Enhancing Asset Performance Management with A Risk-Based Approach
GE Digital Predix offers Asset Strategy Management solutions as part of its Asset Performance Management (APM) platform, aiming to assist users in managing and optimizing asset strategies at a system, fleet, and enterprise level. By providing a risk-based maintenance approach, APM Strategy enables users to prioritize asset strategy investments based on criticality, risk, and operational context. This prioritization helps in ensuring optimal asset performance, reducing costly unplanned failures, and enhancing overall safety within the plant environment. Additionally, APM Strategy supports the creation of a sustainable continuous improvement cycle to monitor and enhance asset strategies over time.
Key Work Processes and Outcomes
Within the APM Strategy solution, key work processes include assessing the criticality of assets, identifying risks, optimizing mitigation strategies for cost and risk, managing and implementing asset strategies, and driving continuous improvement through corrective actions. The outcome of implementing Asset Strategy Management includes a reduction in unplanned downtime, increased asset availability, early detection of problems to prevent costly reactive repairs, optimized spare parts inventory, improved workforce productivity, extended asset life, better Return on Assets (ROA), enhanced employee safety, and compliance with ISO 55000 standards.
Features and Benefits of APM Strategy
GE Digital Predix's APM Strategy incorporates various key features such as Reliability Centered Maintenance (RCM) for reducing system-level functional failures, Failure Modes And Effects Analysis (FMEA) for identifying critical failure modes at the equipment level, Asset Strategy Management (ASM) for qualitative risk analysis, Asset Strategy Optimization (ASO) for advanced quantitative strategy modeling, and Asset Strategy Implementation (ASI) for building and linking maintenance plans in SAP. The solution also offers Asset Strategy Accelerators, which include predefined templates for known failure modes and mitigating actions for specific asset types, streamlining strategy development and deployment, reducing resource requirements, and accelerating time to value.
Asset Strategy Accelerators and Expansion
The Asset Strategy Accelerators provided by GE Digital Predix contain over 860 maintenance templates catering to energy markets, enabling rapid deployment of best practices, leveraging embedded subject matter expertise, and standardizing strategies across the enterprise. These accelerators significantly reduce the time and effort required for strategy development and configuration, allowing organizations to realize operational benefits more efficiently. Furthermore, GE Vernova's continuous expansion of Asset Strategy Accelerators into sectors like Mining & Metals (M&M) showcases the adaptability and scalability of these solutions to various industries, demonstrating a commitment to enhancing asset performance management globally.