26.09.2022 09:30

Best 6 Interests of Asset Performance Management

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Asset performance management can improve a company’s bottom line by decreasing costs and making devices more reliable. Find out more about asset performance management.

Every organization must optimize its fleets, machines, and assets in today’s ever-changing business environment. Software that tracks asset performance can help companies understand how an asset is performing and prevents problems from occurring.

Asset performance management can improve a company’s bottom line by potentially decreasing costs, increasing reliability, and improving customer relationships. It enables optimal decision-making.

This is a closer look into asset performance management and the potential benefits it can bring to organizations.

Asset Performance Management has Many Benefits

1. Fighting Downtime

Companies can experience downtime which can lead to increased costs as well as sub-par customer service due to delays.

Paul Miller, an analyst at Forrester Research, stated that avoiding downtime is one key capability of asset performance management.

He noted that “if an expensive machine breaks, it’s not delivering value”

Miller stated that a computerized maintenance management system can be used to schedule basic jobs for field service. This can be used to help companies track, for instance, the status of a pump that is not working. Asset performance management, on the other hand, gives a view across the entire system which increases the likelihood of avoiding downtime.

Companies can plan for asset performance management’s predictive maintenance. Miller stated that the ability to extend beyond regular maintenance can lead to immediate cost savings, as well as productivity improvements by reducing downtime.

Also read: How to Start An E-commerce Business From Scratch

2. Helping Stockpile Critical Inventory

A company’s success depends on its inventory management.

Miller stated that knowing if a machine is in danger of breaking down is a good place to start. However, it is important to check if spare parts are available or if they can be obtained.

Asset performance management can help you share information about if an important company asset is damaged or if the company has the necessary part in stock.

3. Properly Allocating Staff Resources

The data from asset performance management software can be used to efficiently implement staff resources.

Miller stated that it doesn’t make sense to wake an engineer at night to do a repair if they can complete the job quickly and with minimal downtime. Similar to Miller, it is not a good idea to bring someone on-site if parts aren’t available.

These situations can be navigated using asset performance management data.

4. Giving a Bird’s-Eye View

The ability to provide a complete system view of assets can be used to prevent equipment crises.

Miller stated that it is important to pay attention to even the smallest component of a system because a seemingly small valve can cause a costly problem.

Miller stated that a $10 valve could shut down entire operations. Asset performance management, which Miller also spoke of, is increasingly helping to understand the business implications associated with asset maintenance.

5. Optimizing Processes

Asset performance management provides insights based on operational data. It’s an excellent fit for companies that have achieved basic performance goals and wish to improve their processes.

Juliana Beauvais, an analyst at IDC market research firm, stated that many companies have moved from working on a paper to digitizing. “APM is the next percentage point in improvement.”

6. Reducing Risk

Asset performance management can reduce worker injury risks. For example, a malfunctioning piece could cause injury to its operator.

Beauvais stated that asset performance management can help prevent similar problems by sharing assets that require attention to ensure assets are repaired before crises happen.

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