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Asset performance management (APM) is a game changer for the maintenance management field. As maintenance teams shift from fixing assets to managing their performance, your management strategy must change too.
APM and maintenance management are intertwined, so the shift may seem natural. In many ways, APM is a natural extension of what maintenance teams are already doing.
Let’s talk about what you need to know about APM.
What’s the Difference Between Maintenance Management and Asset Performance Management?
Both maintenance management and APM are related to the care of equipment, facilities, vehicles, and/or tools—anything physical that needs to be maintained.
The goal of maintenance management is to keep assets in working order while preventing unexpected repairs and downtime. APM focuses on tracking the performance of assets, so an organization can use those assets to maximize value.
Maintenance management helps guide the physical performance of maintenance equipment and activities efficiently, while asset management focuses on data analysis of the work needing to be perform on the assets.
Advances in technology—including CMMS software—have made APM possible. APM extends maintenance data to make it possible to measure the contributions, costs, and ROI on assets.
What Do I Need to Know About Asset Performance Management?
The main purpose of APM is to improve the performance of assets so they can continue to work in their intended function. It’s taking maintenance to the next level, where it’s easier to spot problems before they occur or identify ways to make your operations more productive.
APM has caught the attention of industry leaders because it maximizes the predictability and profitability of equipment or facilities with software that offers …
- Real-time data
- Analytics
- Reporting
- Life cycle analysis
The trend is also closely related to the growing use of the Industrial Internet of Things (IIoT)—and the combination of the IIoT and APM offers organizations a way to strategically analyze asset performance and identify opportunities to add value.
APM should reflect an organization’s business strategy or plan, so all assets are working towards those larger objectives. As a result, organizations can achieve goals like lower operating costs, higher ROI, reduced downtime, and increased productivity—all of which contributes to the bottom line.
Contact us to learn more about APM and how it affects your maintenance team.
