The Asset Performance Management (APM) Roadmap acts as your trusty GPS for asset-intensive industries—whether in manufacturing, mining, energy, or any sector where assets play a pivotal role. Picture it as your co-pilot, helping you chart a course toward high performance in managing your critical assets.
Key Insights and Strategies
So, what’s inside this roadmap? Let’s break it down.
Why Now? Before we dive in, consider this: The business environment has evolved, and so have our expectations. Digital Manufacturing (often dubbed Industry 4.0) is reshaping the landscape. Industrial processes are becoming more efficient with low-cost sensors, intelligent operations, and real-time data exchange. But amidst all the possibilities, how do you know which technology will enhance your asset management?
Asset Performance Management (APM):
APM is the answer to critical questions:
- “Are our assets operating effectively?”
- “How can we improve their performance?”
- “Do we have the correct master data and data governance?”
- “Are we executing the work effectively and efficiently?”
- “Do we have a Management of Change (MOC) process?”
- “Is our workforce trained and prepared?”
It’s about periodically assessing your assets and people to ensure they operate at their ideal level.
With changing customer needs, regulatory demands, and technological advancements, now is the perfect time to evaluate your position and potential.
The Maturity Model Approach
Imagine a ladder of asset excellence. The APM Maturity Model helps you climb it step by step.
Dimensions of Maturity:
- Reactive Stage: You address issues as they arise—like a firefighter.
- Proactive Stage: You anticipate problems and take preventive actions.
- Predictive Stage: Data-driven insights allow you to predict failures and optimize maintenance.
- Prescriptive Stage: You’re not just preventing but prescribing precise actions for optimal performance.
Business Benefits: According to McKinsey, improved asset efficiency contributes to significant value—over $250 billion in the U.S. by 2025.
Your APM Journey Starts Here
- Identify Asset Categories: Know your assets—whether they’re physical, digital, or hybrid.
- Set Benchmarks: Understand what “good” looks like for each asset category.
- Create Your Asset Inventory: Catalog all assets, big and small.
- Prioritize Your Work: Focus on critical assets first.
- Execute Your Work: Group, Plan, and Schedule work correctly to efficiently and effectively maintain your assets.
- Collect Asset Information: Set up failure codes that collect valuable information for future decision-making.
Remember, the APM Roadmap isn’t just about technology; it’s about transforming how you manage assets. Nexus Global can help you start your journey of How-to-do with our APM model that focuses on criticality, failure modes, strategies, work execution, and RCA. Our Business Optimizer analysis software and reliability and data experts have addressed these needs and more across industries like oil and gas, power generation and distribution, automotive, pharmaceutical, metals, food, beverage, ports, manufacturing, and more.” We can assess your current state against current benchmarking and provide a clear and concise roadmap to a unified, proactive approach focused on your critical assets and aligned with your business. Partner with Nexus Global to elevate your assets to the next level!”
