Asset performance management - Glossary

Asset performance management (APM) is a strategic approach focused on maximizing the efficiency reliability and lifespan of physical assets within an organization. Imagine a bustling manufacturing plant- within it machinery hums and operates around the clock. APM steps in to ensure this equipment functions at its best by predicting potential failures optimizing maintenance schedules and enhancing overall productivity. By exploiting advanced analytics businesses can turn raw data into actionable insights deciding whether a machine requires immediate attention or can continue running smoothly. This optimization helps reduce costs and prevent unforeseen downtime. For example an airline might use APM to monitor the performance of its aircraft engines enabling proactive maintenance that minimizes delays and enhances safety. APM is all about creating streamlined operations that reflect not just a focus on asset health but also a dedication to maintaining seamless and efficient business workflows.