The 5 Things You Need to Improve Asset Performance with the IIoT

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Industry 4.0 and IIoT technologies are revolutionizing Asset Performance Management (APM). This transformation is bringing about the intersection of APM and Industry 4.0 – a development that LNS Research has coined “APM 4.0”. APM 4.0 leverages the IIoT to improve asset performance and put the asset at the forefront of the business. But what’s actually required to implement APM 4.0? LNS Research has laid out five essential elements to implementing APM 4.0:

1. Prescriptive Analytics

The use of advanced analytics to extract actionable insights from industrial big data is a critical step in APM 4.0. Using a predictive maintenance solution to provide early warnings of equipment and asset failure before these issues affect the business dramatically improves asset performance and reliability. In addition, predictive maintenance empowers operators with actionable insights, so they can identify the source of problems faster, without having to dig through huge volumes of raw data. On top of predictive maintenance, risk-based maintenance solutions can provide additional value by adding a strategic, long-term perspective on the best actions to take to optimize asset performance and reliability.

See the elements you need to take advantage of the IIoT

2. Smart Connected Assets

As the cost of sensors continues to fall, more and more assets are becoming instrumented and transforming into Smart Connected Assets – assets that exist at the convergence of sensors, instrumentation and controls. These Smart Connected Assets supply a wealth of real-time and historical sensor and operational data. As a result, Smart Connected Assets are an important building block in implementing APM 4.0.

Leverage the IIoT to improve asset performance with APM 4.0

3. IIoT Platform

An IIoT platform connects and consolidates the data and applications necessary to implement APM 4.0 in a single cohesive solution. This eliminates silos and helps identify opportunities for improved efficiency and new areas of collaboration between people, processes and assets.

The expansion of cloud computing technologies offers even more possibilities for IIoT platforms. A cloud-based IIot platform enables companies to move advanced applications such as OEE (overall equipment effectiveness) monitoring or predictive maintenance into the cloud to lower total cost of ownership. In addition, by using edge devices to send information directly to the cloud, companies can bypass the middleware layers. This expands opportunities for advanced applications to facilities with manual or semi-automated operations. Previously, such implementations would not have been possible without significant additional costs and complexity.

4. Industry Best Practices

When implementing these technologies, it’s not enough to simply plug in a solution and walk away – an evolution in technologies also requires an evolution in maintenance and operations best practices. By updating best practices, operators can ensure they’re leveraging these solutions to make their lives easier. An APM assessment is an invaluable tool in evaluating your maintenance practices and implementing best practices throughout the facility. Conducting an APM Assessment allows companies to ensure they are getting the most out of their investments.

5. Killer mashup applications

The true power of APM 4.0 is not contained within any one advanced application by itself. Instead, it’s the combination of multiple existing applications interacting in the IIoT platform that unlocks truly revolutionary potential. One great example of a mashup application is the digital twin – the digital twin takes advantage of advanced process engineering solutions, as well as advanced data capture from across the asset. Predictive maintenance capabilities allow the digital twin to capture potential asset problems before they occur. Advanced AR/VR capabilities streamline maintenance and repair. The digital twin takes advantage of multiple advanced applications to deliver a solution that improves asset performance and reliability. Similar mashup applications are a key feature and benefit of an APM 4.0 approach.

To learn more about APM 4.0 and the benefits of digital transformation, download the LNS Research infographic and watch our webinar “Digital Transformation with APM 4.0.”

Have you implemented any of these technologies in your facility? Let us know your experience in the comments!

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