Modern equipment is now so complex and the consequences of failure are so serious that it is no longer possible to develop viable physical asset management strategies using traditional approaches. An array of proven analytic techniques and management processes are now available to deal systematically with the most pressing issues confronting the managers of physical assets. Many of these techniques overlap and therefore need to be applied in a coherent and efficient manner.
Companies today are facing competition and decreasing margins. If you really want to compete you must understand how to make your work and operating process more efficient and effective. Your equipment must be reliable and safe to operate. It must be ready to operate at peak capacity at short notice and production output must be of high quality.