Introduction to APM Strategy
GE Digital APM's Asset Performance Management (APM) offers a comprehensive solution through Asset Strategies. This component aids users in prioritizing asset strategy investments based on criticality, risk assessment, and operational context. By leveraging APM Strategy tools, organizations can enhance asset performance, reduce unplanned failures, and elevate overall safety standards. A key feature of APM Strategy is its ability to establish a sustainable continuous improvement cycle for managing and enhancing asset strategies.
Key Processes in APM Strategy
The key operational processes within APM Strategy include assessing asset criticality, identifying risks, optimizing mitigation strategies, managing asset strategies, and driving corrective actions for continuous improvement. By following these processes, organizations can effectively allocate resources, enhance asset performance, and ensure compliance with industry standards such as ISO 55000.
Benefits of Asset Strategy Management
Implementing APM Strategy can lead to various beneficial outcomes. These include a reduction in unplanned downtime, increased asset availability through critical asset monitoring, early detection of potential issues to prevent costly emergency repairs, optimization of spare parts inventory, improvement in workforce productivity and safety, extension of asset life, and ultimately, better Return on Assets (ROA). Additionally, APM Strategy facilitates compliance with ISO 55000 standards, ensuring organizations adhere to industry regulations and best practices.
Key Features and Tools in APM Strategy
GE Digital APM's Asset Strategies offer a range of tools and features to optimize asset management. These include Reliability Centered Maintenance (RCM) for system-level failure reduction, Failure Modes And Effects Analysis (FMEA) for equipment-level risk assessment, Asset Strategy Management (ASM) for qualitative risk analysis, Asset Strategy Optimization (ASO) for advanced quantitative modelling, and Asset Strategy Implementation (ASI) for implementing maintenance plans within SAP systems. Each of these tools plays a crucial role in enhancing asset performance and mitigating risks effectively.
Asset Strategy Accelerators
Asset Strategy Accelerators are pre-defined templates that contain known failure modes and mitigation strategies for specific asset types. These accelerators streamline strategy development and deployment, standardize best practices across enterprises, and significantly reduce the time and resources required for strategy configuration. With over 860 maintenance templates available, including those for Balance of Plant (BoP) assets, Asset Strategy Accelerators enhance operational efficiency, accelerate time to value, and ensure organizations benefit from embedded expertise and domain knowledge.