APM and the digital twin
Asset performance management (APM) aims at improved operational performance, including safety, reliability, availability and integrity.
APM has a digital twin at its core. The digital twin is a digital, virtual representation of an asset, maintained throughout the lifecycle and easily accessible at any time. This aims tackling the problem of poor information management which has a hidden cost that can account for up to a fifth of operational budgets. The digital twin addresses this historical weakness.
Because of this "information hub", analytical solutions can be easily deployed and use information that is shared - shifting simple data into information and information knowledge. This process is not aimed at replacing existing methods, but at improving the deployment of well-established techniques such as risk-based inspection (RBI) and reliability-centered maintenance (RCM).
In addition to this, new workflows will become available as the industry evolves and data becomes of higher quality.