What function does the digital twin have in asset performance management?

APM and the digital twin

Asset performance management (APM) aims at improved operational performance, including safety, reliability, availability and integrity.

APM has a digital twin at its core. The digital twin is a digital, virtual representation of an asset, maintained throughout the lifecycle and easily accessible at any time. This aims tackling the problem of poor information management which has a hidden cost that can account for up to a fifth of operational budgets. The digital twin addresses this historical weakness.

Because of this "information hub", analytical solutions can be easily deployed and use information that is shared - shifting simple data into information and information knowledge. This process is not aimed at replacing existing methods, but at improving the deployment of well-established techniques such as risk-based inspection (RBI) and reliability-centered maintenance (RCM).

In addition to this, new workflows will become available as the industry evolves and data becomes of higher quality.