As more and more machines come online in our increasingly connected world, the very industries that build, power and transport our society have access to a massive amount of data that is being generated by many diverse sources. Enterprise software has fallen short on addressing this issue, and it’s time for that to change.
For the past several decades, enterprise software has aimed to automate business processes, but what today’s industrial companies need is software that is capable of automating business decisions. Enter: the next evolution of asset performance management (APM).
The concept of APM has long existed. But it is being redefined and extended by powerful data science capabilities that are purpose-built to solve industrial-scale problems. The recent convergence of Operational Technology (OT) and Information Technology (IT) — alongside the rise of the Industrial Internet of Things (IIoT), big data and machine learning — has given life to the next generation of APM software that capitalizes on these areas of opportunity. It brings together longstanding asset management and maintenance methods while opening the door to new predictive capabilities that were previously not attainable.
APM financially optimizes maintenance programs to increase the reliability and availability of industrial assets:
- Reliability: APM prevents unplanned downtime by enabling you to clearly understand the health of your industrial assets so that you can inform better maintenance decisions and increase the utilization of your equipment.
- Availability: APM makes sure your industrial assets are available and ready to go at a moment’s notice by maximizing their uptime, decreasing delays caused from failures and minimizing any operational interruptions.
The proliferation of sensor-based technology and data collection at the edge — coupled with databases of deep industrial knowledge, critical asset behaviors and failure modes — now makes it possible to deliver financially optimized business outcomes with APM.
In our white paper “Outcomes the Next Generation of Asset Performance Management Will Deliver,” we break down financial outcomes for specific industries including energy, transportation, oil and gas, manufacturing and heavy equipment.
See how the next generation of APM ushers in a new era of financial outcomes.
