FAQ Asset Performance Management
What is Asset Performance Management (APM)?
Asset Performance Management (APM) is the term used to describe the combined efforts of capturing data, integration, visualisation and analytics for the main purpose of improving the reliability and availability of physical assets of a given company. An Asset Performance Management strategy is an approach to prioritise business objectives by optimising the management of assets.
What is APM in manufacturing?
Different Asset Performance Management solutions and strategies are required for different enterprises. Manufacturing companies today simply can't afford to fall behind and neglect the opportunity to optimise assets for the benefit of the company. Manufacturing companies especially will benefit from more modern and visual solutions that centralise and integrate all assets, offering valuable insights into processes and data. 4Sight | Operational Technologies have systems and solutions tailored to meet the needs of manufacturing and other industrial companies, so that they too, can enter the world of Industry 4.0, to stay with the times and gain a competitive edge.
Why is Asset Performance Optimisation important?
Asset Performance Management plays a major role in the productivity and profitability of the business as a whole, by optimising the performance and maintenance of critical assets. Optimising Asset Management will help your company reach new heights, instead of stagnating in its current position. Modern Asset Performance Management solutions will also ensure that your company stays relevant in the fast-paced digital world.
What are the benefits of Asset Performance Optimisation?
- Optimises the performance of assets
- Decrease cost of asset maintenance and Total Cost of Ownership (TCO) for assets and plants
- Increase Return on Assets
- Overall effectiveness of equipment / processes will improve
- Minimises machine and plant downtime
- Improve asset availability and reliability
- Optimise machine maintenance
- Reduce risk of breakdowns
- More visual insights into operations are available
- Drive smarter operational and business decision-making
What Asset Performance Management Solutions do 4Sight | Operational Technology provide?
4Sight | Operational Technology provides the following Asset Perfromacne Management solutions:
- Prescriptive Maintenance Analytics solutions, which will help to ensure that the necessary assets are available when needed.
- A digital Twin provides a virtual model of your equipment and processes, for better decision-making.
- New Multivariate Process Analytics will allow you to find correlations, trends and other valuable information hidden within big data.
What is AI powered Asset Optimisation?
By powering Asset Performance Optimisation with Artificial Intelligence (AI), APM is able to deliver predictive insights obtained from a broad knowledge base. Machine learning capabilities enable the system to improve these insights over time as assets are used, and more data is collected. AI helps to created better and more accurate data, and then uses this information to predict outcomes, as well as make very accurate forecasts.