Asset Performance Management

Leading solutions combine both IT data (like historical work orders) and OT data (like machine sensor data) to create a complete view of asset health. This holistic view of real-time data, alarms, events, and other operational data provides your organization with a clear picture of asset performance and a single source of truth which, in turn, leads to better business decision making.

Remember, the cost of unplanned downtime and the 1.5% of sales revenue lost on average by poor asset management? APM can leverage big data techniques and digital twin models to detect very subtle indicators of potential failure. The digital twin is a computer model of how the equipment should operate. A statistically significant deviation in how the equipment is operating is a warning sign of potential downtime. These analytical techniques can help companies move from break-fix and time-based maintenance to condition-based strategies which simultaneously eliminate unnecessary maintenance and improve equipment reliability.

APM helps to ensure asset integrity and compliance by monitoring changing risk conditions. Solutions that support globally accepted and proven methodologies, such as risk-based inspection and thickness monitoring, help prioritize where work should be done and minimize the chance of EH&S incidents. These techniques also help facilitate compliance using real-time field data to manage inspection plans and implement intelligent asset strategies.

Break-fix, preventative, and predictive techniques each have different pros and cons, and each has a place in a comprehensive maintenance plan. A robust framework can help industrial firms understand the effects of different equipment failure modes and how their maintenance plans address–or don’t address–them. With this knowledge, firms can eliminate redundant maintenance and prioritize efforts on the equipment and failures that will have the biggest impact on risk and the bottom line.

• Analyze: Identify potential failures of individual assets and entire systems, thus reducing unplanned downtime
• Determine: Perform optimal maintenance, inspection, or redesign activities, while most effectively balancing risk and costs.
• Optimize: Implement strategies based on failure modes and effects analysis (FMEA), predictive analytics, health indicators, policies, and reliability analyses.
• Develop: Create strategies in various work management and control systems for complete integration and improved productivity.

• Contextualize asset performance: Bring together data from operational technology (OT) and information technology (IT) systems, alarms, and events to give a contextualized view of asset performance.
• Prevent unplanned downtime, increase utilization: Detect and diagnose asset performance issues to help prevent unplanned downtime and increase asset utilization.
• Increase visibility: Gain increased visibility for better decision making through user-specific dashboards and unified data views that provider operational insights to drive business outcome

• Integrate : Fully integrate compliance and integrity initiatives across an enterprise with corporate asset hierarchy and EAM system integration–resulting in higher asset availability and lower catastrophic incident probability.
• Optimize : Develop and optimize inspection strategies through risk-based inspection (RBI) methodologies (API RP 580, 581) and enable compliance with OSHA 1910.119 process safety management requirements and ISA/IEC safety standards.
• Re-analyze : Automatically re-analyze integrity and safety risk, based on real-time data field information and intelligent actions executed on pre-defined conditions.

• Collaborate : Collaborate across functional teams to make better operational and maintenance decisions.
• Measure : Measure the effectiveness of asset strategies to know when corrections are warranted.
• Develop : Develop and retain best practices from an ever-changing workforce to continuously improve decision making.