What is an Asset Performance Management Software?
An Asset performance management (APM) software is a digital tool that offers a comprehensive view of an organization’s assets, aiding managers in optimizing the utilization, maintenance, and improvement of both physical and intangible resources to ensure positive performance and profitable returns. Its key functionalities include real-time monitoring, predictive analytics, maintenance management, reliability-centered maintenance (RCM) strategies, risk assessment and mitigation, cost optimization, and more.
How Does it Help Your Business?
Managing asset performance has always been integral to any organizational process to make the most of operational resources. While traditional APM strategies are still effective, these are not enough in today’s fast-paced IT environment. Incorporating new techs like data optimization, AI, and IoT is the only way to go.
Anticipate risks – With real-tracking capabilities, managers can identify ineffective processes, assess issues, evaluate criticality, resolve these, and pre-empt critical events.
Reduce costs – Because companies immediately attend to concerns, they can extend the lifespan of an asset and save expenses from unexpected and pricey repairs or replacements.
Decrease workforce downtime – Any action taken to fix an asset, even when planned, interrupts operations. The workforce can minimize downtimes with good asset performance management software.
Improve communications – Many processes in any operation are interrelated and dependent on each other. With APM-related tools, all stakeholders can get accurate information, plan, and take the necessary action together.
Improve profitability – The end goal of asset performance management is a better return on investment (ROI). Many companies have reaped this benefit by using appropriate software combined with the right strategy.
Key Features
When planning to integrate or upgrade to a better asset performance management software in your processes, the following features are what you should look for:
Digitized asset-related templates for data collection and inspection
Real-time health tracking
Risk identification and analytics
Maintenance prioritization
Intelligent scheduling
IoT integration
Configurability
Scalability
Selecting the Right Software
To help you see which of the listed systems may work best for your operations, here’s the asset performance management software comparison at a glance.
