5 ways to reduce risks with next-generation Asset Performance Management

If your strategy includes aligning your aging and new assets with changingcommercial realities, environmental considerations, and financial drivers, it’s timeto think of a new approach to asset performance management. A next generationAPM solution enhanced with AI/ML will strengthen your ability to maintain stableand sustainable operations, while bringing new ways to boost the bottom line.

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Originally published in CIO.com October 2022
Well maintained and optimally performing assets are the foundation of aneffectively performing business. Many business risks start at the asset. Assetperformance is critical for your people’s safety, product quality and customersatisfaction. It has a direct impact on your revenues and profitability, work-in-progress inventory, energy, and other resources consumption. Indeed, if the whole disparate assets, their condition, utilization, remaining life, and other variablesinthe increasingly complex equations – your business won’t be able to run lean andagile enough to shift as per market demands.

Successful implementation of your growth and renewal strategies depends onyour teams’ ability to forecast better and analyze more options when makingoperational and investment decisions. Benchmarking KPIs, identifying bestpractices and gaps gives your people something to work towards. Are theyequipped with the right tools to excel at APM?

Winning market share requires executives to make nimble, informed decisionsabout how to maximize return on assets while minimizing risk. One way to helpprepare to act effectively: know the 5 essentials for getting the most out of yourexisting assets.

Sanjit Shewale, vice president and global head of Digital, Process Industries Division

5 new ways to reduce risks and get the most from your existing assets withnext-generation APM enhanced with AI/ML

1. Strengthen the integration of business, operational, maintenance, andengineering processes to tighten control over your assets and bettermaneuver through the volatile market.

Data flow integration across processes plays a key role in effectively bringingtogether a variety of current as well as legacy equipment and technologies acrossthe plant and enterprise with security. The last thing you want is the inability tomake informed decisions because of too many disparate systems and OEM brings in equipment information from multiple vendors and secure Cloud IoTconnections. Start by leveraging available data from the existing control systemsto predict issues and prioritize maintenance activities. The more and better assetsand data sources connect over time, the more value will be realized

2. Uncover the most impactful business cases for APM depending on yoursituation and industry type, leveraging proven asset models andpredictive/prescriptive algorithms

Leverage proven asset models and maintenance-oriented algorithms that havebeen successfully used in predictive maintenance programs across industries withearlier plant-wide asset management solutions. Reliability and maintenanceexperts will eagerly adopt new way of working if it reduces their burden of jugglingassets, provides earlier signs of degradation, and speed up the analysis. One keyrecommendation is for companies to continuously fine-tune failure mode andeffects analysis (FMEA) libraries. This way, your organization can capture andcodify the knowledge of your own experts and thus increase the outcomes ofpredictive maintenance programs even further.

3. Keep tracking how improving asset performance is enhancing the overalloperation and business performance of your organization

It takes some specialized knowledge to understand which KPIs to track to reducelosses or high costs and ensure that efforts are focused on the largest and mostcritical opportunities. Once identified, your teams will analyze the root causes,develop action plans, and improve the existing practices. Pre-configured performance models and role specific KPIs will further help analyze the metricsthat are important to different functions in your organization to get a 360-degree view of your asset performance, maintenance, and life.

4. Make better-informed asset decisions based on a comprehensive set ofreal-time data.

New digital technologies offer excellent opportunities to use data for optimalinvestment planning, letting your teams understand the remaining useful life andthe evolution of maintenance costs over time. By analyzing the equipment fromdifferent perspectives, such as design history, operational history, andmaintenance history, next-generation APM software makes asset life and spendassessments connected, dynamic, and more reliable. With a data-driven objective,you’ll get an accurate view in real-time.

5. Think big. Connect your APM program with other corporate initiatives andmove towards a single source of truth system and continuous improvementcycle

Working with a partner that has the competency to integrate your differentsystems across the entire value chain is the best approach to drivingorganizational reliability. In Integrated Digital Operations, everything is connected to drive incremental value. APM connects to Energy Management System (EMS)to optimize consumption.

EMS can deliver higher profitability and energy efficiency when closing the loopwith Advanced Process Control (APC). The optimal parameters for APC areaffected by material, consumables, and equipment performance variability.Equipment, usage, alarms, operating windows are all linked to ConnectedWorkforce for digital workflows, knowledge enhancement and remote assistance.The reward for plant owners adopting integrated digital solutions will be betterperformances at a reduced capital cost, stronger cyber security, overallstandardization of operational, process, maintenance, environmental and supplychain management practices, this will help industries reduce and manage theinherent complexity.

Empower your teams with next gen APM solutions

If your strategy includes aligning your aging and new assets with changingcommercial realities, environmental considerations, and financial drivers, it’s timeto think of a new approach to asset performance management.  A next generationAPM solution enhanced with AI/ML will strengthen your ability to maintain stableand sustainable operations, while bringing new ways to boost the bottom line.
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