5 Ways to Reduce Risk with Next-Gen Asset Performance Management, CIO News, ET CIO

By – Sanjit Shewale

Well-maintained and performing assets are the foundation of a successful business. Many business risks start on the asset side. Asset performance is essential for the safety of your personnel, product quality and customer satisfaction. This has a direct impact on your revenue and profitability, your work-in-progress inventory, your energy consumption and other resources. Indeed, if the entire organization is not operating as a “well-oiled machine”, if it lacks visibility into disparate assets, their condition, usage, remaining life and other variables in increasingly complex equations, your business will not be able to operate with enough flexibility and agility to evolve with market demands.

The successful implementation of your growth and renewal strategies depends on your teams’ ability to better predict and analyze more options when making operational and investment decisions. Benchmarking key performance indicators, identifying best practices and gaps gives your employees something to work towards. Are they equipped with the right tools to excel in APM?

To gain market share, leaders must make agile and informed decisions on how to maximize asset returns while minimizing risk. One way to help you prepare to act effectively: know the 5 essentials to get the most out of your existing assets.

5 new ways to reduce risk and get more out of your existing assets with next-gen APM enhanced with AI/ML

1. Strengthen the integration of business, operational, maintenance and engineering processes to strengthen control of your assets and better maneuver in a volatile market.

Integrating data flows between processes plays a key role in bringing a variety of current and legacy equipment and technologies across the plant and enterprise together efficiently and securely. The last thing you want is the inability to make informed decisions due to too many disparate OEM systems and platforms. What you need is a higher-level platform – a system of systems – that brings multi-vendor equipment insights and secure IoT Cloud connections. Start by leveraging data available from existing control systems to predict problems and prioritize maintenance activities. The more and better the assets and data sources, the more value will be realized

2. Discover the most impactful business cases for APM based on your situation and industry type, leveraging proven asset models and predictive/prescriptive algorithms

Leverage proven asset models and maintenance-oriented algorithms that have been used successfully in predictive maintenance programs across industries with previous plant-wide asset management solutions. Reliability and maintenance experts will eagerly adopt a new way of working if it reduces their burden of juggling assets, provides early signs of degradation, and speeds analysis. One of the key recommendations is that companies continually adjust Failure Modes and Effects Analysis (FMEA) libraries. This way, your organization can capture and codify the knowledge of your own experts and further increase the results of predictive maintenance programs.

3. Keep tracking how improving asset performance improves your organization’s overall operation and business performance

It takes specialist knowledge to understand which KPIs to track to reduce losses or high costs and ensure that efforts are focused on the most important and critical opportunities. Once identified, your teams will analyze root causes, develop action plans and improve existing practices. Preconfigured performance models and role-specific KPIs will also help analyze important metrics for different functions in your organization to get a 360-degree view of performance, maintenance, and lifespan. of your assets.

4. Make more informed asset decisions based on a comprehensive set of real-time data.

New digital technologies offer great opportunities to use data for optimal investment planning, allowing your teams to understand the remaining useful life and the evolution of maintenance costs over time. By analyzing equipment from different angles, such as design history, operation history, and maintenance history, next-generation APM software renders life and expense assessments of connected assets, dynamic and more reliable. With a data-driven lens, you’ll get an accurate view in real time.

5. Think big. Connect your APM program to other corporate initiatives and move to a single source of truth system and continuous improvement cycle

Working with a partner who has the competence to integrate your different systems across the entire value chain is the best approach to strengthening the reliability of the organization. In embedded numeric operations, everything is connected to generate incremental value. APM connects to the energy management system (EMS) to optimize consumption.

EMS can provide higher cost effectiveness and energy efficiency when closing the loop with Advanced Process Control (APC). Optimal settings for APC are affected by variability in performance of materials, consumables, and equipment. Equipment, usage, alarms, operating windows are all linked to Connected Workforce for digital workflows, knowledge enhancement and remote support. The reward for factory owners who adopt integrated digital solutions will be better performance at reduced capital cost, enhanced cybersecurity, global standardization of operations management practices, processes, maintenance, environment and supply chain, which will help industries reduce and manage the inherent complexity.

Empower your teams with next-gen APM solutions

If your strategy includes aligning your aging and new assets with changing business realities, environmental considerations, and financial drivers, it’s time to think about a new approach to asset performance management. A next-generation APM solution enhanced with AI/ML will strengthen your ability to maintain stable and sustainable operations, while bringing new ways to increase results.

The author is Vice President and Global Head of Digital Business at ABB Process Industries.

Disclaimer: The opinions expressed are those of the author alone and ETCIO.com does not necessarily endorse them. ETCIO.com will not be responsible for any damage caused to any person/organization directly or indirectly.

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