Asset Performance Management Strategies to Optimize Productivity
Keywords: Asset Information Management (AIM), Asset Lifecycle Management (ALM), Change Management, Configuration Management, Information Modeling, Control of Work (CoW).
At the recently held ARC Advisory Group's India forum at Hyderabad, various presenters deliberated on key emerging technologies that can help industrial organizations achieve operational excellence (OpX). Executives from Bharat Petroleum (BPCL), AVEVA Enterprise Solutions, and ARC Advisory Group made presentations related to OpX and asset performance management (APM).
M.D. Agrawal, General Manager (IS Mumbai Refinery), BPCL, spoke about achieving excellence in refinery operations by using business performance management & intelligence (BPMAI) systems. From AVEVA, Sloane Whiteley, Senior Consultant, spoke about the company's experience addressing safety risks and operational demands via the digital plant. Piyush Dewangan, Analyst, ARC Advisory Group, explained about ARC's asset performance management (APM) model and its relevance in the present industrial scenario.
Rethinking Asset Lifecycle Management Model
Mr. Dewangan mentioned that the recent CapEx survey done by ARC indicates that there is a visible slowdown in asset investments globally. However, the revenues in proportion to the asset investments are growing at a better rate. This indicates how crucial it is for organizations to optimize the utilization of assets in the long term.
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