Successful APM initiatives require four essential components working in unison:
1. Providing a unified view of asset health—anytime and anywhere.
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.
2. Using advanced analytics and “digital twin” models to predict equipment failures before they occur.
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 actually 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.
3. Ensuring compliance with ever-expanding regulatory requirements.
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.
4. Implementing maintenance strategy development tools to help companies understand the reliability, risk, and cost tradeoffs of different maintenance approaches.
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 are able to eliminate redundant maintenance and prioritize efforts on the equipment and failures that will have the biggest impact on risk and the bottom line.