Organisations must reimagine the benefits of asset performance management, says Kim Custeau of AVEVA
New technologies are a game changer for industry. These include the cloud, big data management, complex systems modelling and advanced analytics and concepts, such as the Industrial Internet of Things (IIoT) and Industry 4.0. Independently, these technologies offer businesses the ability to strategically plan, forecast and optimise their operations. Combined, they are a hugely powerful set of tools that are enabling businesses to do more with less.
Nowhere is this more apparent than in machinery and its maintenance, something we refer to as asset performance management (APM) 4.0.
Delivering operational excellence
APM 4.0 revolves around driving new insights and innovations for operational excellence. Traditionally, machine maintenance came at a cost: either planned, through scheduled stops to address everything from equipment performance to inspections, or unplanned - those unforeseen events that reduce return on investment by causing disruptions in quality, cost and cycle time. To grasp the size of this problem, data from ARC Research estimates the average cost of downtime at $260,000 per hour.
That is simply not sustainable. In a global and competitive market, businesses need to improve asset reliability, increase asset life and cut disposal costs. Thus, APM 4.0 is turning maintenance from a cost centre to a revenue stream.
Prevent failure & optimise performance
Implementing APM 4.0 involves a comprehensive maintenance strategy that uses existing data, forecasts and predictive analytics & simulations to understand the true issues driving asset performance and reliability. By implementing risk-based maintenance, organisations can move beyond preventing failure and adopt a strategy that balances risk, cost and performance of assets for efficiency and profitability. In other words, moving from "What will happen?" to "What should we do?". This changes the asset from being merely a cost centre to a major driver of profitability for the business.
Implementing APM 4.0 enables the transition to full, risk-based maintenance for improved asset performance, increased asset reliability, reducing risk and, ultimately, delivering maximum return on asset investments.
In an increasingly competitive market, organisations across multiple industries need to be able to take the bold steps necessary to optimise their maintenance strategies and operations. A rigorous, risk-based maintenance solution that can evaluate how risk, cost and performance should be balanced over time to deliver sustainable outcomes isn't a choice anymore, but a necessity.
Kim Custeau is global asset performance management lead at AVEVA. She develops and leads the strategy for industrial Asset Performance Management solutions that help AVEVA customers improve asset reliability and performance to maximise return on capital investments and increase profitability. Kim Custeau has 30+ years of experience in industrial asset management software and services. Prior to AVEVA, she was responsible for the strategic direction, commercialisation and development of Schneider Electric Software's Asset Performance software portfolio globally.
AVEVA Group plc provides innovative industrial software to transform complex industries such as Oil & Gas, Construction, Engineering, Marine and Utilities. AVEVA's software solutions and platform enable the design and management of complex industrial assets like power plants, chemical plants, water treatment facilities and food and beverage manufacturers - deploying IIoT, Big Data and Artificial Intelligence to digitally transform industries.
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