Asset performance management (APM) software solutions
Asset performance management is a framework that has been growing in recent years, offering significant savings to different industries. These savings are achieved by streamlining operations and helping companies to 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.
Successful use of asset performance management requires efficient flow of data across all activities that impact asset performance. For many years companies have been organized so that departments work in silos, creating inefficiency in the flow of data and information. The same data are typically added to multiple systems without the realization of the extensive potential of integration.
Constant evolution of technology presents a changing scenario for the management and utilization of data, thereby creating new possibilities for asset performance management. This evolution can be used to address the existing data utilization challenges inherent within asset performance management. The following technologies are now playing a central role in the digitalization of industries focused on asset performance management:
- Web-based applications: Enables collaboration, enhance data acquisition, processing, cleaning and allows for simple deployment over corporate networks, lowers 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 process.
These technologies, combined with domain expertise and in-depth understanding of asset performance management and supporting software systems are bringing step changes in improvement within industries. Techniques that were once completely disconnected are now able to coexist as part of an asset ecosystem. Risk prioritization methods, which have traditionally been implemented in isolation and lacked prediction capabilities, can coexist with forecasting techniques such as reliability, availability and maintainability (RAM) analysis, lifecycle cost analysis and criticality analysis. More importantly, all these techniques when combined 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.
The advance of technology has been a great enabler for asset performance management. The advent of the Industrial Internet of Things (IIoT), connecting computing devices embedded in industrial machinery, and cloud solutions, used to store the overwhelming amount of data produced and running analytical models faster, support faster decision-making processes. All of this is supported by a collaboration environment enabled by web-based applications, asset ecosystems and digital twins.
Understanding the reliability trends present of your asset is a fundamental step in the journey of operational excellence.
Asset performance management in the utilities 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. Implementing asset performance management strategies, including predictive asset analytics solutions, will help you achieve your reliability, safety and cost efficiency goals. DNV GL is redefining asset performance management. Our APM offering takes advantage of internationally recognized analytical solutions with over 35 years of industry experience. Analytical solutions can support decisions related to asset performance management throughout the entire asset lifecycle. Data analytics is a powerful tool producing extremely useful insights as the asset becomes mature and more data becomes available. Combined, the two approaches offer a unique asset performance management solution to increase reliability and availability.