What Is Asset Performance Management

(The full report, Market Guide for Asset Performance Management, by Leif Eriksen and Kristian Steenstrup, is available to Gartner clients.) To keep you up-to-date, we’ll offer a clear overview of what APM includes and how it can benefit asset-heavy industries, such as manufacturing, mining, oil and gas, transportation and utilities.

What is asset performance management. Asset performance management (APM) systems act to improve the reliability and availability of physical assets while minimizing risk and operating costs. APM typically includes condition monitoring, predictive maintenance, asset integrity management, reliability-centered maintenance, and often involves technologies such as asset health data. AspenTech is a leading provider of Enterprise asset performance management, asset performance monitoring, and asset optimization solutions. AspenTech’s suite of asset management software helps organizations to streamline engineering and maintenance processes, leading to reduce downtime and increase operational efficiency. An optimal Asset Performance Management strategy accounts for more than the performance of a single piece of equipment, line, or plant. It includes understanding the value of an asset, the business risk associated with each asset’s potential failure, and the costs to appropriately maintain that asset to meet overall business objectives. Performance and evaluation is the act of measuring, monitoring, and analyzing the performance of the asset, the asset management function, and the asset management system. This is not only technical performance of the physical asset portfolio, but also the performance of the processes within the asset management system.

Optimize asset performance management and maintenance strategies. Measure and improve the performance of your assets and enhance maintenance strategies. With the SAP Asset Strategy and Performance Management application, organizations can enable asset owners, plant managers, and reliability engineers to improve control, while making maintenance. Asset performance management (APM) refers to the use of assets in order to realize business-specific goals. In business organizations, it is a framework that helps enable administrators to make good use of their physical assets. Different strategies are employed under asset performance management to maximize profits and reduce risk factors in. Asset performance management (APM) encompasses the capabilities of data capture, integration, visualization and analytics tied together for the explicit purpose of improving the reliability and availability of physical assets. APM includes the concepts of condition monitoring, predictive forecasting and reliability-centered maintenance (RCM). Asset Performance drives organizations to move beyond reactive, using software tools that utilize real-time data to achieve the optimal balance of Reliability-Centered Maintenance. Like most endeavors, this is a journey that requires planning and thoughtful consideration to navigate the path forward.

“Asset Performance Management (APM) is an approach to managing the optimal deployment of assets to maximize profitability and predictability in product supply, focusing on real margin contribution by asset by product code. Rather than looking at an asset on the basis of market value or depreciated value, companies can see how the asset is. Software designed to monitor asset health and improve asset reliability has been available for over twenty years. In the last five years, a CEO focus on digital strategies in industrial markets has accelerated adoption of asset performance management (APM) software and additional vendors such as IBM and SAP have launched product offerings. Our SpaceTime asset performance management (APM) application will help you enhance operational performance, improve capital efficiency and reduce OPEX by using advanced analytics to determine the health, criticality and failure risk of your assets. What is asset performance management? Fortunately, asset performance management (APM) is a proven approach to reduce unplanned downtime, decrease maintenance costs, and reduce EH&S risks. Implementing an effective APM strategy is more than installing a series of sensors or point solutions that monitor and track your systems and assets—APM is an integrated, connected enterprise solution that.

The Asset Performance Management cluster features software with primary big data performance management functions. Use performance data to optimize operation processes, and monitor and manage the performance and reliability of individual assets in the power plant or entire fleet. Asset performance management systems may include a variety of applications, such as analytical tools that monitor asset health and integrity, but a key component is reliability centered maintenance, which is designed to prioritize maintenance activities based on predictive analytics and how critical a piece of equipment is. Asset Performance Management is the New Pinnacle of the Maintenance Maturity Pyramid aspentech.com Let’s begin with a favorite quote from Terrence O’Hanlon, CEO of Reliability Web: “If reliability and asset performance are your objectives, here’s the bad news: The best practices for maintenance do… This Asset Performance Management market research study delivers current market analysis plus a five year market and technology forecast. The study is available in multiple editions including worldwide, all regions, and most major countries.

Asset performance refers to a business' ability to take operational resources, manage them, and produce profitable returns. A business can coax a positive performance out of its assets resulting. Asset Performance Management / Asset Strategy Management. Best-in-class asset management strategies incorporate cost, reliability, asset integrity, EHS compliance, process safety, energy consumption and production into an integrated model… driving better asset strategies at the equipment level.That is what happens within the new APM framework developed by OS that improves asset performance. The Asset Performance Management solution allows you to capture and analyze historical and real-time operational and asset data to improve asset performance, reduce costs, and facilitate mission critical decision making in core business operations. With APM, you can develop consistent, optimized inspection and maintenance plans to mitigate. Asset management is a systematic process of developing, operating, maintaining, upgrading, and disposing of assets in the most cost-effective manner (including all costs, risks and performance attributes).

Terrence O’Hanlon. Terrence O’Hanlon, CMRP, and CEO of Reliabilityweb.com ® and Publisher for Uptime ® Magazine, is an asset management leader, specializing in reliability and operational excellence. He is a popular keynote presenter and is the coauthor of the book, 10 Rights of Asset Management: Achieve Reliability, Asset Performance and Operational Excellence.