According to Gartner, Asset Performance Management, or APM, encompasses the capabilities of data capture, integration, visualization, and analytics, tied together for the explicit purpose of improving the reliability and availability of physical assets. APM includes the concepts of condition monitoring, predictive forecasting, and reliability-centered maintenance (RCM).

“APM includes the concepts of condition monitoring, predictive forecasting, and reliability-centered maintenance (RCM).” - Gartner Glossary

Enterprises implement APM to support overall organizational health, collecting and analyzing asset data, then combining it with risk and cost data from across the enterprise. Organizations use these data to make precise predictions and recommendations, ensuring the business is on track to meet its strategic objectives.

An effective APM model relies upon asset reliability. When productivity is disrupted from chronic asset downtime, sub-optimal performance, and other factors, it is difficult to establish a performance baseline upon which predictions and recommendations can be made.

APM allows organizations to analyze asset data to quickly detect and resolve asset reliability issues, and take pre-emptive action before downtime occurs.

The Downside to Asset Downtime

Unplanned downtime is incredibly expensive. When you consider that an average manufacturer deals with 800 hours of downtime per year, or about 15 hours per week—the impact of downtime on the bottom line can quickly become egregious. For example, every minute of downtime for an automotive manufacturer costs $22,000.

While every asset requires maintenance at some point in its lifecycle, with APM, the resulting downtime is planned. Disruptions are anticipated and productivity is temporarily shifted to adjacent equipment to ensure disruptions are minimized. In most instances the transition is seamless with no effect on productivity.

Elevate your APM Strategy with Reliable Asset Management

IFS customers leverage AI and machine learning to analyze and interpret asset data. Using time series analyses and other forecasting models, the technology detects anomalies, predicts failures, and recommends actions. A constant feedback loop refines the prediction algorithm to increase accuracy over time.

When a failure is predicted (or occurs), IFS provides data-based insights to help decide if the asset should be repaired or replaced. Drawing on the parameters of each customer’s unique operating environment, IFS provides additional context. For example, the optimal time to undertake repairs to maximize output and minimize cost and risk.

While many APM solutions provide predictions and anomaly detection, they are unable to make suggestions in real-time to help resolve the issue.

Asset Reliability Use Cases

Companies that use IFS benefit from accurate and timely data to ensure asset reliability. Here are some examples:

Kodiak Gas Services

As the largest, privately owned contract compression company in the US, Kodiak Gas Services relies on IFS to enhance its cross-functional business operations, providing a clear view of all assets to ensure uptime is optimized.

"From the get-go we were impressed with IFS’ focus on outcomes and a mutually beneficial partnership. We are confident that by partnering with them, we are not just buying technology, we are entering into a long-term business relationship that will strengthen our operations and provide transparency into all assets.” - Pedro Buhigas, Chief Information Officer, Kodiak

Energo Pro Georgia

With over 1.2 million customers throughout its service area, Energo Pro Georgia specializes in hydro power generation and is actively expanding its operations.

The company engaged with IFS, in part, to achieve accurate data and information on its assets.

"At present, the biggest benefit we are deriving from the implementation is accurate data. We have continuous access to up-to-date data, which translates into full control of our extensive and complex infrastructure and enables us to effectively maintain it.” - Irakli Avaliani,Project Manager,Energo-Pro Georgia

IFS works with organizations globally, helping them optimize their asset performance management strategies by combining tactical, strategic, risk, and cost data from across the business. The resulting insights extend asset life while aligning productivity with strategic initiatives that support the long-term success of the business.

For more information about asset reliability and APM, read the IFS ebook: Unlock the Next Level of Asset Management Efficiency with APM, or visit our website.

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* The opinions expressed herein are not necessarily those of Reliabilityweb.com.