What is Asset Performance Management?

Asset Performance Management (APM) is one of the many tools that can make up your overall Asset Management program. It focuses on an asset’s performance and the workflows, processes, and other factors that affect peak performance across its entire lifecycle.

APM should not be confused with Asset Integrity Management (AIM) which focuses on applying ongoing analysis to prevent equipment failure. APM programs will not alert you to possible asset failure as an AIM program will. However, the two are closely related. You cannot have APM without also having AIM.

Why is it Important?

Keeping your assets running at peak performance increases their uptime and extends their life, which in turn improves your profitability.

Here’s an example of an APM Program in action.

Most of our clients have “wheeled” assets. These include tractor-trailers, trucks, construction equipment, etc. Our clients track factors like speed, gas mileage, and engine performance for each. This intel signals when corrective actions or maintenance may be needed.

In many cases, even simple adjustments can improve performance and lower costs. These may include:

  • Modifying vehicle computer settings to optimize engine performance.
  • Adjusting tire pressure or gear ratios.
  • Upgrading to a higher grade of fuel.
  • Including a fuel additive.
  • Changing to a high-grade synthetic oil.

The principles of APM are essentially the same for fixed production equipment and pipelines. However, for these, APM covers operating parameters such as pressure, temperature, chemicals, filtration, and other general practices instead of tire and fuel concerns.

The Intersection of AIM and APM.

Without AIM, you won’t have Asset Performance…at least not for long. AIM is an intangible process in which an asset’s physical integrity is measured and managed over its lifecycle. It provides critical knowledge of the ongoing physical condition of assets. AIM measures the asset’s performance and identifies when maintenance is required to preserve its top efficiency. This intel is the FIRST STEP in keeping assets running safely and reliably.

APM is the SECOND STEP. It is the actual performance of maintenance to correct the deficiencies your AIM program identifies. It is the tangible action of changing to a new oil or adjusting tire pressure to protect against more serious consequences.

Summary

An effective APM program will increase your bottom line by keeping equipment operating at peak performance and efficiency. Data-driven APM actions will improve performance and ultimately save you money. In tandem with your AIM, APM gives you the confidence that you are doing everything possible to extend the life of every asset.

  • No guessing of when maintenance is needed. You neither over-maintain nor under-maintain.
  • Proactive corrective actions prevent simple, often low-cost, issues from becoming dangerous and expensive.

AIM and APM programs impact your profitability differently. Together, they will reduce inspection frequency and equipment failure. As a result, they will drive peak performance out of your assets and greatly enhance the quality of your overall Asset Management Program.

***

Stay up to date on all the news at Genesis QMS. CLICK HERE to follow us on LinkedIn.