The Road To Successful Asset Performance Management Is Data Analytics
Most companies, even today, depend on highly flawed and inaccurate metrics of asset performance. This is why, process control managers tend to overlook some serious maintenance issues that eventually get bigger in size and lead to repetition of failures and fixes. However, maintaining the health of your company’s equipment is not easy as it sounds. In fact, the road gets tougher when your company is looking forward to squeezing its budget. Ensuring performance optimization and unfaltering safety in such cases become unbelievably difficult. Sudden failures such as mechanical or operator errors could cost your business a lot of time and resources.
Therefore, in order to stay on the safer side of things, control professionals of a company can design a formidable asset performance management strategy. The strategy should primarily involve gathering updated information about the health of the assets and translating those shreds of data into actionable insights to dodge operational snags and downtime. It is a widely accepted fact that APM approaches allow businesses to break down their persistent organizational silos and resultantly, streamline equipment maintenance, strengthen asset reliability and outline realistic operating targets.
Role Of Data Analytics in Asset Performance Management
None of the assets, owned by a company, could be ever termed as passive. Every element starting from the building of the office to its electrical appliances is interconnected with one another and equally important. Understandably, a glitch in any one of them would lead to set of consequences in that which is immediately related to it and so on. Similarly, if one piece of equipment is inviting downtime, it would incite a ripple effect in the entire operational network at some point or the other.
It hence becomes clear that implementing asset performance management at more or less every stage of your business operations is indispensable. In such a scenario, data analytics and IIoT (industrial internet of things) can be highlighted as the most pertinent solutions for asset-heavy organizations. By combining these two technologies, you will have a 360-degree view of your asset operations and understand how all of them are interdependent and connected. This data could be helpful for forecasting interruptions and devising measures to prevent them from showing up in the first place. Understandably, companies that leverage more historical data and standardize operations will have a more transparent picture of their asset performance and precisely predict failure to maximize efficiency and minimize downtime.
Predictive Maintenance In Asset Performance Management
Predictive maintenance, as the name suggests, is all about detecting and notifying the users about a failure much ahead of it by analysing historical data related to the asset. This offers the technical team enough time to schedule maintenance and preclude a failure. Information about the major equipment of a company could be collected and analysed in three ways. They are:
- By installing sensors – Installing sensors that can rotate to spot and report unexpected processes could proactively prevent an asset failure.
- Periodic inspections – Inspecting heavy-duty equipment such as boilers, heat exchangers and the like in frequent intervals could accurately evaluate their present conditions and delineate the possible issues.
- Monitoring trends – This revolves around assimilating information about your company’s assets from the past, sorting and analysing them to produce real-time reports so that can be accessed anytime.
Augmenting the Value Of Asset Performance Management Through Collaboration
Your asset performance management strategy could be success only when employees from different departments responsible for equipment maintenance are connected at all times. Moving data analytics to cloud and ensuring that your team is instantly notified about the changes made in real-time dashboards is the wisest recourse for boosting productivity. When there’s a single point of truth for all your asset data, accessing and analysing them to comprehend what lies in the near future and fabricating decisions accordingly become easier. Fruitful asset management will be made up of practices that correctly intercept equipment breakdowns to make certain that they are operating at peak levels and delivering the maximum ROI.