Asset performance management (APM) encompasses software tools designed to optimize essential operational assets, such as plants, equipment, and infrastructure, which are critical to a business’ success. Asset performance management helps companies track the performance of their fixed assets to optimize their use. Companies use asset performance management solutions to extend the life of their fixed assets and to reduce the costs of maintenance. Asset performance management is mainly used by maintenance managers, but can also be used by finance professionals to monitor fixed asset costs. Additionally, APM tools help businesses comply with regulatory requirements for asset inspection and maintenance.
APM solutions use data capture, integration, visualization, and analytics to refine operations and schedule maintenance more effectively. By analyzing data, APM systems help determine the most impactful maintenance and inspection activities, improving the reliability of mission-critical assets.
Asset performance management software can be delivered as part of an enterprise asset management (EAM) software package, or as a separate solution. Some business intelligence software providers also offer solutions customized for asset performance.
To qualify for inclusion in the Asset Performance Management category, a product must:
Consolidate fixed assets data from multiple sources
Provide standard KPIs to track asset performance
Identify trends and potential risks that may impact assets
Deliver suggestions on how to improve asset utilization
Track the financial performance of fixed assets