Asset Performance Management
Assessments, Consulting, Advice, Planning, Implementation
What is Asset Performance Management?
Asset Performance Management takes a holistic look at your business and how your physical assets provide it with value throughout the life cycle of those assets. It supports corporate strategic objectives using a balance of performance, risk, cost, and future opportunity. Today we are going well beyond conventional approaches to Condition Based Maintenance, leveraging the power of Industry 4.0 including the Industrial Internet of Things (IIoT) and Artificial Intelligence with Machine Learning.
APM goes way beyond the old maintenance paradigm of simply fixing things when they break. Consequently, managing asset performance entails the definition of what proactive maintenance is most effective, then deploying it efficiently, leveraging technology where it makes sense. Before we add devices just anywhere, we need to consider what they tell us and what decisions we can make with the information. It’s no good to collect data just because computer memory is cheap. Smart use of data collection is to deploy it where it will provide useful information about asset conditions and advanced warnings so that actions can be taken to mitigate risks.
There’s more to it than technology
Technology requires a lot of thought to be deployed intelligently. Without that foresight, you risk becoming data distracted rather than informed.
See how we helped a Large Mining Company implement Maintenance and Asset Management.
International standards, ISO 55000, 55001, and 55002, raise the bar above conventional engineering, maintenance, and capital planning practices. Risk management is enhanced and competency is developed. Your insurers, banks, and regulators gain confidence that you are managing your assets well and exposing them to lower risks. In return, they can offer lower premiums, larger investments in capital and operational lines of credit, and better terms. Your financial managers will see the need for less capital investment because existing assets, well cared for, will last longer.
See how we helped a major healthcare center improve its Asset Management practices, enhancing patient care and service levels while making the facility itself a safer place to work.
Here’s how we helped a major retail distribution center improve its service levels.
We are working with analytics software providers to help in setting up Industry 4.0 APM. We can help with technology and more importantly, with getting value from it.
Ask us about your IIoT, digitalization ambitions, and how we can help.
