Understanding Asset Performance Management (APM)
Asset Performance Management (APM) is a critical process for companies to monitor, assess, maintain, and fund the assets required to run their business effectively. It combines traditional asset management practices with new digital technologies, such as Industrial Internet of Things (IIoT) and data science, to enhance reliability, maintenance, execution, and overall business performance.
Core Features of APM
APM software utilizes data management, predictive analytics, artificial intelligence, and machine learning to offer essential features. These include automatic asset discovery and mapping, end-to-end observability of application behavior, mobile and desktop monitoring, analysis of performance issues, integration with tools, business KPI analysis, and more. These capabilities extend to areas like API monitoring, application architecture, service monitoring, container monitoring, and end-to-end experience monitoring.
Business Benefits of APM
APM solutions directly benefit businesses by improving key machine metrics like uptime, mean time to repair, asset longevity, on-time shipments, quality, and safety. Enhancing uptime and efficiency leads to improved executive metrics such as revenue, margin, customer satisfaction, inventory management, and return on assets. APM also extends the asset ecosystem to embrace OT, IT, and engineering systems, integrates modern technologies like smart devices and mobility, fosters collaboration through data analysis, and optimizes traditional practices for better alignment with business goals.
Integration of IIoT and Data Science in APM
Modern APM strategies incorporate Industrial Internet of Things (IIoT) and data science to provide deeper insights into industrial asset reliability. These approaches use data analytics to assess asset criticality, health status, failure causes, risk mitigation, cost of failure, optimization strategies, and efficiency improvements. Advanced APM software, such as predictive maintenance tools, enables proactive management of performance. Organizations can leverage data analytics for condition monitoring and predictive maintenance to enhance uptime, asset longevity, maintenance efficiency, and safety.
Plex APM Platform Features
The Plex Asset Management Platform harnesses analytics and IIoT technology to monitor machine and plant health proactively, ensuring optimal uptime, throughput, and maintenance requirements. Plex APM offers real-time visibility through sensor inputs, contextual traceability by consolidating data silos, preventative data through historical storage and trend analytics for predictive maintenance, and built-in analytics for monitoring machine performance and preempting failures.