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Times are changing. Companies now understand that with the ability to look ahead and understanding risks they can prevent costly failures and identify problems before they become critical.Digital Industrial Transformation takes it one step further, unlocking the potential of industry assets and empowering businesses to adopt predictive maintenance strategies. Over the last 20 years, we have seen enterprising industrial businesses push assets, people and related maintenance technology to thelimits for reducing downtime and improving safety and workforce efficiency. But that’s still not enough. A lot more needs to be done. With inaccurate predictions costing businesses up to $260,000 per hour, predicting and preventing failure has become a critical driver of digital transformation success. APM All companies have a mandate to continually improve performance and, through digital transformation, they are seeking a return on capital and improved profitability. Digital Industrial Transformation takes it one step further, unlocking the potential of industry assets and empowering businesses to adopt predictive maintenance strategies.
Asset Performance Management (APM) has traditionally been a key part of digital transformation, but for many asset-intensive industries, it has been poorly understood and, hence, remains underutilised. Fortunately, times are changing. Companies now understand that with the ability to look ahead and understanding risks theycan prevent costly failures and identify problems before they become critical. What is now known as APM 4.0 is an evolutionary step in the digital transformation journey. APM 4.0, bringing together prescriptive analytics and many other components to achieve an entirely new level of prevention and digital transformation success. BUILDING BLOCKS OF APM What does predicting and preventing failure mean to you? For most companies, it means identifying issues before they become costly problems. However, APM also presents an opportunity to reduce maintenance costs, reduce unplanned downtime, and potentially save hundreds of millions with predictive analytics. There are two levels of prescriptive analytics organisations should consider with APM 4.0.
The first is prescribing maintenance activities to minimise downtime once a failure occurs. The second is more sophisticated. It is the ability to prescribe operational changes to alter how the equipment and the process perform. The first level means becoming maintenance smart; the second enables operational excellence and alignment of digital transformation strategy across the enterprise. There are several other core components to APM: machine learning, smart connected assets and services, industrial internet of things (IIoT) platforms, mashup applications and digital twins. Used together, these components are unlocking the potential of your assets and powering predictive maintenance (PdM) strategies.
AVEVA’s comprehensive Asset Performance Management software portfolio is designed to overcome today’s industrial challenges by leveraging all components of APM. With improved analysis, predicting and preventing failure will become a key part of your successful digital transformation.
Kim Custeau is Global Asset Performance Management Lead, AVEVA. AVEVA is a global leader in engineering and industrial software driving digital transformation across the entireasset and operations life cycle of capital-intensive industries.