What is Asset Performance Management?
What is Asset Performance Management?
Using data-driven approaches to asset management includes meeting the requirements for secure, intelligent, and real-time IoT solutions. With asset performance management, organizations can optimize asset reliability, availability, and efficiency while minimizing operational risks and maintenance costs. APM leverages advanced analytics, predictive maintenance, and condition monitoring to enhance decision-making and extend the lifecycle of critical assets.
APM is widely used in industries like manufacturing, energy, oil & gas, transportation, and healthcare, where asset reliability is critical to business success. Using Maximo, you can take asset performance management to a new level of efficiency and quality.
Key Components of Asset Performance Management
Condition Monitoring
Centralized database to monitor asset location, usage, and status.
Barcoding, RFID, or IoT-enabled tracking for real-time updates.
- Uses sensors, IoT devices, and real-time data collection to track asset health.
- Detects anomalies that indicate potential failures.
Predictive Analytics & Maintenance
Reads, updates, and syncs data across enterprise systems.
- Employs AI, machine learning, and historical data to forecast failures.
- Schedules maintenance before breakdowns occur, reducing unplanned downtime.
Reliability-Centered Maintenance (RCM)
Trigger actions based on spatial data like asset locations or service areas.
- Identifies the most critical assets and applies the most cost-effective maintenance strategies.
- Balances preventive, predictive, and corrective maintenance
Risk-Based Inspection (RBI)
Ensures adherence to industry regulations, safety standards, and environmental laws.
Reduces liability risks through proper documentation and reporting.
- Prioritizes inspections based on risk assessments.
- Reduces unnecessary maintenance while focusing on high-risk assets.
Asset Lifecycle Optimization
Tracks asset performance metrics to optimize efficiency.
Helps in decision-making for asset replacement or upgrades.
- Helps organizations make informed decisions on asset upgrades, replacements, or decommissioning.
- Improves asset utilization and extends lifespan.
Integration with Enterprise Systems
Detailed logs, retry mechanisms, and failure alerts for reliability.
- Connects with Enterprise Asset Management (EAM) and Enterprise Resource Planning (ERP) systems.
- Ensures seamless data flow between operations, maintenance, and finance departments.
Benefits of EAM
Increases Asset Reliability
Reduces unexpected failures and enhances uptime.
Optimizes Maintenance Costs
Reduces unnecessary maintenance while preventing costly breakdowns.
Enhances Safety & Compliance
Minimizes risks associated with asset failures and ensures regulatory adherence.
Improves Decision-Making
Data-driven insights help in planning asset investments and replacements.
Boosts Operational Efficiency
Maximizes the productivity of assets with real-time monitoring and automation.
Turn Data into Performance Gains
Turn Data into Performance Gains
With Naviam and IBM Maximo, Asset Performance Management becomes smarter—enabling predictive maintenance, real-time monitoring, and risk-based strategies that keep your most critical assets running at peak efficiency.
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