Building an Asset Performance Management System


Jeff Bartel

Chairman and Managing Director

Asset Performance Management (APM) helps foster operational efficiency and reliability engineering. Within this framework, several components work together to improve asset performance and guide organizations toward effective operation. These components encompass predictive analytics tools, integration with enterprise systems, dynamic information dashboards, and decision models. This approach lets organizations address equipment failures before they happen, streamline departmental systems, and make data-based decisions to boost asset uptime and efficiency.

Critical Components of an APM System

Various components work together to optimize asset performance and drive operational excellence. The critical components of an APM System are explained below.

Predictive Analytics Tools

These tools use machine learning and algorithms to analyze historical and sensor data to help organizations predict equipment failures and performance loss. By identifying data patterns and trends, predictive analytics tools anticipate asset health issues before they happen and allow organizations to begin preventive maintenance and schedule repairs in a timely fashion that reduces downtime and increases asset uptime.

Integration with Enterprise Systems

Organizations can get a complete view of asset performance and streamline practices across departments by combining APM solutions with enterprise resource planning, computerized maintenance management, and other related systems. This integration helps automatically transfer related asset health monitoring data, maintenance actions, and operational metrics into the monitoring and analysis of asset performance.

Executive team information dashboards present asset management data in a manageable format.

Information Dashboards and Decision Models

These dashboards gather and present key performance indicators, maintenance metrics, and asset health data in a manageable format to allow stakeholders to monitor performance and identify trends or problems that require attention. Decision models use advanced analytics techniques to review historical data and predict upcoming asset behavior. By combining information dashboards with decision models, organizations can thoroughly understand asset performance metrics, prioritize maintenance needs, and make intelligent decisions to maximize asset uptime and efficiency.

Implementing an APM Strategy

Implementation requires careful planning, strategic alignment, and an organized approach for successful integration and organizational adoption. The crucial steps to implementation are discussed below.

Implementation Plan Development

The implementation plan should begin with assessing the current asset management system, including inventorying existing assets, data collection methods, and maintenance practices. Based on this, organizations can define objectives for the APM system and outline specific targets for improving asset reliability and overall performance for key stakeholders. A timeline with these crucial steps and deliverables should be developed to track progress and ensure implementation is on schedule, and regular communication and feedback should also be used to address issues or challenges that arise during implementation.

Data Integration and Migration

The Data Integration and Migration process involves collecting data from databases, spreadsheets, and other sources and loading it into the APM system. Organizations should map data fields and attributes to ensure the integrated data sources are accurate and consistent. Data migration also needs testing and validation to be sure all data transfers successfully and that there is no data loss during the process.

Training and Change Management

The Training and Change Management process starts by identifying training needs and setting a thorough training plan for the organization’s technicians, operators, and managers. Change management strategies should also be used to identify any resistance to change and promote user acceptance of the new system. Overcoming barriers to change may include communication plans, stakeholder engagement sessions, and support mechanisms to deal with user concerns and provide necessary assistance.

Leveraging Data Analytics for Asset Performance Management

Organizations benefit by harnessing the power of advanced analytics techniques to maximize asset uptime and efficiency. The key analytics necessary to achieve these benefits are below.

Descriptive Analytics

Achieving this level of advanced analytics involves looking at historical data to understand the condition of assets and identify patterns, trends, and differences. Descriptive analytics help organizations see their asset performance and find key performance indicators like the time between failures, time to repair, and total equipment reliability. Data dashboards and reports help stakeholders make informed decisions about maintenance schedules and resource allocation.

Predictive Analytics

A Predictive Analytics practice uses historical data, sensor data, and machine learning processes to estimate the future behavior of assets and identify potential issues. By looking for patterns in the data, predictive analytics models can help accurately foresee equipment failures and predictive maintenance needs. This approach lets organizations more effectively start preventive measures, schedule repairs during planned downtime, and improve spare parts inventory.

Prescriptive Analytics

This technique goes beyond predicting failures by pointing to specific steps to reduce risks and increase asset performance. Through historical data, sensor data, and optimization algorithms, prescriptive analytics models recommend maintenance interventions, resource allocations, and operational adjustments. These recommendations address specific asset health issues, operational constraints, and business objectives, allowing organizations to make data-driven decisions confidently.

Continuous Improvement and Optimization of an APM System

Ongoing maintenance is integral to maintaining the effectiveness of the Asset Performance Management system, which is summarized in detail below.

Feedback and Stakeholder Engagement

Using surveys, focus groups, and direct communication helps stakeholders gather regular feedback from all organizational levels and should focus on usability, functionality, and alignment with business objectives. By directly involving stakeholders in the improvement process, organizations can identify problem areas, address user concerns, and begin changes that maximize the APM system value.

Data Quality and Governance

Maintaining high-quality data is essential for organizations to develop data control processes and keep the information accurate, reliable, and consistent. Data quality judgments should be run regularly to identify incomplete, inaccurate, or outdated data. Organizations should also set procedures to monitor governance policies and confirm compliance with regulatory requirements.

Training and Skill Development

Organizations must invest in training programs to ensure employees have the knowledge and skills to use the APM system accurately, including training on system features, reading data, and analytical techniques. Ongoing skill development should be employed, and employees should be encouraged to keep updated on advancements in APM.