Asset Performance Management (APM) is a crucial practice for companies looking to optimize the performance and reliability of their assets. It involves monitoring, analyzing, and optimizing asset performance to minimize downtime, reduce maintenance costs, and increase productivity.
However, implementing APM principles can be challenging, and many organizations require assistance understanding the full benefits of these practices for their business. In this blog post, we’ll discuss the five best practices for implementing APM principles and how they can help organizations maximize the value of their assets.
What is Asset Performance Management (APM)?
Asset Performance Management (APM) is a set of practices and technologies that enable organizations to optimize the performance, reliability, and availability of their assets. By continuously monitoring and analyzing asset data, companies can identify and address issues before they lead to downtime or reduced productivity. APM also helps organizations to prioritize maintenance activities and minimize costs, while ensuring compliance with safety and environmental regulations.
Benefits of Asset Performance Management
The benefits of implementing APM principles are numerous. By optimizing asset performance, companies can increase uptime and productivity, reduce maintenance costs, and extend the life of their assets. Additionally, APM can improve safety and compliance by identifying potential issues in assets and maintenance and addressing them proactively. Furthermore, APM can provide valuable insights into asset health, helping organizations make more informed decisions about maintenance and replacement strategies.
5 Best Practices for Implementing APM Principles
- Understand Company Objectives: Before implementing APM, it’s important for businesses to identify their objectives and understand what you want to achieve. This will help them to identify the most critical assets and prioritize their efforts accordingly.
- Review Maintenance and Asset Data: APM relies on data to identify potential issues and optimize performance. Ensure that the company’s EAM/CMMS solution can effectively collect, store, and analyze data from assets and maintenance and use this data to inform maintenance and optimization strategies.
- Implement Predictive Maintenance: Predictive maintenance involves using maintenance and asset data and analytics to identify potential failures before they occur. By implementing predictive maintenance strategies, organizations can reduce downtime, minimize maintenance costs, and extend asset life.
- Invest in Technology: APM relies on technologies such as IIoT. Investing in these technologies can help organizations to collect and analyze data more effectively and identify potential issues before they lead to downtime.
- Benchmark EAM/CMMS Performance: To ensure that APM is delivering value, it’s important to monitor and benchmark asset performance regularly. This will help you to identify areas for improvement and optimize your strategies accordingly.
HubHead’s Benchmarking Service for Effectively Implementing APM Principles
Implementing APM principles is essential for organizations looking to optimize the performance and reliability of their assets. By following these five best practices, companies can ensure that they are collecting and analyzing data effectively, implementing predictive maintenance strategies, and optimizing their assets for maximum value.
However, implementing APM can be challenging, and companies may benefit from working with others to achieve the most effective benchmarking assessment – which we can do. HubHead’s benchmarking services help companies measure their progress against internal standards and industry best practices to identify areas for improvement. If you are interested in learning more about our benchmarking service, please follow the links below to read our brochure or book a call with one of our consultants.
Best Practices to Improve Asset Performance with Reliability-Centered Maintenance
Working Smarter, Not Harder: Strategies for Improving EAM/CMMS Performance Based on Benchmarking Results
Maximizing ROI: Best Practices for Effective Capital Investment Decisions in EAM/CMMS
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