Category: Asset Management

Date: 12/08/2022

Subject: How to make your APM Solution Consistent and Actionable

Audience: LinkedIn

Topic: Asset Performance Management (APM) in an Industry 4.0 environment has become more than just reporting and graphics; the data needs to be consistent and actionable.

When you combine the expertise, experiences, technologies, and systems of the members of a collaborative ecosystem like Odbok, you get the synergy of an Asset Performance Management (APM) problem solving capability that is innovative, consistent and User actionable. It is just what you would expect in order to establish a modern Industry 4.0 environment that needs to be more than just a reporting and graphics solution.

Some of the problems we already know about and need to address are:

➡️ Underperforming assets account for approximately 30% share of operating expenses

➡️ Repair and maintenance costs increase by 10 – 15% yearly.

➡️ $4 of profit is lost for each $1 spent on repairs.

➡️ Every third maintenance and repair activity is unnecessary

➡️ Working staff spend less than 4 hours daily on the direct execution of work

➡️ 50% of industry employees will retire in the next seven years.

And going forward, Asset Management needs to accommodate:

➡️ The increasing use of digital technologies to support physical asset management

➡️ The ability to use short lifecycle digital technologies (due to speed of innovation) with long lifecycle physical assets (due to maximising lifecycle value from investments)

➡️ Customisation of management processes to fit the actual operation

➡️ The provision of systems that have high adoption rates via low cognitive loads, and

➡️ The design and governance around quality data and structures to support the collaboration between digital devices and humans, as well as providing for “Explainable” Artificial Intelligence

Our Solution provides an Interoperable Digital Ecosystem to Industry Standards.

Our collaborative ecosystem subscribes to ISO standard 18101 and the Open Industrial Interoperable Ecosystem (OIIE) that forms part of the standard to ensure the Interoperable Digital Ecosystem is fully vendor neutral with open ISO standards as the basis of vendor neutrality.

For further information, peruse the Insight at: Asset Performance Management

Or Ecosystem member websites: