03 October 2022
Asset performance management (APM) is an important part of Enterprise Asset Management (EAM) and involves a management approach for optimising asset utilisation in order that focuses on achieving business objectives. Combining conventional asset management practices with advanced digital technologies, APM brings improved asset reliability, maintenance efficiency, and better business performance into the mix of benefits offered by EAM.
The Importance of Monitoring Asset Health and Asset Health Insights
Proper asset management solutions offer advanced capabilities that also include the creation of preventive and predictive maintenance schedules for assets, based on operational, repair, and maintenance data collected by the software. However, reality can be unpredictable and component failures, equipment malfunction, and machinery breakdowns may occur despite all precautions. That is why organisations need asset health monitoring systems that provide real-time insights into the financial and technical health of an asset.
Implementing an Asset Health Insights System
Asset health insight systems are software solutions that use cognitive analytics and IoT solutions to provide comprehensive status checks for asset health. For example, IBM® Maximo® Asset Health Insights offers a holistic view of asset health, which helps minimise risks of downtime as you can easily monitor external and internal factors like performance, remaining lifecycle, conditions, etc. This helps organisations achieve maximum asset availability and reliability, therefore reducing the chances of operational impacts.
With real-time information about asset health using solutions like IBM® Maximo® Asset Health Insights, organisations can add condition-based maintenance strategies to their preventive and predictive maintenance schedules for a positive effect on uptime.
Asset Health Insights
To determine asset health, it is important to have a comprehensive and effective condition monitoring system in place. This system collects, refines, and aggregates operational technology (OT) data from distributed assets that are equipped with IoT sensors. An asset health management system helps businesses manage large, asset-intensive operations with the help of these sensors to increase efficiency and reduce downtime. With constant monitoring of the assets, you can easily determine which assets are valuable and should be kept, which need attention, and which assets have reached the end of their lifecycle, to optimise your maintenance strategy and manage risks efficiently.
Asset health insights can provide business owners with all the relevant information they need about the current health of their critical assets, which results in better, well-informed business decisions and assurance that your capital investments are being made in the best possible way.
By defining a specific scoring method, you can also gain clear insights into the health of an asset and take appropriate actions based on observation, such as improving the existing preventive maintenance schedules or replacement planning. Better decision-making reduces asset failure, risks, and maintenance costs. When you know the real-time condition and health of your assets, preventative maintenance gets a lot easier.
Benefits of Real-Time Asset Health Monitoring
Utilise asset record information, sensor data, weather patterns, historical data, EAM systems, human observations, etc. for comprehensive overviews of asset health across the organisation to make better business decisions.