Digital Themes

Asset Performance Management

What is Asset Performance Management (APM)?

Asset performance management (APM) is an asset management framework that is to reduce unplanned downtime, decrease overall maintenance costs, as well as reduce environmental, health and safety risks. APM considers business goals and how best to use physical assets to meet or exceed them. In businesses which require extensive equipment for operations such as oil and gas, manufacturing, and utilities, APM enables higher reliability at lowered costs.

Preventing asset failure and reducing operating costs is possible with robust data management and industry appropriate asset performance management software. Asset performance management software is designed for the management of enterprise assets. When used for Information Technology (IT), APM will proactively monitor applications to identify issues early so they can be mitigated before they impact overall performance. Asset performance management initiatives commonly use big data analytics and artificial intelligence to lessen asset failure and reduce operation cost. Asset data is collected (typically through sensors) and analyzed using pattern recognition, predictive analytics, and machine learning.

Asset performance management is part of the Industry 4.0 approach to enterprise asset maintenance and optimization. Industry 4.0 is driven by digital transformation that includes asset performance management. APM helps improve production processes and systems to enable consistent asset operations that leverage a suite of Industry 4.0 technologies.

What are the business benefits of Asset Performance Management?

  • APM provides a view into asset health which includes all components, connection points, dependencies, and every user interaction.

  • APM exacts service performance management transparency across an organization, multiple lines of business.

  • Assets value increases when business value can be measured, analyzed.

  • Prevents operations down time and delivers actionable insights to help predict product or service demand spikes.

  • Allows IT organizations to focus on service satisfaction.

  • Business intelligence analytics can be found within more sophisticated APM solutions.
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