Asset performance is considered to be a business’s ability to manage their productive resources to produce quantifiable returns, or profit. In the manufacturing sector, a number of asset performance management trends have recently been identified as particularly valuable. In today’s article, we discuss the most valuable takeaways from trends impacting asset performance in the workforce.
Healthy Assets are the Foundation of a Healthy Business
With a broad and integrated maintenance and technology base, asset performance management has utilized innovative data management and analysis techniques to influence how businesses address their production assets. Breaking down those production assets into quantifiable measurements helps to further understand how the health of each specific asset shapes and impacts the health of the overall business model. From worker health, to efficiency and compliance, it is critical for businesses to invest in the health and efficiency of those assets to ensure peak productivity and return on investment.
The Impact of the Internet of Things
It seems that the entire industry has been waiting for the moment when the Internet of Things (IoT) revolutionizes day-to-day business in the manufacturing sector. With so much buildup and hype over the subject, it may come as a surprise to many that we are already seeing major transformations in the way business is done, particularly in relation to asset performance. Asset Performance Management professionals are currently using IoT-based data to make improvements in customer satisfaction, reduce unplanned maintenance, and grow productivity.
Revolutionizing Business Models
With manufacturers becoming more and more excited about new technologies and how they are likely to impact the industry, these technology trends are steadily bringing about a serious change in the field, to the point where businesses are having to completely rethink their current business models. Take jet engines for example. Some manufacturers have completely switched from a business model based on the outright sale of their engines, to a service-based structure where their clients are billed by flight hours. These sorts of changes are transforming the industry as a whole.
Using Asset Performance Management to Improve Sustainability
Sustainability and safety initiatives are a top priority in many manufacturing business models. Interestingly enough, they are also a growing area of success for Asset Performance Management. The broad effects of the interdisciplinary strategy of APM often result in a business that is more sustainable, efficient, and operates under less wasteful processes. Improvements in safety and risk management are two additional benefits of APM, as similar priorities align on a variety of different types of projects.
Elevating Operations and Influencing Executive Decisions
Asset Performance Management has matured into a proactive and interdisciplinary business strategy. It has wide-ranging impacts on productivity, safety, sustainability, and most importantly, profitability. As APM influences and improves operations and helps businesses achieve their highest potential, executives are taking note and beginning to value how APM can influence the overall success of their business.
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