(Newswire.net — July 2, 2020) — By 2025, the US asset performance management market will reach about $6.7 billion. As more companies realize the importance of safety and efficiency, the trend will continue to grow.

If you own a business in the industries of manufacturing, oil, or utilities, your company should consider a program to protect your best assets.

Keep reading to learn about APM and its benefits.

Connects Data Across Systems

One of the biggest benefits of asset performance management is its ability to connect different systems within one company. APM works for enterprise resource planning and inventory management.

You can use performance asset management to connect those systems to the ones for quality and safety in warehouses and workspaces.

Aside from advanced maintenance, you may wonder, what is APM? APM connects data from one area of a company, and it also helps trigger certain actions.

With a proper APM program, you can make your company run more efficiently. A good program can help keep track of assets and investments, and it can help grow a business.

Save on Maintenance and Operations

Another reason to implement an APM is that it can help you save on the cost of maintenance and operations. If you don’t use a detailed APM, you might miss out on these benefits.

Also, you need to do more than create an asset performance management program so that you can improve operations. By focusing on creating and utilizing APM, you can reduce costs and achieve company goals.

The more assets you have, the more they can develop problems. Using performance asset management can help you track the status of your assets.

Then, you can perform the necessary maintenance before serious issues occur. If you can do that, you can keep all of your company equipment working properly. You won’t have to worry about paying for repairs, and you can keep productivity levels high.

Improves Safety

By maintaining company assets, you can avoid unnecessary workplace accidents. Having safe equipment can protect your employees, and it can help you produce more of what your company makes.

Then, you can continue to bring in more revenue. To improve safety in your company, you can implement different levels of maintenance.

The first level is called reactive maintenance, and it involves fixing problems after they happen. It can be hard to keep equipment in shape over the long term if you don’t keep up with them ahead of time.

Preventative maintenance is the next step, and it requires you to maintain assets on a schedule. Rather than waiting for a problem, you clean your equipment on rotation.

Another level focuses on the condition of the assets. While you don’t necessarily wait for a full issue, you only repair or fix your devices when they start losing efficiency.

Predictive maintenance uses analytics to track the quality of the equipment. If the computer tracks a change, it can determine if it’s time for maintenance and repair.

The next level is prescriptive maintenance, and it requires your employees to take certain steps when their equipment doesn’t work properly.

You can combine this with collaborative excellence, which combines workers and managers. It requires flexibility to help keep equipment from failing.

How It Works

APM helps asset-intensive companies be more efficient and safe. Consider a few hurdles performance asset management can overcome:

• Only the workers who use the equipment know how it works
• Meeting demands of regulations
• Unable to aggregate data

APM can help companies avoid these issues. By regularly inspecting equipment, more employees and managers can understand how devices work. Then, when someone leaves, they won’t be the only one who knows how to use a machine.

As new laws and regulations take effect, companies have to comply with stricter standards. Using APM can help determine which devices meet newer standards and which need to evolve.

Also, as devices age and newer models hit the market, the older devices may stop working well. Sometimes, you may be able to update an existing system. But you may need to invest in new equipment.

How to Use Asset Performance Management

You don’t need to be an expert in workplace safety or operations to use APM. But as you determine how well your company is doing, you should consider utilizing APM to improve various areas of your business.

The first step you should take is to figure out what level of maturity your APM is currently. You can use the current state to decide where you can switch to a higher level of maturity.

As you choose the area or areas to change, consider how it can help. APM can help your operations, safety, and physical or mechanical opportunities.

You should make sure the data gets to anyone in the company who may need it. Then, you can work as a team to decide how well the changes are working. If you need to do something differently, you can experiment more.

Benefits of APM

You want to protect the best assets in your company, and a good APM can help you do that. But consider some of the specific benefits that implementing such a strategy will have on your company.

Many companies can reduce their operating costs by up to 20%. Your employees can also become about 20% more efficient with proper APM.

Asset performance management can also reduce your inventory costs by about one third. It can also make about 20% of your assets more available.

All of this can help you reduce costs and maximize revenue. You can use APM to get more value out of the assets you have, such as by extending a device’s lifespan.

It can also help you take preventative steps to avoid significant errors. Then, you can avoid workplace injuries and other issues.

Is Asset Performance Management for You?

Most companies can benefit from some form of asset performance management. Even if you don’t use many devices in your work, keeping up with what you do use can save you money and time.

Then, you can get back to work more quickly, and you can watch your business grow.

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