Houston, TX, USA; Dubai, UAE; Walldorf, Germany; and Perth, Australia. For more information, visit http://www.meridium.com/
CONTACT: Jane Bailey of Meridium, +1-540-344-9205, ext. 1170, jbailey@meridium.com
Web site: http://www.meridium.com/
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