Managing strategies with analyses
APM Strategy, part of Predix Asset Performance Management (Predix APM), provides a common methodology to develop and manage asset strategies by using a risk-based approach to conduct analysis of individual assets, a group of assets, or an asset system.
Benefits of APM Strategy
By balancing risk, production goals, and resource investment, APM Strategy, can help asset-intensive organizations focus costs on the most critical assets—reducing maintenance and inventory costs, increasing availability and reliability, and moving away from reactive maintenance practices to a proactive approach.
Identify potential failures of individual assets and entire systems, thus reducing unplanned downtime.
Perform optimal maintenance, inspection, or redesign activities, while most effectively balancing risk and costs.
Implement strategies based on failure modes and effects analysis (FMEA), predictive analytics, health indicators, policies, and reliability analyses.
Create strategies in various work management and control systems for complete integration and improved productivity.
Avoid unnecessary maintenance and inspection efforts by better understanding the criticality (environmental, financial, operational, and safety perspective) of assets across an organization. A risk assessment, using a risk matrix, defines the criticality for each system and related asset with respect to risk consequence categories. Criticality is a key driver for developing risk-focused strategies that ensure the right work gets done, at the right time and at the right cost.
Read how Polinter reduces corrective maintenance by 14%, increases preventative maintenance by 25%.
Reliability centered maintenance (RCM)
With attention now focused on the most critical assets, industrial organizations can then identify ways those assets or systems can fail and document the appropriate mitigating activities. This can be done through RCM, which facilitates the development of strategies that will reduce the effects of functional failures from a system perspective. By focusing on keeping systems running up to performance standards, the result can often be higher impact on production goals than solely focusing on mechanical failures of individual assets.
Read how Joy Global optimizes maintenance strategies and cuts processing time by 75%.
Failure mode and effects analysis (FMEA)
FMEA provides a streamlined, asset-based alternative to the more comprehensive RCM approach. Analysts can identify failures and effects for each piece of equipment and then recommend actions to mitigate those failures. For both RCM and FMEA, the value for asset-intensive organizations is identifying potential asset-related risk and assigning the appropriate mitigating action.
Strategy manager provides a common methodology to define actions and their mitigated risks for any asset, providing the ability to evaluate existing plans with basic qualitative risk analysis that is both straightforward and easy to use. Strategy manager enables companies to create strategies by automatically linking failure modes and corresponding actions from RCM or FMEA analysis.
Read how Santos GLNG creates sustainable operations with intelligent asset strategies.
Lifecycle cost analysis (LCA)
One you have asset strategies in place to ensure all equipment is running optimally at the lowest sustainable cost, organizations can utilize LCA to optimize the costs around an asset through its life. LCA does this by capturing all relevant cost data associated with individual assets, groups of assets, or entire fleets. By making informed decisions on when to repair or when to replace, the performance of an asset can be optimized over the long term, therefore reducing costs for entire sites and fleets over a defined period.
Repair vs. replace? How to assess the true lifecycle cost of your assets.
For less critical equipment—which often make up about 50% of assets in process industries—the strategy library provides professionally designed asset strategy templates that include likely risks and recommended mitigating actions for more than 700 common equipment categories. The strategy library enables customers to start building asset strategies right away, providing quicker time-to-value. Templates can also be applied to more critical equipment and can be modified to fit a customer’s specific requirements.
Explore other Predix APM solutions
Create a unified, comprehensive, and validated data repository related to expected performance at the asset, plant, and enterprise level.
Leverage advanced predictive diagnostics to analyze data, and detect and diagnose asset issues before they occur.
Reduce asset risk, lower inspection costs, and ensure regulatory compliance with a closed loop mechanical integrity program.
Discover Predix APM's end-to-end value.