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Asset Performance Management: Best Practices

August 9, 2019

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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.

“Reprinted with permission, original blog was posted here”. You may also visit here for more such insights on the digital transformation of industry.

About ARC Advisory Group (www.arcweb.com): Founded in 1986, ARC Advisory Group is a Boston based leading technology research and advisory firm for industry and infrastructure.

For further information or to provide feedback on this article, please contact RPaira@arcweb.com

About the Author:

Valentijn de Leeuw

Valentijn’s focus areas include organizational change and effectiveness, business process improvement, value-based performance management, governance, project management, knowledge management, operations management, asset management, innovation and engineering, and manufacturing IT. His technology focus is on manufacturing operations management, performance management, supply chain management, and the role of the knowledge worker in manufacturing.


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