Asset performance management (APM) digital solutions
Asset performance management is a framework that can help companies find new and better ways to maximize reliability, availability and safety. This approach to asset management results in increased production and costs reduction with APM software.
Redefining asset performance management
APM is a framework – using industry knowledge, software tools and applications – that leverages data to support decisions, improve performance, reduce risk and maximize profits during the entire lifetime of a physical asset. Asset performance management is used in asset-heavy industries such as oil and gas, manufacturing, mining and utilities, where companies are changing from reactive, to preventive and predictive maintenance schemes.
Efficient flow of APM data
Successful use of asset performance management requires efficient flow of data across all activities. Many companies have departments working in silos. The same data are typically added to multiple systems without the realization of the extensive potential of integration.
The following technologies are now playing a central role in the digitalization of industries focused on asset performance management:
- Web-based applications: Enable collaboration, enhanced data acquisition, processing, cleaning and allow for simple deployment over corporate networks. Lower hardware, maintenance and implementation costs.
- Industrial Internet of Things (IIoT): connecting computing devices embedded in industrial machinery, enabling them to send and receive data.
- Cloud solutions: storing the overwhelming amount of data produced and running analytical models faster, resulting in faster decision-making processes.
- Machine learning: techniques that allow computers to learn from data and for the APM software to assist on the decision-making.
These technologies, combined with domain expertise and in-depth understanding of asset performance management and supporting software systems, are creating step changes. Disconnected techniques are now able to coexist as part of an asset ecosystem. Risk prioritization methods, which have traditionally been implemented in isolation, can coexist with forecasting techniques such as reliability, availability and maintainability (RAM) analysis, lifecycle cost analysis and criticality analysis. When combined, these techniques can coevolve, resulting in an evergreen asset performance management.
Asset performance management in the oil and gas industry
In times where operational expenditure is under constant scrutiny, oil and gas companies are expected to take advantage of latest technology available to improve their performance and reduce cost. Asset performance management is changing the landscape of how oil and gas companies are managing their assets. It offers an integrated approach to many existing methods and builds on top of the powerful analytical solutions.
Asset performance management in the electric utility industry
Efficient, reliable and safe operations are the top priorities for utilities. In a changing market, the traditional asset management tools that have previously been available are insufficient. Asset performance management is a framework that includes emerging technologies and strategies, centralizing data for efficient analysis. APM integrates various systems and other relevant sources of data. Data analytics are then used to create meaningful insights that cut costs and improve the reliability and safety of the power grid.