Strategies for Maintenance Cost Optimization

Presentation delivered at NEPIC Asset Management Conference 2026 in the United Kingdom by Solomon's Reliability & Maintenance (RAM) Study Manager, Ricky Stewart.

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Presentation Abstract:

Maintenance is one of the largest controllable cost elements in industrial operations, yet the concept of “maintenance cost optimization” is often poorly defined within organizations.  Without a clear and quantifiable definition, improvement initiatives frequently lack focus, performance measurement becomes inconsistent, and organizations struggle to determine whether maintenance spending is delivering optimal value.  In many cases, this leads to initiatives aimed solely at cost reduction rather than true optimization, which can ultimately undermine reliability and operational performance.

In this presentation, Ricky Stewart, Solomon’s RAM Study Manager, will introduce a structured, benchmarking-based framework for evaluating maintenance cost optimization across comparable production facilities, highlighting the relationships between maintenance spending, equipment reliability, and operational availability. Discover the key operational and organizational factors that distinguish high-performing operations − such as effective preventive/predictive strategies and efficient planning and execution. Learn the methods for measuring both the effectiveness of maintenance interventions and the efficiency of maintenance delivery. Explore how high-performing organizations are able to achieve both strong operational availability and effective control of maintenance costs through disciplined maintenance strategies and efficient work execution. Walk away with practical insights for setting measurable targets and developing structured action plans that enhance reliability while optimizing maintenance costs.

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Ricky Stewart - Reliability & Maintenance (RAM) Study Manager

Ricky Stewart has over 30 years industry experience having previously worked for Saudi Aramco, and Rolls-Royce in a variety of technical and management roles. He is a chartered engineer with 24 years’ experience in the aeronautical, energy and consulting industries. He has global experience, including 13 years in the UK, 11 years in the Middle East, as well as numerous international assignments. 

Ricky is a proven leader focused on performance improvement, benchmarking, with direct accountability for multi-million-dollar improvements in asset availability, operational efficiency and organizational design.  He is a trusted partner to international executive teams, combining deep technical insights with business acumen to drive enterprise level change.

Ricky’s professional qualifications include Chartership from the Institute of Mechanical Engineers (IMechE), Certified Maintenance and Reliability Professional (CMRP) from the Society of Maintenance and Reliability Professionals (SMRP) and Certified Reliability Engineer (CRE) from the American Society for Quality (ASQ).

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