When a global industrial company wanted to optimize asset performance and reliability, they started with an Asset Performance Management (APM) Assessment. The APM Assessment enabled the manufacturer to use actual data to identify gaps in their asset management strategy and make informed recommendations for improvements, with associated roadmap for implementation. Benefits achieved included:
- € 1M (35%) Total maintenance cost reduction
- €120k Increase in margin with end product quality improvement
- 25% Reduction in unplanned downtime
- € 250k (26%) MRO stock reduction
How to Get Started on Your APM Journey
Implementing any APM strategy is a journey. An optimal strategy accounts for more than the performance of a single piece of equipment, line, or plant – it needs to include business impact and market conditions as well. Plant managers must balance improving asset performance and reliability with reducing operating costs, all while ensuring regulatory compliance and increasing overall equipment effectiveness (OEE).
Before beginning the process of implementing an APM strategy it’s critical that you know what needs to be accomplished, whether that goal is achievable and the expected measurable impact on the company’s bottom line. An APM Assessment is an invaluable tool in planning your journey.
To learn more about the value of an APM Assessment, join our webinar.
STEP 1: Bring in the experts
Qualified consultants can provide an expert eye in setting the groundwork for any APM strategy. They have the advantage of objectivity, and are able to judge the merits and flaws of the current asset management strategy without bias. Ideally consultants will be experts in asset performance, maintenance and operations, as well as the relevant asset management systems. Good consultants will also have a clear grasp on the financial and business context in which you are operating. Be sure to look for a company that has both deep (in-depth APM knowledge) and broad (experience across multiple industries) expertise.
STEP 2: Conduct a comprehensive analysis
APM Assessment services provide a comprehensive analysis of opportunities for improvement and impact across all areas of the business. Experienced consultants will conduct a site visit as well as extensive interviews with staff from departments including Operations, Maintenance, IT, Supply Chain, Quality, HR and Finance for a comprehensive view of the business. A thorough APM evaluation will take into account company-specific factors such as business objectives, organizational dynamics and structure, regulatory requirements and supply chain and distributor relationships.
STEP 3: Laying a roadmap to success
You need more than just an evaluation of the current state of affairs. APM consultants will also provide a high-level action plan with measurable objectives, associated timing and effort needed, including short and long term potential gains of the project measured against business objectives and ROI. These action plans help organizations maximize scarce resources, optimize economic return on critical assets, increase margins and maintain regulatory compliance.
By consulting with the experts, you can lay the foundations for improved asset performance, reduced downtime and improved regulatory compliance.
To learn more about the value of APM Assessment and how it can enhance your APM strategy, join our webinar.
What are some of your questions about APM Assessment? Got a specific APM challenge you’re trying to tackle? Let us know how we can help in the comments.