An enterprise asset solution will always be a constituent part of an APM strategy— the key is ensuring it sits at the heart of that vision, not in some peripheral position.
According to Gartner, “APM encompasses the capabilities of data capture, integration, visualization and analytics tied together for the explicit purpose of improving the reliability and availability of physical assets. APM includes the concepts of condition monitoring, predictive forecasting and reliability-centered maintenance (RCM).”
In my opinion, the key emphasis is highlighted in the Gartner quote; however, it is necessary to consider the optimization of the assets both in the context of the business objectives and also all of the current trends around digital transformation. This is the first in a series of blog posts that will look at asset performance management (APM) and that integration.
The digital transformation of businesses
Businesses are currently undergoing a massive digital transformation, creating opportunities to leverage emerging technologies and enable fresh approaches to business practices. These are not just flash-in-the-pan technologies, they are long-term shifts in the way we use technology– requiring a strategic approach if they are to provide bottom line benefits.
The driving forces behind the disruptive trends we are seeing today are connectivity and real-time data communication. In a recent global IFS survey of business decision-makers, Internet of Things (IoT) and cloud computing came joint-top as the two most important technologies driving digital transformation, with cognitive computing and machine learning coming second and third respectively.
A need for the right EAM approach
Enterprise asset management (EAM) is an area of business that is particularly influenced by these advances in technology– with more asset-centric, real-time data available to be fed back into centralized systems. But in order to realize maximum asset availability and benefit from greater business intelligence and a 360-degree, enterprise-wide view, businesses will need the right EAM approach. One that is geared towards streamlining asset management and maintenance.
The world is still moving forward and technological innovations are appearing all the time, with newer and smarter ways of handling your data and systems. But the fundamental fact remains that there is still a need to manage assets in a safe and reliable way that guarantees their availability. This requires an EAM solution to be able to manage that change, and for the EAM itself to evolve as new demands are placed on organizations.
This is not possible with the inflexible, slow to implement, monolithic solutions of the past, and it is why IFS developed its modular approach to building enterprise solutions. Whether an organization needs to introduce automated processes, dynamic scheduling or enable real-time control of resources across entire asset lifecycles, IFS EAM solutions are designed to evolve alongside business change with minimal business disruption. An enterprise asset solution will always be a constituent part of an APM strategy— the key is ensuring it sits at the heart of that vision, not in some peripheral position.
Do you have questions or comments about asset performance management (APM)?
We’d love to hear them so please leave us a message below.