Buying new equipment, especially for companies that work with a lot of assets, can be very expensive. So one way to save money is by extracting maximum performance and extending the useful life of the company's existing machinery. One way to achieve this is through APM, Asset Performance Management.
This tool is efficient for reducing costs, measuring the possibility of failures and increasing productivity in general. In this post, we'll learn more about the concept and benefits of implementing this type of management in your business. Check it out!
What is APM?
It is a suite of asset performance management software. Thus, it is possible to combine different programs that complement each other so that one solution collects, stores and regulates data from the organization's machinery and the second evaluates all this information in order to identify imminent failures, for example.
Brazilian giant Gerdau is one of the users. In the model adopted by the company, APM means that alerts are issued well before the problem actually occurs. This can happen weeks or even months in advance, which allows the company to prioritize predictive maintenance instead of the reactive option - which can end up paralyzing the entire business.
What's more, all this digital support allows teams to focus on solving problems directly, wasting less time looking for the causes of failure. APM uses advanced technology such as pattern recognition, predictive analysis, artificial intelligence and machine learning.
These asset performance management systems analyze key metrics such as uptime and average repair period, as well as asset longevity, to make the decision-making process more accurate.
In addition, they improve the overall level of asset reliability and minimize the likelihood of critical errors. It's important to note that this problem is especially dangerous, since equipment breakdowns can mean the failure to deliver a product or service to customers, compromising the entire reputation of the business.
It's interesting to differentiate APM from another important concept in today's technology: EAM (Enterprise Asset Management). While the former focuses on improving the return on investment of assets and planning maintenance as a whole, the latter focuses on the effective execution of maintenance processes.
What are the benefits of APM?
The adoption of a performance management strategy has been stimulated by the general evolution of the internet and the increasing use of Big Data techniques. All this makes it easier to collect asset performance data in real time.
Gartner, a respected technology consulting organization, estimates that the APM market will be worth $300 billion by 2020 and that around 50% of organizations with many assets will rely on the tool for performance management.
These results will ensure that the main objectives of an APM policy are achieved. This involves increasing the overall efficiency of these assets, optimizing the sustainability management of machinery and significantly reducing costs related to reactive maintenance. In addition, we can list other important benefits.
Optimization of problem solving
With the implementation of Asset Performance Management, managers receive early notification of equipment problems, which helps to reduce downtime due to more serious failures.
In addition, employees and service providers spend less time focusing on reactive actions. This is because, with the proper use of APM, these professionals won't have to spend long periods looking for the exact cause of problems.
Constant monitoring
APM provides real-time data to help the organization analyze asset-related information so that overall performance can be optimized. This directly implies cost savings and contributes positively to the decision-making process.
Increased profitability and security
The financial and safety-related benefits are achieved by increasing the useful life of assets and reducing downtime, as well as the possibility of quickly replacing a device that has problems.
With APM, organizations can help their maintenance personnel develop an optimized inspection and maintenance plan to mitigate operational risks and improve overall reliability. It helps organizations maximize the availability of their machinery and production time.
What are the reasons for investing in the tool?
Asset Management provides efficient means of control for all types of assets within a company: it involves those related to production, building infrastructure, logistics and transportation, among others.
This allows organizations to share and consolidate the best practices for that type of business, as well as optimizing resources and the general productivity of employees. They will be able to better understand the life cycle of assets, increase returns on them and even eliminate costs by minimizing new acquisitions.
It's important to note that the tool goes hand in hand with the evolution of technology as a whole. Thus, the first experiences with APM were limited to demarcations on paper, a practice far removed from the possibilities we have today.
We can say that APM 2.0 added more efficient systems, with the evolution of computing, while the third version brought automation of tasks and the follow-up and monitoring of problems in real time.
What is the current state of the APM?
As in industry in general, we are living in the era of APM 4.0, in which technology has become the protagonist. This means that the tool uses advanced machine learning algorithms, artificial intelligence techniques and the so-called Internet of Things. All of this provides more precise means of delivering efficient predictive analysis, evaluating different scenarios and solutions to different problems.
Today, working with data collection and analysis has become a much more agile process. The good news is that the cost of carrying out these procedures has become much more accessible to companies of different sizes, which can rely on advanced computing to expand their business opportunities.
As we saw in the article, Asset Performance Management optimizes all asset management within an organization. By adopting APM, companies can now count on a technological structure that is robust enough to increase the performance and useful life of their equipment.
APM enables organizations to more accurately meet their targets with regard to asset safety, performance and reliability. In addition, the successful combination of data collection and analysis and predictive maintenance procedures helps prevent the company from equipment failures that could jeopardize the entire budget.
Did you like the article, are you interested in the tool and want to know more about how it can optimize your business routines? Then contact us and find out more about our work!
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