Maximize the performance of your equipment with asset management

This simplified definition originates the Gartner Glossary and points out perfectly well in which scope APM software operates, but two questions still remain:

• How do you leverage performance by the means of APM?
• And isn’t there a higher goal in improving the reliability and availability of an industry’s physical assets?

The answer to these questions lies behind the build-in structure and value-adding process and intelligence of the software, but is also anchored within the digitalized industry of the 21^st century. The underrated potential and prerequisite to successfully manage asset performance and thus, deliver efficient and optimized enterprise management, lies within every industry’s data. It is no secret that intelligent data management is the key to operational excellence.

Moreover, the more data an industry generates, the greater the outcome in terms of performance. Nonetheless, this statement is subject to the condition that your company owns the right digital tool(s) to aggregate, analyze and create asset management strategies based on risk factors, criticality and predicted outcomes. Elsewise, your company might generate tremendous amounts of data without knowing how to successfully take advantage of them to improve internal processes.

Nowadays, industries of all sectors generate data through smart connectivity, IIoT, sensors, maintenance operations, real time and historic data and many more. Digitalization definitely leads to better insights and a higher reactivity for important interventions and therefore represent an undeniable baseline for secured asset, enterprise and site management. But how about reducing asset failure, decreasing downtime and operational costs due to maintenance, mitigating risks, optimizing asset investment and increasing productivity for good?

Although many companies seem to become more and more aware of the advantages that come along with the digitalization of their internal processes and production, many invest in ERP and CMMS systems, increasingly also in EAM systems, since those three are commonly known to drive performance and efficiency. However, APM solutions are often being overlooked despite their considerable impact on asset intensive companies. Let alone the substantial added-value on strategy and decision making.

So why is APM said to specifically maximize performance and why does it perform better than CMMS or EAM systems in this regard? The answer is simple and complex at the same time. Simple, since APM systems specifically designed to target performance maximization as the ultimate means to leverage operational excellence. Therefore, an APM software is the only veritable solution to possess performance driving functionalities, capable of simplifying decision making by mitigating risks. Complex, since APM systems not only rely on quality data to operate effectively, they also work best when dataflow can circulate with EAM and/or CMMS systems, since even more interesting and useful analysis can be conducted. All the systems are therefore capable of working hand in hand to elevate performance to its highest level and should therefore be considered complementary, rather than substitutes.

Now, how does APM create value?  In contrast to EAM and CMMS systems, an APM software is capable of predictive analytics, which help industries anticipate maintenance operations, mitigate risks, secure their installations and optimize asset lifecycle management. Predictive analytics make use of criticality analysis and historical (mass) data of different nature (measuring points, degradation and failure modes, etc.) to create optimized asset management strategies. Paired with an algorithmic function for any asset type, which could ultimately lead to machine learning or artificial intelligence in the long run, APM systems represent a true toolbox for efficient performance management. Integrated intelligence therefore drives strategic decision making, especially since multiple strategy simulations and comparisons become possible. The outcome then serves CMMS, EAM and ERP systems for correct maintenance operations, costs and resource planning: The circle is complete.

In conclusion, it is legitimate to claim, that today, an APM software represents the single best investment on the software market, capable of effectively and truthfully maximize performance and drive operational excellence for any asset intensive company.

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