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APM - Asset Performance Management
How to make your APM Solution Consistent and Actionable
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 APM problem-solving capability that is innovative, consistent, and User actionable. It is just what you would expect 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.
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 Solutions 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.
Contact Us for more understandings and review the Insight Asset Performance Management. You can also contact our Ecosystem member Sentient System and ODBOK
