Asset Performance Management: Best Practices

The Q3 ARC WebWindow on Asset Performance Management Best Practices.  

APM’s goal is to constantly optimize the performance of industrial assets.  Asset performance management (APM) is a term that has received a lot of attention recently due to the new possibilities provided by Industrial IoT. 

WebWindow on Asset Performance Management

ARC Europe will present its Q3 WebWindow: “Asset Performance Management: Best Practices” on Tuesday, August 20th, 2019 at 10.30AM CET and 3.30PM CET. (Please click timeslot to register)

The WebWindow will cover the following points and more.

Asset management includes long term vision, planning and management aspects in which a portfolio of assets are optimized for their value over their lifecycles.  Asset Performance Management has as goal to optimize the performance of an industrial asset at any given point in time during its life cycle.

Asset performance management is based on understanding the status of assets and subcomponents.  This includes as a minimum easily accessible information about the assets installed and their maintenance history.  It is also useful to know the history of operational information, to understand the engineering rationale during design and complete this with contractual and financial information, and more.  This aspect of asset management is asset information management. 

Cloud-based asset portals is a recent trend.  These allow federation of data in separate systems, can include repositories of process simulations, 3D simulations, and can be enriched with microservices for engineering and maintenance. 

Minimum digital maturity is reached once asset information is complete, up-to-date and accurate, and can be made available to the workforce who needs it, upon which further value-adding applications can be built.  For example, digital twins and asset dashboards.  Digitalization in manufacturing can provide more information than traditionally available in control and operations management systems. 

Standardization is underway in organizations and industry associations to create a unified standard (DEXPI, CFIHOS, NAMUR) related to the structuring of these massive amounts of information.

Methodology is an additional component necessary for APM, needed to define criticalities and priorities from which an asset performance strategy can be built.  We will show an example to illustrate this. (SITECH)

Smart asset performance management is possible today and delivers benefits.  It will become even more efficient in the future with standardized information models and rich cloud applications.