APM Designed to Improve Reliability
Asset performance management (APM) systems are designed to improve reliability and availability of physical assets in manufacturing plants and other industrial facilities. This typically involves collecting, visualizing, and analyzing asset health data for condition monitoring, predictive forecasting, asset integrity management, and reliability-centered maintenance (RCM). APM improves integration between production management (making the product) and asset management (ensuring the capability to produce).
Data on failure patterns from four asset reliability studies show that only 18 percent of assets have an age-related failure pattern appropriate for preventive maintenance. The other 82 percent require predictive or prescriptive maintenance using Industrial Internet of Things (IIoT)-enabled solutions with analytics to support the production and C-suite metrics.
Based on numerous interviews with end user companies, ARC Advisory Group summarizes that, currently, the predominant applications for IIoT solutions involve predictive maintenance. IIoT-enabled analytics are used to monitor the condition of a piece of equipment to support predictive maintenance. When incorporated within a comprehensive APM strategy, predictive maintenance helps prevent disruptive and costly unplanned downtime.
Table of Contents
Asset Performance Management
Rapid Adoption of IIoT for APM
Impact of Industrial IoT
Application Development Path
Asset Management Case Stories
If you would like to buy this report or obtain information about how to become a client, please Contact Us