Understanding How Global Asset Sustainability Affects Your Business

It is no longer good business practice to address asset efficiency without a clear understanding of the associated energy performance. Companies around the world are rethinking their approach to asset management and moving toward a 'global asset sustainability approach'. Management teams are finding that by looking at their asset management globally they are improving their financial metrics across the board.The ever-growing price of energy and the related security issues are driving the push for global asset sustainability. Energy prices are on a relentless rise and availability is far from assured.

Companies realize that energy issues are significantly affecting their profit margins and unless action is taken, will threaten their very business viability. Additionally, the duel concerns of the environmental impact of energy consumption and the resulting greenhouse gas production has companies seeking a thorough corporate analysis of energy efficiency down to an asset level.

It is no longer good business practice to address asset efficiency without a clear understanding of the associated energy performance. Companies around the world are rethinking their approach to asset management and moving toward a 'global asset sustainability approach'. Management teams are finding that by looking at their asset management globally they are improving their financial metrics across the board.

Businesses must strive to be in a position to leverage their operations to uncover inefficiencies wherever they may be. It is no longer sufficient to look at assets purely from a conventional management perspective. Traditional approaches simply monitor asset performance against specification to see if it is performing and producing under acceptable operating conditions. This doesn't take into account the amount of energy which an asset consumes, and such invisible cost would cause a negative reallocation of budgets.

Global asset sustainability focuses on energy consumption in addition to asset availability, performance, and condition. The United States Department of Energy (DOE) states that it is typical in the U.S. for companies to spend more than 80% of their non-labour budget for maintenance and operations on energy against maintenance. This shows that traditional asset classification of efficiency is far from comple