Asset performance management (APM) digital solutions

Asset performance management is a framework that can help companies find new and better ways to maximize reliability, availability and safety. This approach to asset management results in increased production and cost redution with APM software.

Redefining asset performance management

APM is a framework - using – using industry knowledge, software tools and applications – that leverages data to support decisions, improve performance, reduce risk and maximize profits during the entire lifetime of a physical asset. Asset performance management is used in asset-heavy industries such as oil and gas, manufacturing, mining and utilities, where companies are changing from reactive, to preventive and predictive maintenance schemes.

Efficient flow of APM data

Successful use of asset performance management requires efficient flow of data across all activities. Many companies have departments working in silos. The same data are typically added to multiple systems without the realization of the extensive potential of integration.

The following technologies are now playing a central role in the digitalization of industries focused on asset performance management:

• Web-based applications: Enable collaboration, enhanced data acquisition, processing, cleaning and allow for simple deployment over corporate networks. Lower hardware, maintenance and implementation costs.
• Industrial Internet of Things (IIoT): connecting computing devices embedded in industrial machinery, enabling them to send and receive data.
• Cloud solutions: storing the overwhelming amount of data produced and running analytical models faster, resulting in faster decision-making processes.
• Machine learning: techniques that allow computers to learn from data and for the APM software to assist on the decision-making.

These technologies, combined with domain expertise and supporting asset-centric software systems drive the four APM functional categories, as defined by Gartner: asset risk management, reliability-centered maintenance, predictive asset management and condition-based management.