With utilities, industrial manufacturers and commercial businesses all seeking improved bottom-line performance and greater resource efficiency, the new year marks a turning point for Asset Performance Management (APM) solutions, according to Atonix Digital. Based on data collected throughout 2019, the drive to optimize operations via data analytics ranked as the top concern for commercial and industrial companies in a recent Black & Veatch report, with APM solutions key to delivering on this goal.
“Any organization that relies on power and water resources or needs to maintain a system of assets throughout their operating footprint can improve performance through a strategic APM program,” said Matt Kirchner, director of product management and customer success, Atonix Digital. “Harnessing the growing power of AI and advanced modeling with the broader deployment of sensor networks, we can create a clearer picture of the risks and opportunities to improve reliability and efficiency while meeting corporate and client expectations.”
For more than 10 years, asset management programs based on the ISO 55000 standards have gained traction with organizations facing capital constraints, rising customer expectations, and growing commitments to sustainability and reducing resource consumption. Advances in APM solutions are making it easier for organizations of all sizes to access and rapidly adopt data analytics solutions tailored to their scale while eliminating many of the manual elements of previous programs.
In a recent IDC Technology Spotlight, sponsored by Atonix Digital, John Villali, research director for IDC Energy Insights, stated, “Ultimately, strategic APM can provide asset owners and operators with the benefits of longer periods of continuous operation without unplanned outages, greater productivity, and a path to a more sophisticated asset strategy that will produce the best operational and financial results for an organization.”
Additional APM opportunities noted in the IDC Technology Spotlight include:
- Preventing unexpected outages by using analytics to fully diagnose and detect root cause issues thereby avoiding equipment failure
- Shifting resources from time-based to condition-based maintenance to reduce spending in ways that do not adversely affect the reliability and productivity metrics of assets
- Providing greater visibility across an organization into the performance of all its assets, leading to faster and better-informed decisions from both an asset management strategy perspective and a capital planning perspective
- Tracking an asset’s degradation from the beginning of equipment failure to the resolution of the failure and restoration of the asset’s operations, with full operator actions documented in a production case management system
- Enabling increased availability and reliability of all assets, leading to longer periods of uninterrupted production with limited downtime
Clients’ drive for accessible, highly capable APM solutions is being supported by Atonix Digital across its portfolio of APM products and solutions powered by the ASSET360® platform. This secure, cloud-based platform powers products and solutions to improve processes ranging from health-monitoring of critical assets, preventing failures, and improving operational efficiency at asset-intensive facilities that range from large power generation and industrial facilities to water and wastewater treatment plants.
IDC’s Villali also noted that “when considering implementation of a digital APM strategy, capital-intensive organizations should prioritize high-value assets that have operational risk. Moving away from traditional time-based maintenance to a condition-based maintenance approach will create sizable savings while improving the financial and physical performance of an organization’s assets.”
About Atonix Digital
Atonix Digital develops and offers a portfolio of products that help simplify asset performance management by putting your data to work – to optimize performance, improve reliability and efficiency, detect emerging risks and provide an easily justifiable return on your investment. Atonix Digital is a Black & Veatch subsidiary. Visit www.atonix.com for more information.