Challenges in managing industrial assets:

Getting more out of your assets is crucial to your organization’s overall success, staying ahead of the competition, and unlocking long-term, sustainable value for your stakeholders. Incorporating a systematic asset management approach will enhance the value generated by your assets throughout its full life cycle, while also helping it to achieve operational excellence. The sheer amount of data is only going to continue to grow, which presents an opportunity to leverage and derive value from information—risks, gaps, and areas for improvement—allowing for overall better decision-making, end-to-end.

Asset management solutions

Our asset management offering is designed to improve the overall productivity and efficiency of your entire operation. Leveraging our risk-aware asset management framework influences asset data, health indices, failure probabilities, asset criticality, and system reliability to recommend whether the optimal action for each asset is to maintain, upgrade, retire, replace, or delay action altogether. We provide a single-source solution that integrates disparate data sources and systems with work and change management processes to align software tools and resource expectations for integrated performance.

Here’s how we can help

1. Strategic asset management

2. Operation and asset performance management

3. Asset investment planning

Strategic support

As observed through decades of engagement with various types of physical asset owners, Hatch recognizes that the major enabler of realizing maximum value from assets is a solid asset management strategy. We support the development of strategic asset management plans that derive from the corporate vision and stakeholders’ interests to document desired impact and anticipated outcomes. Whether you choose a static adoption strategy aligned with regulatory requirements, aim to be an asset enhancer in a more competitive market, or target a reliability-driven pursuit to get ahead of your peers, we provide customized assessments and full strategy developments.

Program maturity assessments

The maturity of an organization's asset management program is determined by established processes, tools, KPIs, and their overall alignment to the applicable categories of formal asset management programs. Whether in its infancy or in an advanced asset management transition, we support our clients with the assessment and revision of asset-level decisions and resource needs to align with corporate objectives. The evaluation process provides improvement opportunities to ensure that organizations' operating environments are aligned with the asset management policy, strategic asset management plan (SAMP), and population-wide or asset-specific asset management plans (AMPs).

KPI development

To fully capture the benefits of asset management, we provide metrics to support the continuous improvement process based on the data currently collected and reasonably available. These metrics, which vary from corporate level KPIs, link to value realization, reliability, operational performance, or attaining the level of service as laid out in the population-wide or asset-specific AMPs. We focus the development process on KPIs that speak to realizing value while balancing risk, cost, and performance, in addition to the overall asset management system maturity.

O&M process review and recommendations

O&M tactics will deliver value if they are consistently executed through competent work and business management processes. Well-defined and communicated processes provide clarity of roles for individuals, teams, and the organization. According to our latest research, this is one of the leading indicators of high-performing teams. Hatch uses best practices such as our 22 Element AMM (asset and maintenance management) assessment that provides insights into the health of the core processes. Next, we map out and improve the processes where Hatch’s experience sets the foundation for efficient planning and work execution. To ensure sustainability, we work with you to break down silos by clearly articulating roles, responsibilities, and robust process KPIs. 

Management of catastrophic risks and asset integrity

With several devastating failures in this past decade, there is increased global concern around asset integrity and risk management. Learnings from these disasters have shown that failures occur not only as a consequence of technical issues, but also from governance shortfalls and ineffective transformation of monitoring data into applicably useful information. Hatch is uniquely positioned to support the development of holistic risk management systems that improve environmental, social, and economic outcomes to effectively manage the associated catastrophic risks. Hatch’s program encompasses process safety and reliability-centered maintenance based on international standards and expertise. It embeds best practices to monitor facilities/assets and deploy corrective actions quickly and safely; defines an empowered risk management organization to address key aspects of an asset's life cycle; deploys world-class management systems and standards, and regains and maintains the confidence of stakeholders and communities.

Asset analytics

Hatch helps owners of all physical asset types utilize the wealth of historically collected data and positions them to embrace the ever-increasing flow of new assets' insights. Whether leveraging years of inspection information to establish the populations' health demographics or building a new Health Index Formulation for online monitoring applications, we translate assets' conditions and performance information into decision-making inputs. Our approach aims to build failure and performance events' probabilistic profiles for each asset individually as they age and degrade in a distinct way. We put increasingly more focus on data quality as today's machine learning algorithms and data science applications allow us to develop failure and performance curves empirically linking to monitoring and telemetry applications.

Asset performance management solutions

Asset performance management (APM) is a highly advanced software and analytics platform to improve your asset management decision-making process. It is designed for analyzing and balancing production value, assess asset health, manage interruptions, predict asset maintenance requirements and asset end-of-life, and much more. These solutions aggregate asset information, automatically calculate condition assigning asset health indices (AHI) through sophisticated algorithms, then visualize the information or initiate remedial action. These APM solutions work with enterprise asset management (EAM) solutions that manage maintenance work and with asset investing planning (AIPM). The APM solutions effectively manage the effects of maintenance performed, or not performed.

Integrated risk quantification

It is important to capture the risk of failure in a universal way, which can be translatable between the organization’s different operating units (e.g., generation, transmission, and distribution for electric utilities). It is also relevant to capture new and increasing risks related to energy transition such as technical obsolescence, policy and GHG target impacts, cybersecurity threats, or new technology/architecture implementation. Through this systematic approach, Hatch supports vertically integrated operations in the transition from siloed planning and capital allocation to an integrated approach where the corporate-level objectives translate to the asset-level decisions, regardless of which part of the organization they support.

Total life cycle cost

The true life cycle cost of any asset in addition to its CAPEX, OPEX, and end-of-life disposal must include the cost of an asset’s risk associated with any tangible and intangible burden to the organization and its operations. Our asset management approach is based on the belief that any scenario analysis should be developed on the total life cycle cost assessment. In each asset management assignment Hatch proposes a team of experts selected specifically to reflect the asset classes, operating environment, and corporate focus. This ensures that the asset-level decisions (run to failure/ overhaul/like-for-like replacement/upgrade) and the strategic asset portfolio-level investment decisions are supported by SMEs with a solid understanding of the specific assets' value provided, potential impact, and technological and industrial context.

Asset investment planning management

Asset investment planning management (AIPM) solutions can considerably improve the line of sight of investments, from asset risk and need identification, to project completion. These solutions aggregate asset health and balance maintenance expenditures against predicted asset condition. At the basis of asset investment planning lies the identification of network/asset risks and future needs against costs. These are aggregated into a central repository where risk and need are measured, compared and, finally, prioritized with the available budget. In summary, they allow you to do more with less but with an understanding of risk and consequences.

Learn about our Asset Performance Management services


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