The Business Value of APM
A strategic approach to APM can lead to heightened levels of productivity, reliability, and operational efficiency in a company’s assets that positively impact the company’s bottom line.
- Preventing unexpected outages by using analytics to perform predictive and preventive maintenance to fully diagnose and detect the root cause behind equipment failure
- Shifting resources from time-based to condition-based maintenance to reduce spending in ways that do not adversely affect the reliability and productivity metrics of assets
- Providing greater visibility across an organization into the performance of all its assets, leading to faster and
better-informed decisions from both an asset strategy management perspective and a capital planning perspective
- Tracking an asset’s degradation from the beginning of equipment failure to the resolution of the failure and restoration of the asset’s operations, with full operator actions documented in a production case management system
- Enabling increased availability and reliability of all assets, leading to longer periods of uninterrupted production with limited downtime
Additionally, some companies may want to consider a digital thread APM approach across their asset fleet. A holistic view of the health and orchestrated performance of an entire fleet of assets will yield a greater long-term return on investment than the typical break/fix approach many companies use on individual assets.
Ultimately, strategic APM improves the reliability and availability of an organization’s assets while reducing maintenance costs, maximizing both operational and financial results to help achieve operational excellence.