In today’s fast-paced business environment, organizations face increasing pressure to optimise their assets and reduce costs. Most organisations collect vast amounts of data when operating their facilities, but the process of data collection and analysis is often highly inefficient. As a result, there is often poor visibility of overall asset performance. A huge number of manhours is usually required to convert data into useful information with actionable outcomes that can drive efficient decision making.
What is Asset Performance Management?
Asset Performance Management is a comprehensive concept to help organisations optimise their asset operation and maximise their return on investment. Through the use of data science and artificial intelligence, Asset Performance Management allows organisations to gain informed insights on the overall operational status of their entire facility.
At a fundamental level, it is about using technology to understand and improve the performance of assets throughout their lifecycle. This is done through collecting data and using algorithms to identify patterns and trends to increase visibility of the overall asset health and performance. These patterns can help identify areas of weakness and improvement, thereby highlighting how to best improve maintenance schedules, reduce equipment downtime, prevent costly breakdowns, and improve safety performance.
Why is Asset Performance Management important?
In high hazard, capital intensive industries, physical assets are critical to the success of the business. Downtime and breakdowns can have a significant impact on production, revenue, and pose risks to personnel and the environment. Asset Performance Management helps organizations reduce these risks by providing a holistic view of performance across the entire organization.
Some of the benefits include:
- Scheduling maintenance activities more effectively
- Optimizing performance based on availability and utilisation
- Improved safety and environmental compliance
- Highlighting key parameters such as production output and the recovery efficiency of a facility
- Providing transparency on the risks across a facility
- Improved monitoring of asset Key Performance Indicators (KPIs)
Introducing Veracity APM
AIE has worked with our team of data scientists and industry specialists to develop our newest software solution, Veracity APM.
Veracity APM is a comprehensive Information & Asset Management Platform that transforms the operational and executive decision-making processes. It aims to deliver a clear view of equipment performance by consolidating the entire enterprise into one integrated ecosystem.
This helps to eliminate inefficient processes related to data acquisition, reporting and analysis to ensure assets realise their full potential.
Stay tuned for more information about our latest software solution!