Structuring and deploying an APM strategy
Asset performance management (APM) is the process of collecting and analyzing equipment data to improve the reliability and availability of physical capital.
Average peak system availability across industrial facilities is usually between 85% and 95%. While this performance standard may seem adequate, unplanned downtime usually leads to profit losses of between30% and 40% annually.
These losses are a result of:
- Capital depreciation resulting from post-downtime asset
- Overuse (trying to make up for lost production)
- Paying workers overtime to apply repairs
- Flying in materials or spare parts
- Substandard/lost product resulting from asset malfunction
- Failing to meet unit demand
- Redeveloping an existing site
- Supporting your company’s green image
- Managing existing power demands
- Improving Corporate Social Responsibility (CSR)
- Improving a facility’s electrical resilience against utility failures