Industrial Asset Management – Slaying hurdles to get the most from your assets
A well-structured asset performance management (APM) plan can give real-time visibility of equipment reliability while predicting possible failures.
By Sundeep Sanghavi, Co-Founder and CEO, DataRPM Sponsored Post.
Your industrial assets are the most valuable resource for your manufacturing organization and bear an exceptional impact on its growth. Did you know that intelligent asset strategies can significantly optimize asset performance while balancing risks and boosting availability?
Since the ‘asset’ is the foundation of most of your organizational transformation initiatives, a salient asset performance management (APM) strategy gives you sweeping long term benefits such as greater asset reliability, longer asset life and lower depreciation costs. A well-structured APM plan can give real-time visibility of equipment reliability while predicting possible failures. According to Gartner, 50% of asset-intensive organizations will rely on APM to optimize the performance of their critical assets
Now just going by how indispensable the APM strategy is, one might think it is quite straightforward to plug it in. However, the reality is that despite such obvious tangible benefits many organizations yet face resistance while planning investments in APM initiatives. So, what comes in the way of building a successful APM plan and implementing it smoothly?
The first one is a no brainer- the basic fuel to kick start any new project, the moolah! Many times it becomes difficult to get the appropriate capital commitment for an APM project considering the enormous scale. The suggested path is to start small and do a pilot first. This helps test waters and obtain key learnings about the overall market sentiment. These dipstick projects can go a long way in gathering a larger pool of investment and also provide necessary data facts to expand the asset base across all business units.
Getting everyone on board
The next challenge trickles down from the first one itself- obtaining the organizational buy in by building a solid business case. Revenue growth being a constant challenge to battle with, C-Suite executives have started focusing on internal manufacturing productivity with maintenance and asset management. APM practitioners therefore need to ensure key maintenance objectives loop in with C-suite metrics in the P&L statement. Once this happens, a strong business need is automatically created to gain higher efficiencies using internal assets powered with seamless maintenance techniques.
Let’s get connected
The third and the most important hurdle is decoding the complex Industrial Internet (IIoT) and smart data. According to LNS Research , nearly 47% of industrial companies have not yet tapped the IIoT to connect their assets and hence lack the rich troves of APM- related data. What these industries are missing out by a huge margin are the benefits of sharing asset data which help create product efficiencies and service level optimization. What’s more? Organizations who use the IIoT gain real time visibility of APM data which results in higher overall equipment effectiveness.
In today’s digital era, APM is rapidly taking centre stage as more and more assets are getting connected. Complete digital transformation starts with APM and industrial companies that analyze and optimize their assets are all set to win gold.