Asset Performance Management

Asset performance management (APM) helps diagnose, track and prevent critical asset failures by monitoring them in real time. The operation and maintenance team are empowered with increasing reliability and availability with APM by reducing costs, and minimizing operational risks associated with fixed assets.

Asset performance can be improved by using APM by avoiding unscheduled downtime, reducing operational expenditure, improving asset utilization, and optimizing the asset lifecycle cost. Data can be captured from physical assets with the help of sensors and the industrial internet of things (IIoT) and real-time visibility can be provided into asset performance using powerful visualization and analytics with asset performance management software.

Longer asset life cycles, Improved work management, Risk prevention, Better top-line and happy customers and Deeper insights through analytics are benefits of using asset performance management. Asset assessment, Risk prediction and Maintenance prioritization must be considered by operation and maintenance leaders while designing it.

An APM strategy must aim toward maximizing asset performance and minimizing operating costs; improving assets reliability, ROA, and boosting production; identifying underperforming assets and adopting a condition-based maintenance strategy; ensuring prevention of accidental hazards and monitoring health and safety; continuous APM program innovation to achieve financial results. People and systems are allowed to work together towards a common goal with a proper APM strategy.