Asset Performance Management today
Asset Performance Management is the practice of tracking, evaluating, and maintaining the performance of a business’ fixed assets so that they can be optimised for greater effectiveness, better performance, and cost saving benefits. Particularly in industrial businesses like manufacturing plants and mines for example, Asset Performance Management is a key component in the digital revolution of asset management. The reliability, efficiency, and general performance of businesses are all improved by new digital technology available for Asset Performance Management efforts.
In this article, we will delve deeper into the importance of Asset Performance Management, and take a look at some of the modern technologies available from leading Asset Performance Management Companies in South Africa.
The importance of Asset Performance Management
Sensors and software are two components that play a fundamental role in Asset Performance Management. This is the greatest reason why Asset Performance Management has only recently gained popularity, along with the broader digital revolution of processes and business management. Many of the individual functions have been around for a while, but it wasn’t until lately that they all came together to form a cohesive plan of action. And to fully profit from Asset Performance Management, a solid asset strategy must take a comprehensive approach that combines both human and technological resources. Some of the key benefits offered by an effective Asset Performance management solution includes:
- More reliable assets – Two factors of Asset Reliability are the duration and expected lifespan of your assets. Asset Performance Management offers a number of advantages, including raising the reliability of your assets. This is done by observing important metrics like Mean-Time-To-Failure.
- Better asset integrity – Asset Integrity refers to the ability of the asset to operate effectively while safeguarding the wellbeing of individuals and machinery with which it comes into contact, as well as the measures put in place to ensure the asset’s life cycle. Asset Performance Management affects Asset Integrity by reducing risk, lowering inspection costs, and ensure regulatory compliance relative to fixed assets.
- Improved preventive maintenance plans – By identifying specific improvement areas and tasks, APM helps you optimise your preventative maintenance approach. Preventive maintenance helps make sure an asset is operating at optimal levels of performance and helps your business be ready in the event that assets need to be repaired. As opposed to reactive maintenance, or maintenance that takes place in response to equipment failure, an effective Asset Performance Management strategy can assist to decrease unexpected downtime.
Asset Performance Management solutions by leading AMP companies
4Sight | Operational Technology is a leader among Asset Performance Management companies in South Africa, helping businesses in manufacturing, mining and other industries to achieve operational success by means of state-of-the-art APM technologies. 4Sight | Operational Technology’s Asset Performance Management solutions entail the integration of specialised software and services into your business operations in order to maximize the performance of your company’s assets. Let the 4Sight team assist you in managing your business effectively to achieve your objectives.
Read more about the 4Sight APM solutions:
- Aspen Mtell®– Prescriptive maintenance software.
- Aspen Fidelis Reliability™– Reliability management solution
- AspenProMV™ – Multivariate analysis software.
To talk about your company’s requirements with a top Asset Performance Management Company in South Africa, get in touch with a consultant at 4Sight | Operational Technology today.
