What Is Asset Performance Management (APM)?

Asset Performance Management (APM)

Asset Performance Management (APM) is an approach to managing assets that prioritizes business objectives in addition to traditional asset reliability and availability goals. APM has become a primary enabler of digital transformation for asset management among industrial companies. Modern APM combines traditional asset management practices with new digital technologies for transformation advances in reliability, maintenance execution, and business performance.

Learn how to track your APMs in service using IoT-RFID Technology.

Business goals:

Through digital transformation in asset and risk management, and improvements in asset availability and uptime, users achieve higher revenue and profitability while improving customer satisfaction with on-time delivery and quality.

Asset ecosystem:

The ecosystem for assets extends beyond the plant floor and facilities to include a wide range of applications across asset-intensive industries that leverage sophisticated OT, IT and engineering systems and related production, maintenance, and engineering personnel. It also encompasses third party partners and other providers of parts and services.

Digital tools:

Apply modern technologies across a range of tools like smart devices, augmented reality, and mobility to improve business processes and create new methods for asset management.

Data & analysis:

Enable greater depth of collaboration across the asset ecosystem by using digital twin, digital thread, and other modern information assimilation and management approaches. Practices and apps: Traditional practices and applications become more effective when enhanced with data, digital tools, and support for business goals.

APM Business Benefits

APM involves people, processes, and technologies to improve the uptime with higher revenue and longevity of physical assets to conserve cash while reducing operating costs and business risk. APM helps assure assets have the needed capability for optimal operating performance to meet today’s dynamic business and production goals with high customer satisfaction for on-time delivery and product quality. This APM approach becomes a means to systematically improve key metrics like uptime, mean time to repair (MTTR), asset longevity, on-time shipments, quality/yield, and safety. Success with these metrics leads to improvements in executive metrics like revenue, margin, customer satisfaction, work-in-process (WIP) inventory, and return on assets (ROA).

APM Drives Successful Asset Management

APM improves the reliability and availability of physical assets by synchronizing the asset lifecycle management functions including reliability, maintenance, inspections, and information management. APM acts to optimize the performance of physical assets in their operating ecosystem, typically employing a digital thread throughout the asset lifecycle, supporting digital twins for assets and asset groups, supporting connected workers, and the network of parts and service providers.

Improve Maintenance Operations

Increase visibility into maintenance history, inventory, and procurement, and provide the right inputs to develop a maintenance program that maximizes return on asset investment:

 

Maintenance Engineers

Better plan and schedule maintenance activities to increase asset uptime, reduce unplanned downtime, reduce costs, and enable efficiency in labor productivity.

Procurement Managers

Automate requisitions, purchase orders, and quotations with contract and invoice matching. Implement approval and workflow capabilities to reduce administrative workload and provide enhanced flexibility.

Operations Managers

Build a detailed history of equipment information based on day-to-day maintenance activities. Failure history, including symptoms, the cause of failure, and action is taken, can be reviewed and analyzed quickly.

Proactive Asset Performance Management with IIoT and Analytics

The Industrial Internet of Things (IIoT) with advanced analytics, offers new opportunities to improve the reliability of industrial assets, enabling owner-operators to progress toward no unplanned downtime, which many consider to be the ultimate objective for maintenance and operations.

Preventive maintenance assumes a failure pattern that increases with age or use. Unfortunately, this applies to only 18 percent of assets. The other 82 percent of assets display a random failure pattern. In contrast, predictive maintenance (PdM) approaches employ near real-time equipment and process data to predict failure. PdM combines multiple data sources with analytics to predict failure with a higher degree of confidence and low false positives.

Typical benefits of proactive maintenance include improved uptime, asset longevity, maintenance cost control, and safety. Industrial organizations should review their asset management strategy and consider increased adoption of condition monitoring and predictive maintenance solutions. Smartx HUB group recommends that users consider a pilot project for proactive maintenance with analytics – especially for complex assets or a common asset type.

Comparing Maintenance Strategies and Approaches

Combining IoT with analytics and automated business process enables new, higher levels of maintenance effectiveness and maturity. IoT allows organizations to reduce data quality issues associated with manual inspections and move to automated data collection. This vastly improves data quantity and integrity, enabling new maintenance strategies. ARC classifies maintenance maturity into five types or levels: reactive, preventive, condition-based, predictive, and prescriptive.

Gain Control of Asset Strategy

Increase visibility into maintenance history, inventory, and procurement, and provide the right inputs to develop a maintenance program that maximises return on asset investment.

SmartX HUB APM - The right data, anytime, anywhere.

SmartX HUB Solution helps you obtain a more efficient workflow by improving your control over your project, enhancing safety on your Jobsite, reducing equipment downtime, minimizing safety hazards, increasing equipment life expectancy, and reducing repair costs. It provides you with the necessary means to stay on schedule, stay on budget and work consistently to keep your overall project on the right track.

The solutions, like SmartX HUB’s connect people and assets with technology that improves industrial efficiency, safety and reliability. When industry leaders leverage a comprehensive digital transformation strategy that uses real-time data to predict outcomes and provide guidance, they can ensure business continuity, maximize return on capital, and enhance customer experiences.

Our comprehensive portfolio of Asset Performance Management solutions and deep domain expertise has led to proven success with customers across the globe.

By automating your processes with SmartX HUB RFID-IoT technology, you can cut daily operational costs by significantly reducing labor and error costs through process automation. SmartX HUB offers a scalable, customizable and straightforward platform, easily fitting into your unique business process. To make it even easier, SmartX HUB runs on any web browser and any Windows, iOS, or Android device.

SmartX HUB’s global presence, coupled with its deep industry and business transformation expertise, has proven that the methodologies and experience gained from thousands of worldwide engagements help clients achieve real business results and innovation quickly and cost-effectively.

Contact us to get more information on how we can help you overcome the challenges to your construction business or to check out a free demo.

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Contact us at the SmartX office nearest to you or submit a business inquiry online.

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