In today’s constantly changing business environment, every business needs to optimise its assets to help achieve goals better. With the successful management of these assets, organisations can not only form viable objectives for their growth but also help monitor the health of vital company assets.
As a business leader, you need to know when and how your enterprise assets will fail to take immediate actions to reduce risk. For that, you need asset management insights. With the help of targeted AI and analytics and automation tools, Asset Performance Management (APM) software enhances your company's asset management insights.
Here's an in-depth guide to Asset Performance Management and why your business needs it.
What is APM?
Asset Performance Management or APM is a strategy or process that companies adopt to monitor and assess the assets required for the smooth running of the business. This process often includes industrial machinery, computers, network equipment, etc. APM also aids in determining the funding each asset requires to stay functional and perform at a specific level.
For instance, if you are running a manufacturing company, you need to perform APM analysis on your machines to understand what kind of maintenance they require and what financial obligations they can create. In addition, each asset's base performance is also determined to compare it to the actual output.
Modern Asset management software, a combination of traditional management practices and new digital technologies, facilitates transformation advances in maintenance execution, business performance and reliability.
Digital transformation in enterprise asset and risk management, along with asset availability and uptime, helps you achieve higher revenue and profitability and improve customer satisfaction with the quality and on-time delivery.
The ecosystem incorporates a wide variety of applications across asset-intensive industries that leverage OT, IT and engineering systems and related production, maintenance, and engineering personnel. It also includes third-party partners and other parts and service providers.
Apply modern technologies across several tools such as smart devices, mobility, augmented reality etc., to improve business operations and create new strategies for asset management.
Data and analytics
Makes use of new information assimilation and management approaches like digital twin and digital thread to enable greater collaboration across the asset ecosystem.
Practices and applications
Traditional practices become more effective when equipped with modern digital tools, data and support for business goals.
Why does your business need APM?
Here are the top 5 reasons why an enterprise asset management system is important for your business:
Downtime which results in increased expenses and subpar customer service due to delays can be a huge challenge for companies. But with APM’s predictive maintenance capabilities, companies can plan an asset’s upkeep. This ability to go beyond scheduled maintenance saves costs and boosts productivity.
The system not only informs if a particular company asset is broken but also shares whether you have a replacement in stock.
Proper allocation of staff resources
The data shared by the software can aid in implementing employee resources efficiently.
APM pays attention to even the smallest system element. This ability to deliver a complete system view helps prevent equipment crises.
As APM delivers insights based on operational data, you can optimize your business processes using it, thus helping you to cut down on risks.
Many organizations today still depend on the reactive type of maintenance which is quite an outdated and ineffective strategy. If your organization follows this strategy where assets are used until they break and then fixed, it’s time you shift the focus to asset performance management. It not only saves your money spent on maintenance but also increases the performance and life of each asset.