A recent survey of operations executives highlighted that while 97% claimed asset performance management (APM) was significant to their operational excellence initiatives, only 15% were using commercial APM software. Why is this? The answer is simple. The cost, complexity, and resources required to operationalize traditional APM software is too high. And it was designed primary only for reliability engineers and for only a narrow range of use cases for the highest value assets.
“The number one thing preventing APM from reaching its full potential is the cost and complexity of traditional approaches“
Now the good news: Innovation has arrived. While the promise of APM is clear – improved asset reliability, reduced maintenance costs and downtime, optimised production and operations and more – the spotlight has turned to “the how”. How to reduce the cost, complexity and resources required to bring APM to the highest volume of assets to enable organisations to benefit from the full potential of APM. In short, how to democratize APM.
100% self-installed and activated by non-experts.
Delivered in a cloud-native, SaaS based subscription model.
Smart sensors with built in analytics that connect directly to the cloud.
Integrated ESG reporting.
Combined physics and data-based machine learning and AI.
BONUS: Simple, low, pay-as-you grow subscription pricing.
Five innovations have emerged to accelerate the democratization of APM, bringing value to companies of all sizes, and assets in all classes. These innovations are also solving some critical modern problems related to sustainability. Here is a quick summary of the APM “must-have” modern capabilities to look for to achieve the ultimate promise of ubiquitous APM.
Look for out-of-the-box solutions that don’t require teams of data scientists, engineers, and costly integration services. Solutions that require no new site surveys, wires or gateways, and are self-learning and provisioning. Simple, like installing a home security system.
This approach eliminates the cost and complexity of gateways and accelerates time to value from months to days. This ensures consistent monitoring, assuring no event will be missed. It also enables rapid development of predictive analytics and drastically reduces cloud and connectivity recurring costs.
Powered by the cloud, modern APM solutions enable anywhere access and highly scalable management of thousands of assets. This 100% SaaS approach eliminates IT/OT complexities, reduces upfront capital expenses and integration costs, and enables simple integration with 3rd party apps such as computerized maintenance management systems (CMMS).
By combining each machine’s unique operating characteristics with sensor data, limited training data is required including historical data. The result is the highest accuracy insights are delivered in days not months, generating predictive recommendations for maintenance, performance improvements, energy optimization and achieving ESG target.
Emissions compliance is a regulatory mandate today, and non- compliance can be costly. APM solutions must provide fully integrated emissions detection capabilities including 24×7 monitoring, instant alerts, precise location of bad actors and easy compliance reporting with leak and repair logs.
Look for 100% SaaS solutions as they can deliver up to a 90% reduction in cost as compared to traditional APM. And for companies performing manual inspections, this new approach delivers unprecedented automation which drives down labor costs and frees technicians to focus higher-value projects.
These innovations are now must-haves for any company evaluating asset performance management solutions. They enable the simplest installation, providing the most asset coverage, increase accessibility with the power of the cloud, generate highly accurate, predictive insights and drive sustainability – all at the lowest possible cost, both CapEx and OpEx.
Shoreline is a leading industrial software partner, helping our clients address the complex challenge of optimizing asset performance, operations, maintenance, and environmental impact. Through our unique combination of deep domain expertise, design and technology innovation, customers in asset-intensive industries can reach their operational excellence goals while achieving critical sustainability initiatives.
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