The key to any successful asset performance management (APM) program is the concept of developing and implementing intelligent asset strategies. These strategies are a plan for how to manage manufacturing and production assets in a way that is focused on the goal of meeting business objectives and creating a continuous loop of improvement.
The first step to implementing intelligent asset strategies is aligning your APM program to achieving those business objectives, but once youve done that many organizations wonder whats next? We consider the second step in a five-part implementation plan to be assessing the risk of your assets and then prioritizing those assets by criticality.
Your assets generate an enormous amount a data each day, so it can be hard to prioritize which assets pose the most risk to your operations. Whether its a single asset or a fleet of assets, if not monitored properly, the consequences on your organizations operations, finances, and environmental impact could be catastrophic. Having a comprehensive understanding of which assets and systems are the riskiest allow you to determine which assets should have an intelligent asset strategy in place to prevent negative impact on your business.
Organizations start by conducting criticality assessments on their assets. These assessments factor an assets impact to the business around safety, environmental, operational and financial risk if the asset were to fail. As we know, risk can appear in many different forms, and because of that, it can be difficult to define. With APM solutions, these measurements are standardized, creating a clear view of the risk for the business.