Asset Performance Management is a discipline that covers a wide range of technology and processes. When executed effectively, asset performance management can activate dramatic improvements in a company’s ability to achieve overall corporate objectives. A well thought out asset performance management strategy could include technology like predictive maintenance, augmented and virtual reality. Or it may involve in-depth risk analysis to understand the criticality of assets and draw correlations between reducing unscheduled downtime and improved plant throughput. The key to driving a result oriented and effective asset performance management program is to first develop a well thought out strategy.
Before technology and processes are evaluated and adopted an asset performance management strategy must be developed and refined to meet overall business imperatives. Otherwise, companies may run into long, drawn out pilot projects requiring significant investment over several years that deliver no tangible results.
Where is the return on investment? This is a critical concern a lot of companies are facing today when evaluating new technology. An asset performance management strategy should combine information and data with people, processes and technology to achieve maximum return on asset investment. Developing that strategy may require the involvement of external experts to analyse and evaluate the current state of the enterprise. It’s important that these analysts and consultants understand topics that are critical to asset performance management such as:
- Asset Master Data Management
- Asset Performance Objectives
- APM Strategies
- Planning & Preparation
- Workflow Management
- Inventory & Procurement
- Monitoring & KPI’s
- Cost Management & Value Realization
- Structural Failure Analysis
- APM Organization
- Skill & Knowledge Management
- Sourcing Strategy
- IT & OT systems
- Continuous Improvement & Audit
With a deep background in these areas, expert asset performance management consultants can marry asset strategy to business strategy to achieve overall corporate objectives. The key here is understanding how these topics come together so that availability, cost, capacity, quality and risk are all balanced in a way that meets key business imperatives. A well thought out asset performance management strategy goes far beyond traditional maintenance practices such as calendar based maintenance and MRO management. By leveraging digital transformationtechnology, an asset performance management strategy can be developed to drive meaningful impact to the enterprise’s bottom line.
Digital transformation in asset performance management has paved the way for businesses to further integrate their people, processes and technology. By leveraging technology that addresses the complete asset lifecycle, from design, build and procure, to operate and optimise, an asset performance management strategy can form the foundation for exceeding overall corporate goals and objectives. Learn more about digital transformation and how it’s enabling new insights and opportunities with Asset Performance Management 4.0.