How predicting & preventing failure is critical to digital transformation success
Kim Custeau, Global Asset Performance Management Lead, AVEVA, on how companies can prevent costly failures
Over the last 20 years, we’ve seen enterprise industrial businesses push assets, people and related maintenance technology to their limits to reduce downtime and improve safety and workforce efficiency: but it’s still not enough. With inaccurate predictions costing businesses up to 260,000 per hour, predicting and preventing failure has become a critical driver of digital transformation success.
Say Hello to Optimized Asset Performance Management
All companies have a mandate to continually improve performance, and through digital transformation, companies are seeking return on capital and improved profitability. Digital Industrial Transformation takes it one step further, unlocking the potential of industry assets and empowering businesses to adopt predictive maintenance strategies. Asset Performance Management (APM) has traditionally been a key part of digital transformation, but for many asset-intensive industries, it’s been poorly understood and underutilised.
Fortunately, times are changing. Companies now understand that with the ability to look ahead and understand risks you can prevent costly failures and identify problems before they become critical. What is now known as ‘APM 4.0’ is an evolutionary step in the digital transformation journey. APM 4.0, bringing together prescriptive analytics and many other components to achieve an entirely new level of prevention and digital transformation success.
The Building Blocks of APM
What does predicting and preventing failure mean to you? For most companies, it means identifying issues before they become costly problems. However, APM also presents an opportunity to reduce maintenance costs, reduce unplanned downtime, and potentially save 100s of millions with predictive analytics.
There are two levels of prescriptive analytics organisations should consider with APM 4.0. The first is prescribing maintenance activities to minimize downtime once a failure occurs. The second is more sophisticated; it is the ability to prescribe operational changes to alter how the equipment and the process perform. The first level means becoming maintenance smart; the second enables operational excellence and alignment of digital transformation strategy across the enterprise.
There are several other core components to APM: machine learning, smart connected assets and services, IIoT platforms, mashup applications and digital twins. Used together, these components are unlocking the potential of your assets and powering predictive maintenance (PdM) strategies.
AVEVA’s comprehensive Asset Performance Management software portfolio is designed to overcome today’s industrial challenges by leveraging all components of APM. With improved analysis, predicting and preventing failure will become a key part of your successful digital transformation.