"Asset Performance Management" (APM) refers to the process of monitoring, analyzing, and optimizing the performance of an organization's assets to maximize their efficiency, reliability, and profitability. This approach typically involves integrating data analytics, predictive maintenance, and other technologies to improve asset performance and minimize unplanned downtime.
Typical functions of software in the field of "Asset Performance Management" include:
Condition Monitoring: Continuous monitoring of asset condition using sensors to detect potential issues early.
Predictive Maintenance: Predicting downtime and maintenance needs based on data analysis and machine learning to optimize maintenance activities and reduce unplanned downtime.
Performance Analysis: Analyzing operational data to assess asset performance and identify improvement opportunities.
Risk Assessment: Assessing risks associated with asset performance and developing strategies to minimize risk.
Operational Workflow Optimization: Identifying bottlenecks and inefficient processes related to asset utilization and implementing measures for optimization.
Reporting and Dashboards: Providing reports and dashboards to provide insights into asset performance at the management level.
Integration of IoT Technologies: Integrating Internet-of-Things (IoT) technologies for real-time data collection and transmission from assets.