What's Next? The Future of Predictive Asset Performance Management

Asset performance management (APM) consists of two key elements: predictive analytics and maintenance strategies. Setting a strategic path for APM depends on understanding the current state of equipment health, and then being able to plan improvement based on predicting what will be needed to maintain and bring assets to an even more efficient state. Within the next five to ten years, the predictive component of APM is poised for transformative disruption.

Current APM Approach

The traditional approach of Cloud and on-premises APM has reached a new, more efficient state, but still poses constraints in continuing significant improvements. Recent advancements still have limitations to the impact they can achieve.

Deployment time has been reduced due to investments in Cloud technology and pre-built models. However, analytics may not operate to the fullest potential from the beginning; prebuilt analytics need a certain amount of customization. Facility assets are often part of an aging infrastructure; sensors may be missing or out of calibration, and as a result inadequate data are brought into the cloud APM solution. Analytics need continual updates and additional customization and services over time and upon new equipment installation to maintain ongoing improvement. 

What is Needed to Evolve

To be truly transformative, a new disruptive APM approach must be enacted. Strategies to close gaps and build an enduring, world-class solution will resolve the predictive side of APM and link with the maintenance side.

Solutions must bypass the need for connecting into existing sensors and historians, and the associated cumbersome deployment process.  

Expediting through do-it-yourself ordering and installation by the user will result in reduced project cost and minimal to no service cost. 

A convergence of technologies will bring about wireless sensors with much greater capabilities, encompassing financial and environmental health and planning. In addition to monitoring traditional critical parameters, a wireless solution will aid in energy and emissions management, as well as asset investment planning including decisions regarding replace or repair strategies.

As part of a software as a service (SaaS) model, end users will no longer own the sensors/devices, demanding substantial CAPEX and time resources. The market is shifting to providing equipment, installation, maintenance, and the Internet of Things (IoT) tech bundled into a monthly service fee.

Prebuilt analytics models can be deployed remotely by OEM engineers, with minimal services effort.

The Path Forward

Technology gaps will need to be addressed to realize the full potential of an APM solution. Sensors will include additional parameters such as flowrate and pressure, and solutions must include assets for which vibrations don't play a significant role in fault or performance monitoring. New technology can help enable quicker, easier procurement and encompass APM, energy emissions monitoring and fuel optimization.

Advanced APM will be implemented in a fraction of the time and cost, making it the future of digital solutions for process optimization.