The proliferation of sensor-based technology and data collection at the edge is driving rapid change in the Asset Performance Management (APM) space. The next generation of these technologies — known as APM 4.0 — harnesses data to inform new business strategies for industrial companies.
According to LNS Research Fellow Dan Miklovic, “Early adopters of an APM 4.0 approach have achieved lower operations costs because of better asset reliability, longer asset life, and lower commissioning and disposal costs.”*
However, despite the financial opportunities that APM 4.0 solutions can help unlock, many industrial companies are yet to fully capitalize on the technology. For those that are, they’re quickly gaining an advantage over competitors. Miklovic noted, “Process improvements drive financial rewards, yet only 19% of companies rely on asset performance and maintenance metrics to drive improvements. It's a significant untapped source of value for the industrial organization.”*
Choosing an APM 4.0 provider is an important step for industrial companies that are looking to optimize their asset maintenance strategies and increase their operational performance. But knowing how to pick the right provider is even more critical, and often less clear.
In the newly published APM 4.0 Solution Selection Guide, LNS Research explores the product landscape, diving deep into vendors’ capabilities. To produce the report, LNS Research evaluated APM 4.0 providers that have proven to demonstrate the following qualities:
A compelling combination of successful multi-site and multi-geography implementations across a range of industries
Broad and deep functionality
A modern technology platform
A robust roadmap
Adequate resources and viability to improve the offering into the future
Uptake is proud to be featured in the APM 4.0 Solution Selection Guide. Uptake Asset IO, our comprehensive APM application, helps financially optimize our customers’ maintenance programs while increasing the reliability and availability of their industrial assets. Built on our industrial AI and IoT platform, Uptake Asset IO delivers a data-science fist approach to asset performance management and maintenance strategies.
See for yourself why LNS Research calls Uptake a potential APM market disruptor, giving us an overall rating of “promising and growing.”
