What is Asset Performance Management (APM)?
Asset Performance Management is a set of integrated work processes that work together to continuously improve the performance of industrial assets.
At a high level, APM incorporates the many facets of maintenance and reliability into a structured and practical way of doing business.
It involves the development of a comprehensive set of asset strategies designed to ensure assets can meet their intended function (meet business commitments).
Those strategies are then integrated into a facility’s execution systems to ensure the strategies are executed properly. Finally, there is a disciplined and structured evaluation of the results to ensure the necessary benefits are being achieved.
These work processes work together to continuously improve the performance of facility assets. In many cases, these work processes are enabled by software solutions that can help scale APM work processes from a small site to a large global enterprise.
GrayMatter offers APM as a complete service called Intelligent Assets as a Service.
What are the Benefits of APM?
APM provides the framework to continuously improve the performance of plant assets.
APM can provide additional throughput where plants are capacity constrained. In industries where profitability of the company depends heavily on the performance of physical asset, APM provides the tools and processes to get the most out of the assets deployed in the field.
Common APM benefits include:
- Decreased maintenance costs
- Improved availability
- Higher yields
- Reduction of storeroom inventories
- Improved safety and environmental performance
Who Uses APM?
Any facility that expends numerous resources maintaining large numbers of industrial assets. APM is especially beneficial for facilities that experience significant losses due to unplanned downtime. This would include:
- Continuous process plants (e.g. oil refineries)
- Discrete manufacturing plants (e.g. beverage bottling plants)
- Industrial facilities in between
GrayMatter’s Intelligent Assets as a Service
The goal is to enable optimal asset reliability, availability and performance.
After investing in assets, processes and systems you need to predict and prevent failures while managing risk around safety, financial and environmental events.