To help organizations select the plant asset management (PAM) system that best meets their unique business requirements, ARC Advisory Group has released its “Plant Asset Management Evaluation and Selection Guide”.
Asset uptime, availability, and safety are critical to achieving high operational performance. For industrial organizations, these KPIs are directly tied to shareholder value. However, sustainable improvement in managing assets requires a modern PAM system with appropriate features and functionalities. This publication contains guidance and selection criteria to enable technology and supplier selection teams to find common ground with lower risk and faster time to decision.
“While implementation of PAM solutions are not mandated by any regulatory authority, such systems can provide an additional layer of protection to safety systems by ensuring assets are in proper working order,” according to Senior Analyst Paula Hollywood, the author of ARC’s Plant Asset Management Evaluation and Selection Guide. “Executive management, operations, and maintenance need a modern PAM system to manage operating equipment and improve return on assets.”
Adoption of PAM Driven by Need to Reduce Risk
The need for plant asset management systems continues to evolve as an increasing number of enterprises look to reap the benefits of PAM solutions, which include reduced unplanned downtime, increased asset availability, safety, asset integrity, longer asset life, and reduced operating costs. These benefits have a positive impact on profitability, but can be distilled down to a single motivating factor for manufacturers: risk reduction. The focus on risk reduction has elevated interest in PAM solutions in manufacturing for assets inside the plant walls as well as vehicle fleets, pipelines, and infrastructure.
Selection Criteria Include Functions and Business Needs
PAM systems have evolved from specialty applications to commercially available broad scale solutions for entire plants and widely geographically dispersed enterprises. Current PAM systems offer solutions to monitor greater numbers of applications and asset classes, and have migrated to more functional areas of the plant to encompass not only maintenance but also plant operations.
PAM systems typically include the processes and technology for organizing, creating, controlling, managing change, and governance related to proactive asset management. The objective of the PAM Evaluation and Selection Guide is to ensure that technologies and suppliers selected meet user requirements. ARC’s PAM Evaluation and Selection Guide includes selection criteria for key functions and business requirements to actively manage both automation assets and production asset classes.
For more information on this guide, please visit our Technology Evaluation and Selection section.