What Is Asset Performance Management?
Getting the most out of expensive equipment is a major concern for businesses of all sizes. As technology advances, more businesses are shifting away from break-fix maintenance and toward strategies that provide greater control over the operational life of business-critical assets, with the advantages of increased lifespan, reliability, and performance.
This mini-guide will explain what Asset Performance Management (APM) is, how it works, the benefits of APM, and the best practices for effectively implementing it. We will also highlight how LLumin’s advanced Computerized Maintenance Management System (CMMS+) can support the condition-based, predictive, or prescriptive maintenance required for this proactive management approach.
What is Asset Performance Management?
APM is a management strategy that manages and optimizes company assets using technologies such as the Internet of Things (IoT), advanced data analytics, condition-based monitoring, machine-level sensors and data, and software such as EAM and CMMS.
APM is used in various industries, including manufacturing, healthcare, and energy. The strategy goes beyond maintenance management by focusing on asset health and performance, helping businesses make more informed decisions around equipment use, value to operations, retirement, and replacement.
How Asset Performance Management Works
APM harnesses the power of technology and software to enhance equipment performance. At its core, APM employs machine-level sensors, condition monitoring, advanced data analytics, and CMMS software to analyze equipment performance. This approach allows for the collection and analysis of data to identify historical trends and real-time failure patterns in equipment.
APM analyzes data to assess the health of assets and predict potential failures. This involves examining historical performance data and identifying trends indicating future problems.
Monitors the real-time conditions of assets using sensors and IoT devices. This continuous monitoring and sampling assists in gathering accurate and timely data about the performance and health of equipment.
APM implements predictive analytics-based strategies. By anticipating potential breakdowns, it enables proactive maintenance, extending asset life and avoiding costly downtime.
Further, APM incorporates advanced maintenance strategies like Predictive and Prescriptive Maintenance. These strategies are grounded in data analytics and pattern recognition, which aim to predict and mitigate equipment failures before they occur.
Reliability-Centered Maintenance (RCM) for comprehensive asset analysis, defect analysis, and strategic asset management planning are also important components of APM. This comprehensive approach includes asset investment planning and performance analysis, which supports asset maintenance, repair, or replacement decisions.
Benefits of Asset Performance Management
By predicting failures, APM helps in avoiding unplanned downtime.
Extended Asset Life
Proactive maintenance strategies extend the usable life of assets.
Effective asset management leads to reduced repair costs and operational savings.
APM offers valuable insights for strategic asset planning and investment.
APM Best Practices
To get the most out of APM, it will be critical to adhere to best practices to increase the strategy’s effectiveness and ensure that insights gained and strategies developed from these insights have the greatest impact and are sustainable over time.
Here are some key best practices to consider:
- Data Accuracy: Ensure that the data used for analysis is accurate and reliable.
- Regular Monitoring: Continuously monitor asset performance to identify trends and anomalies.
- Continuous Improvement: Regularly update APM strategies based on performance data and technological advancements.
- System Integration: Integrate APM with other business systems for a holistic approach to asset management.
LLumin’s CMMS+ Success Stories
LLumin’s software allows SunnyD to efficiently carry out a proactive maintenance strategy for reducing downtime due to machine failure. Read More.
“LLumin’s CMMS+, with integration into our plant floor control systems, provides a huge benefit. This helps us prevent catastrophic failures as well as reduce the number of product quality issues overall.” Read More.
“LLumin helped take us from only breakdown repairs to preventative and predictive maintenance in just a few months.” Read More.
Asset Performance Management With LLumin’s CMMS+
Many organizations struggle with fragmented asset management systems and tools, resulting in operational blind spots and missed opportunities to gain insight into asset performance. This is where an advanced, centralized, cloud-based system, such as LLumin’s CMMS+, can be a game changer.
Combining all of your asset management tools into a single unified system allows you to gain a clear, cohesive view of your assets, allowing for real-time insight and effective decision-making. When supported by the right solutions and best practices, APM can be a powerful tool for improving strategy and equipment performance and reducing downtime.
Getting Started With LLumin
LLumin develops innovative CMMS software to manage and track assets for industrial plants, municipalities, utilities, fleets, and facilities. If you’d like to learn more about the total effective equipment performance KPI, we encourage you to schedule a free demo or contact the experts at LLumin to see how our CMMS+ software can help you reach maximum productivity and efficiency goals.Take a Free Tour