What is Asset Performance Management?

May 19, 2023

Asset performance management is the process of monitoring the physical performance of assets based on parameters and data, which, once analyzed, lead to assertive decision-making.

In other words, we are talking about monitoring the behavior and performance of the asset, based on parameters that will tell us whether it is performing well or not, and enable informed actions to optimize performance.

Managing asset performance through operational data, based on real-time and historical behavior, helps us analyze and identify opportunities to improve asset performance.

This process usually employs a digital chain throughout the asset’s life cycle, that is, the process starts when an asset is still in the design stage and continues throughout its operation, which ideally should be monitored for reliability, availability, and safety.

Modern APM combines traditional asset management practices with new digital technologies, allied, for example, with Artificial Intelligence (AI), advanced simulation, and machine learning.

This implementation facilitates the application of the Condition-Based and Predictive Maintenance strategy. Acting ahead, avoiding unnecessary downtime, directly impacts the asset’s performance.

The following are some common advantages gained from implementation:

✓ Increased reliability and, consequently, asset availability.
✓ Reduction of production loss due to unexpected asset downtime caused by a functional failure.
✓ Reduction of maintenance costs.
✓ More assertive decision-making for the Maintenance Manager.
✓ Improvement in MTBF, Backlog, OEE, availability, and other indicators.
✓ It provides a sequence of continuous improvement of asset management, as it allows actions on maintenance strategies, and the follow-up of its impacts directly on the performance of the assets.

Increased performance based on data

Decision-making is simplified when you have the right APM data available. Dynamox is inserted in this context, with sensors and analysis tools that provide diverse information about the condition and performance of each asset. In addition, the integrable solutions provided by the company allow the client to bring together in a centralized view the data generated (whether raw or processed), contributing to a connected and integrated APM of the various systems already in place.

The following are some of the features and solutions Dynamox provides in the context of Asset Performance Management:

  • Wireless sensors to monitor temperature and vibration parameters, up to 13 kHz, with automated data collection and Web Platform for analysis and decision-making;
  • DynaDetect – Automated fault detection, based on algorithms and failure mode of the monitored assets;
  • Intelligent dashboards with processed data and diagnostic delivery to the end customer;
  • Sensitive inspection module for recording field inspections;
  • Integration with third-party software.

Did you like this content? Continue browsing the blog and see 10 reasons to invest in asset monitoring and have a management of excellence.

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Dynamox S.A

Rod. SC-401 600, km 01, R. Parque Tecnológico Alfa, Módulo 05 - João Paulo, Florianópolis - SC, 88030-909 | Telephone: +55 48 3024-5858