What is Asset Performance Management (APM)?
Although at this time there is no globally accepted definition of APM, key concepts are coalescing around traditional asset management (e.g., reliability, sustainability, operational capacity) and heightened asset performance evaluation (e.g., condition monitoring, integration, forecasting) to more effectively meet organizational objectives. As with the term “asset management,” APM contains elements of process, organizational disciplines, as well as software systems which provide the technical infrastructure to inform, support, and measure asset performance initiatives.
Why is APM the new buzzword?
APM is seen by many as the next evolution in asset management beyond traditional Enterprise Asset Management (EAM). Technological advancement has put many formerly complex and expensive capabilities (e.g., IoT, Integration to Operation data stores, mobile, digital twin) within reach of a much larger potential market. Those that have invested properly in EAM over the years now find themselves in the position to integrate their EAM data with a wealth of other data sources. This integrated data will allow customers to visualize real-time performance, move more quickly toward predictive models for failures and maintenance plans, add in forward-looking models of equipment useful life and capital plans, and generally produce analytics and performance metrics which capture much more of the complete asset lifecycle.
As a company we are most excited about the ever-expanding APM capabilities of HxGN EAM (including version 11.7 to be released during the fourth quarter of 2021), as well as the technologies within the Hexagon ecosystem which can be combined with HxGN EAM to form the total picture of asset health and lifecycle.
At Stratum, our approach to implementing APM includes:
- Integrating to your operational systems and sensors to inform responses to performance anomalies before they become unplanned downtime events.
- Creating meaningful, role-based dashboards through integrating HxGN EAM with your finance and operational systems, which yield visibility into underperforming processes or equipment and transparency in operations, compliance, and financial performance.
- Unlocking preventive and predictive maintenance capabilities, cost analysis tools, and condition assessment strategies.
- Designing and utilizing EAM Reports to provide a holistic picture of workforce, assets, and supply chain and how they align to your overall business strategy and goals.
What does my organization need to do to adopt an APM approach?
- Begin with consistent, high-quality master data
- Implement the right EAM software
- Capture work order history through work management
- Develop and execute a preventive and predictive maintenance program
- Align desired business outcomes with measurable asset performance targets
- Integrate sensors and operational control information to provide real-time data on critical equipment
- Create informative dashboards, reports, and notifications
- Build a culture of reliability
Who can help me get started?
Experts at leveraging HxGN EAM’s full feature set, the Stratum team can help you successfully execute an APM program. Want to get started on your APM plan? Let’s talk!
Want to learn more about APM? Check out these resources: