{"id":5356,"date":"2021-09-24T01:29:57","date_gmt":"2021-09-24T07:29:57","guid":{"rendered":"https:\/\/limblecmms.com\/?p=5356"},"modified":"2025-05-30T13:06:17","modified_gmt":"2025-05-30T19:06:17","slug":"performance","status":"publish","type":"post","link":"https:\/\/limblecmms.com\/blog\/performance\/","title":{"rendered":"Maximizing Lifetime Value with Asset Performance Management"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Asset-intensive industries like manufacturing, logistics, <\/span><a href=\"https:\/\/limblecmms.com\/industry\/oil-gas-maintenance-software\/\"><span style=\"font-weight: 400;\">oil and gas<\/span><\/a><span style=\"font-weight: 400;\">, and construction depend on the<\/span> <a href=\"https:\/\/limblecmms.com\/blog\/reliability-availability-maintainability-analysis\/\"><span style=\"font-weight: 400;\">availability<\/span><span style=\"font-weight: 400;\">, reliability<\/span><\/a><span style=\"font-weight: 400;\">, and efficiency of heavy machinery, specialized equipment, transport vehicles, production facilities, and critical infrastructure for their day-to-day operations. But how can companies make sure they are getting the most our of these investments? <\/span><span style=\"font-weight: 400;\">Asset Performance Management<\/span><span style=\"font-weight: 400;\"> (<\/span><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\">) is the comprehensive strategy that most industries use to <\/span><span style=\"font-weight: 400;\">optimize<\/span><span style=\"font-weight: 400;\"> the performance, <\/span><span style=\"font-weight: 400;\">functionality<\/span><span style=\"font-weight: 400;\">, and output of their assets.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Why Asset Performance Management (APM) is important<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Organizations in asset-heavy industries rely on their <\/span><a href=\"https:\/\/limblecmms.com\/blog\/physical-asset-management\/\"><span style=\"font-weight: 400;\">physical assets<\/span><\/a><span style=\"font-weight: 400;\"> for productivity, operations continuity, and quality control. That is why they spend an enormous amount of money on procurement, utilization, and maintenance to protect thost assets. There are strong practical and financial imperatives for developing a program that improves the protection, preservation, and productivity of assets.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is where a fully developed <\/span><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\"> strategy becomes valuable. It provides a framework for:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ensuring assets operate at peak efficiency<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lowering the <\/span><a href=\"https:\/\/limblecmms.com\/blog\/maintenance-cost-explained\/\"><span style=\"font-weight: 400;\">cost of asset maintenance<\/span><\/a><span style=\"font-weight: 400;\"> and utilization<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reducing the risk of <\/span><a href=\"https:\/\/limblecmms.com\/blog\/equipment-failure\/\"><span style=\"font-weight: 400;\">equipment failure<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Preventing <\/span><a href=\"https:\/\/limblecmms.com\/maintenance-definitions\/unplanned-downtime\/\"><span style=\"font-weight: 400;\">unplanned downtime<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Maximizing the ROI on your <\/span><span style=\"font-weight: 400;\">physical assets<\/span><span style=\"font-weight: 400;\"> across their lifespan.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Businesses rely on a number of interconnected systems, tools, and technology to achieve these outcomes such as <\/span><a href=\"https:\/\/limblecmms.com\/blog\/iiot-maintenance\/\"><span style=\"font-weight: 400;\">IoT<\/span><span style=\"font-weight: 400;\">-enabled sensors<\/span><\/a><span style=\"font-weight: 400;\">, advanced data analytics, <\/span><a href=\"https:\/\/limblecmms.com\/blog\/predictive-maintenance-techniques\/\"><span style=\"font-weight: 400;\">condition monitoring devices<\/span><\/a><span style=\"font-weight: 400;\">, and <\/span><a href=\"https:\/\/limblecmms.com\/maintenance-definitions\/eam\/\"><span style=\"font-weight: 400;\">enterprise asset management<\/span><span style=\"font-weight: 400;\"> (<\/span><span style=\"font-weight: 400;\">EAM<\/span><span style=\"font-weight: 400;\">)<\/span><\/a><span style=\"font-weight: 400;\"> systems. In the guide that follows, we\u2019ll provide an overview of <\/span><span style=\"font-weight: 400;\">Asset Performance Management<\/span><span style=\"font-weight: 400;\">, identify the key components of <\/span><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\">, explore the benefits of having a sound <\/span><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\"> strategy in place, and offer tips for implementing an effective <\/span><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\"> program.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is Asset Performance Management (APM)?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Asset Performance Management<\/span><span style=\"font-weight: 400;\"> (<\/span><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\">) is a holistic asset management strategy that combines specific processes, technologies, and best practices in order to maximize the value of your <\/span><a href=\"https:\/\/limblecmms.com\/maintenance-definitions\/asset-lifecycle-management\/\"><span style=\"font-weight: 400;\">assets across their entire <\/span><span style=\"font-weight: 400;\">lifecycle<\/span><\/a><span style=\"font-weight: 400;\">, from procurement to discharge. An effective <\/span><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\"> will combine traditional asset management priorities such as maintenance, <\/span><span style=\"font-weight: 400;\">downtime and failure mitigation<\/span><span style=\"font-weight: 400;\">, and optimized performance with broader organizational goals such as cost management, <\/span><span style=\"font-weight: 400;\">operational efficiency<\/span><span style=\"font-weight: 400;\">, and <\/span><span style=\"font-weight: 400;\">sustainability<\/span><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most organizations that implement APM strategies do so with an array of sophisticated tech-enabled solutions to <\/span><span style=\"font-weight: 400;\">optimize<\/span><span style=\"font-weight: 400;\"> efficiency, improve performance, and prolong the life of their equipment. Many of these solutions are used to facilitate an approach called <\/span><span style=\"font-weight: 400;\">predictive maintenance<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Predictive maintenance and Asset Performance Management<\/span><\/h3>\n<p><a href=\"https:\/\/limblecmms.com\/strategies\/predictive-maintenance\/\"><span style=\"font-weight: 400;\">Predictive maintenance<\/span><\/a><span style=\"font-weight: 400;\"> is an approach to asset management that leverages an analysis of historical data, <\/span><span style=\"font-weight: 400;\">real-time<\/span><span style=\"font-weight: 400;\"> performance data, and environmental conditions to help predict <\/span><a href=\"https:\/\/limblecmms.com\/blog\/equipment-failure-patterns\/\"><span style=\"font-weight: 400;\">potential failures<\/span><\/a><span style=\"font-weight: 400;\"> so that maintenance can be performed to help avoid those failures. Using equipment performance patterns to determine when upkeep is needed helps improve the precision of maintenance plans, ensuring that maintenance is done when needed, but not more than needed, to minimize and prevent <\/span><a href=\"https:\/\/limblecmms.com\/blog\/equipment-failure\/\"><span style=\"font-weight: 400;\">equipment failure<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tools commonly used in predictive <\/span><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\"> strategies include:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">IoT<\/span><span style=\"font-weight: 400;\"> (Internet of Things) devices<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/limblecmms.com\/blog\/5-condition-monitoring-techniques\/\"><span style=\"font-weight: 400;\">Condition-monitoring<\/span><\/a><span style=\"font-weight: 400;\"> sensors<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Advanced <\/span><a href=\"https:\/\/limblecmms.com\/blog\/predictive-maintenance-analytics\/\"><span style=\"font-weight: 400;\">data analytics<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Machine learning<\/span><span style=\"font-weight: 400;\"> (ML) algorithms<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enterprise Asset Management<\/span><span style=\"font-weight: 400;\"> (<\/span><span style=\"font-weight: 400;\">EAM<\/span><span style=\"font-weight: 400;\">) platforms<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/limblecmms.com\/cmms\/\"><span style=\"font-weight: 400;\">Computerized Maintenance Management Systems (<\/span><span style=\"font-weight: 400;\">CMMS<\/span><span style=\"font-weight: 400;\">)<\/span><\/a><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Key objectives of <\/span><span style=\"font-weight: 400;\">APM<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Your <\/span><span style=\"font-weight: 400;\">Asset Performance Management<\/span><span style=\"font-weight: 400;\"> strategy should begin by clearly defining what you hope to get out of it. Because <\/span><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\"> is holistic in nature and impacts all parts of an asset\u2019s operation, these objectives will serve to form a strategy that addresses its full <\/span><span style=\"font-weight: 400;\">lifecycle<\/span> <i><span style=\"font-weight: 400;\">and <\/span><\/i><span style=\"font-weight: 400;\">aligns with broader business goals.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, an effective <\/span><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\"> framework will seek to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Minimize <\/b><a href=\"https:\/\/limblecmms.com\/maintenance-definitions\/unplanned-downtime\/\"><b>unplanned downtime<\/b><\/a><span style=\"font-weight: 400;\"> by reducing unexpected <\/span><a href=\"https:\/\/limblecmms.com\/blog\/what-is-breakdown-maintenance\/\"><span style=\"font-weight: 400;\">breakdowns<\/span> <\/a><span style=\"font-weight: 400;\">and the costs associated with repairs, lost production, and operational disruption.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Extend asset life<\/b><span style=\"font-weight: 400;\"> through a combination of continuous monitoring and proactive <\/span><a href=\"https:\/\/limblecmms.com\/blog\/maintenance-strategy\/\"><span style=\"font-weight: 400;\">maintenance strategies<\/span><\/a><span style=\"font-weight: 400;\">, including predictive and preventive maintenance.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Maximize return on investment (ROI) <\/b><span style=\"font-weight: 400;\">by offsetting the impact of <\/span><a href=\"https:\/\/limblecmms.com\/maintenance-definitions\/wear-and-tear\/\"><span style=\"font-weight: 400;\">wear and tear,<\/span><\/a><span style=\"font-weight: 400;\"> reducing the frequency of emergency repairs, increasing <\/span><a href=\"https:\/\/limblecmms.com\/metrics\/machine-uptime\/\"><span style=\"font-weight: 400;\">uptime<\/span><\/a><span style=\"font-weight: 400;\">, and delaying the need for replacement of major components or pieces of equipment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Ensure peak performance<\/b><span style=\"font-weight: 400;\"> by reducing equipment energy consumption, avoiding materials waste, and minimizing defective output to increase operational efficiency.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Improve safety and compliance<\/b><span style=\"font-weight: 400;\"> by ensuring that equipment is used and maintained in compliance with safety regulations and internal standard operating procedures.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\"> and Overall Equipment Effectiveness (OEE)<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Taken together, the objectives you design your APM strategy to achieve will also contribute to the ultimate goal of <\/span><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\">, which is increased <\/span><a href=\"https:\/\/limblecmms.com\/metrics\/overall-equipment-effectiveness\/\"><span style=\"font-weight: 400;\">Overall Equipment Effectiveness (OEE)<\/span><\/a><span style=\"font-weight: 400;\">. OEE is a <\/span><span style=\"font-weight: 400;\">metric<\/span><span style=\"font-weight: 400;\"> used to measure how effectively each asset is used during its operational lifespan by considering three key aspects of performance: <\/span><a href=\"https:\/\/limblecmms.com\/blog\/how-to-increase-asset-availability\/\"><span style=\"font-weight: 400;\">availability<\/span><\/a><span style=\"font-weight: 400;\">, performance, and quality.\u00a0 Read more about OEE here.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">The shift from reactive to proactive maintenance\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\"> is rooted in <\/span><a href=\"https:\/\/limblecmms.com\/maintenance-definitions\/proactive-maintenance\/\"><span style=\"font-weight: 400;\">proactive <\/span><span style=\"font-weight: 400;\">maintenance<\/span><\/a><span style=\"font-weight: 400;\">. Proactive <\/span><span style=\"font-weight: 400;\">maintenance strategies<\/span><span style=\"font-weight: 400;\"> like preventive and <\/span><span style=\"font-weight: 400;\">predictive maintenance<\/span><span style=\"font-weight: 400;\"> stand in contrast to reactive maintenance. While they all have their place in a well-rounded <\/span><a href=\"https:\/\/limblecmms.com\/blog\/asset-maintenance\/\"><span style=\"font-weight: 400;\">asset maintenance program<\/span><\/a><span style=\"font-weight: 400;\">, it is important to apply them thoughtfully to achieve the right balance in your APM.<\/span><\/p>\n<p><a href=\"https:\/\/limblecmms.com\/strategies\/reactive-maintenance\/\"><b>Reactive maintenance<\/b><\/a><span style=\"font-weight: 400;\"> is a <\/span><span style=\"font-weight: 400;\">methodology<\/span><span style=\"font-weight: 400;\"> in which maintenance tasks are only triggered after equipment malfunctions or fails. While the upfront costs and burden of labor associated with reactive maintenance are low, the long term costs typically prove to offset any initial savings.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Reactive <\/span><span style=\"font-weight: 400;\">maintenance strategies<\/span><span style=\"font-weight: 400;\"> often result<\/span><span style=\"font-weight: 400;\"> in more frequent and more severe <\/span><span style=\"font-weight: 400;\">equipment failures<\/span><span style=\"font-weight: 400;\"> as well as more costly repairs and prolonged <\/span><span style=\"font-weight: 400;\">downtime<\/span><span style=\"font-weight: 400;\">. And as always, downtime carries a number of additional costs including lost production, missed delivery deadlines, expedited shipping rates, and diminished customer satisfaction.<\/span><\/p>\n<p><a href=\"https:\/\/limblecmms.com\/blog\/equipment-preventive-maintenance\/\"><b>Preventive maintenance (PM)<\/b><\/a><span style=\"font-weight: 400;\">, is when maintenance teams deploy routine checks, scheduled equipment inspections, planned part replacements, seasonal cleaning and more to prevent failures or performance issues. Preventive <\/span><span style=\"font-weight: 400;\">maintenance strategies<\/span><span style=\"font-weight: 400;\"> use time or <\/span><a href=\"https:\/\/limblecmms.com\/blog\/usage-based-maintenance-maximizing-equipment-uptime\/\"><span style=\"font-weight: 400;\">usage-based triggers<\/span><\/a><span style=\"font-weight: 400;\"> to initiate maintenance activities. This approach has proven to be an effective strategy for reducing costs, minimizing <\/span><span style=\"font-weight: 400;\">downtime<\/span><span style=\"font-weight: 400;\">, and lengthening the <\/span><span style=\"font-weight: 400;\">lifecycle<\/span><span style=\"font-weight: 400;\"> of your equipment. It is popular because, while the upfront time investment is more than with a reactive approach, the time and money needed to put it in place is relatively minimal.<\/span><\/p>\n<p><a href=\"https:\/\/limblecmms.com\/blog\/start-predictive-maintenance-program\/\"><b>Predictive maintenance<\/b><b> (PdM)<\/b><\/a><span style=\"font-weight: 400;\"> builds on the benefits of preventive maintenance by infusing it with <\/span><span style=\"font-weight: 400;\">real-time<\/span> <span style=\"font-weight: 400;\">condition-based<\/span><span style=\"font-weight: 400;\"> monitoring data and analysis. With the incorporation of <\/span><a href=\"https:\/\/limblecmms.com\/blog\/predictive-maintenance-tools\/\"><span style=\"font-weight: 400;\">predictive maintenance<\/span><span style=\"font-weight: 400;\"> tools<\/span><\/a><span style=\"font-weight: 400;\"> like <\/span><span style=\"font-weight: 400;\">IoT<\/span><span style=\"font-weight: 400;\"> devices, <\/span><span style=\"font-weight: 400;\">condition-monitoring<\/span><span style=\"font-weight: 400;\"> sensors, and <\/span><span style=\"font-weight: 400;\">machine-learning<\/span><span style=\"font-weight: 400;\"> algorithms, maintenance teams can get even more precise with their maintenance planning, Continuous monitoring, while it requires more software, data, and technological infrastructure, makes it possible to meet <\/span><a href=\"https:\/\/limblecmms.com\/blog\/how-a-cmms-simplifies-regulatory-audits\/\"><span style=\"font-weight: 400;\">compliance<\/span><\/a><span style=\"font-weight: 400;\"> standards with fewer <\/span><a href=\"https:\/\/limblecmms.com\/blog\/guide-to-maintenance-inspections\/\"><span style=\"font-weight: 400;\">physical inspections<\/span><\/a><span style=\"font-weight: 400;\"> and expands dramatically on the amount and quality data that can be used to inform <\/span><span style=\"font-weight: 400;\">decision making<\/span><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When used effectively and in tandem, a combination of all three methods will help your organization maximize the benefits of an effective <\/span><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Benefits of an effective APM<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Organizations that adopt comprehensive <\/span><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\"> strategies realize several key benefits, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Reduced <\/b><b>unplanned downtime<\/b><span style=\"font-weight: 400;\">, with <\/span><span style=\"font-weight: 400;\">IoT<\/span><span style=\"font-weight: 400;\">-based <\/span><span style=\"font-weight: 400;\">condition monitoring<\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">advanced analytics<\/span><span style=\"font-weight: 400;\"> detecting early signs of <\/span><a href=\"https:\/\/limblecmms.com\/maintenance-definitions\/wear-and-tear\/\"><span style=\"font-weight: 400;\">wear or potential failure<\/span><\/a><span style=\"font-weight: 400;\">, and initiating corrective maintenance efforts<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Lower <\/b><b>maintenance costs<\/b><span style=\"font-weight: 400;\"> through on-time <\/span><a href=\"https:\/\/limblecmms.com\/maintenance-definitions\/corrective-maintenance\/\"><span style=\"font-weight: 400;\">corrective repairs<\/span><\/a><span style=\"font-weight: 400;\">, and a consequent reduction of both costly failure-driven repairs and tasks that might qualify as \u201cover-maintenance\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Improved asset longevity<\/b><span style=\"font-weight: 400;\"> through more precise <\/span><span style=\"font-weight: 400;\">diagnostics<\/span><span style=\"font-weight: 400;\">, early identification of performance issues, and timely corrective action<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Improved safety and compliance<\/b><span style=\"font-weight: 400;\">, with the ability to track performance <\/span><span style=\"font-weight: 400;\">metrics<\/span><span style=\"font-weight: 400;\"> and detect issues early helping businesses ensure they meet industry regulations, environmental regulations, and safety standards, as well as minimize the associated legal liability and financial penalties\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Enhanced <\/b><b>decision making<\/b><span style=\"font-weight: 400;\">, with better data and more in-depth analysis contributing to better informed asset investments, production strategies, equipment utilization rates, and more <\/span>&nbsp;<\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Measuring asset performance with key <\/span><span style=\"font-weight: 400;\">metrics<\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">KPIs<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In addition to the advanced predictive technology highlighted throughout this guide, an effective <\/span><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\"> strategy must also provide a framework for benchmarking, measuring, tracking, and analyzing your program\u2019s progress toward key objectives like minimizing <\/span><span style=\"font-weight: 400;\">downtime<\/span><span style=\"font-weight: 400;\">, reducing <\/span><span style=\"font-weight: 400;\">maintenance costs<\/span><span style=\"font-weight: 400;\">, and improving equipment lifespan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is why it\u2019s important to choose relevant <\/span><span style=\"font-weight: 400;\">metrics<\/span><span style=\"font-weight: 400;\"> and track these <\/span><a href=\"https:\/\/limblecmms.com\/blog\/maintenance-kpi\/\"><span style=\"font-weight: 400;\">key performance indicators (<\/span><span style=\"font-weight: 400;\">KPIs<\/span><span style=\"font-weight: 400;\">)<\/span><\/a><span style=\"font-weight: 400;\"> after implementing your <\/span><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\">. The following are some of the more commonly used <\/span><span style=\"font-weight: 400;\">KPIs<\/span><span style=\"font-weight: 400;\"> in <\/span><span style=\"font-weight: 400;\">Asset Performance Management<\/span><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/limblecmms.com\/metrics\/mean-time-between-failure\/\"><b>Mean Time Between Failures (MTBF)<\/b><\/a><span style=\"font-weight: 400;\">, measures the average time between <\/span><span style=\"font-weight: 400;\">asset failures<\/span><span style=\"font-weight: 400;\">, with a higher MTBF indicating greater <\/span><span style=\"font-weight: 400;\">asset reliability<\/span><span style=\"font-weight: 400;\">, and a lower MTBF suggesting more frequent failures in a given period of time.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Mean Time to Repair (MTTR)<\/b><span style=\"font-weight: 400;\"> tracks the average time taken to restore an asset to full operation after a failure, with a lower MTTR indicating a well-trained maintenance team with efficient repair processes, and a higher MTTR indicating longer delays in addressing <\/span><span style=\"font-weight: 400;\">equipment failures<\/span><span style=\"font-weight: 400;\">, prolonged <\/span><span style=\"font-weight: 400;\">downtime<\/span><span style=\"font-weight: 400;\">, and the need for greater process efficiency.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Overall Equipment Effectiveness (OEE)<\/b><span style=\"font-weight: 400;\"> is a comprehensive <\/span><span style=\"font-weight: 400;\">metric<\/span><span style=\"font-weight: 400;\"> that measures asset utilization by combining three factors: asset availability, performance, and quality, with a high OEE score indicating that assets are not only available but also running efficiently and producing quality outputs, and a lower OEE indicating that factors like frequent <\/span><span style=\"font-weight: 400;\">downtime<\/span><span style=\"font-weight: 400;\">, inefficient operation, and inconsistent quality assurance may be cutting into the maximum potential of your equipment.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/limblecmms.com\/metrics\/work-order-completion\/\"><b>Work Order Completion Rate<\/b><\/a><span style=\"font-weight: 400;\"> tracks the percentage of work orders that are completed on time, with a high completion rate demonstrating that your maintenance team is distributing labor resources effectively and meeting its responsibilities on time, and a low completion rate suggesting process inefficiencies or resource constraints.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/limblecmms.com\/metrics\/asset-utilization\/\"><b>Asset Utilization Rate<\/b><\/a><span style=\"font-weight: 400;\"> measures how much of an asset\u2019s maximum potential capacity is being used, with low utilization rates suggesting inefficiencies, underuse, or a misalignment between assets and production goals.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">How to implement an Asset Performance Management Strategy\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In addition to choosing the right technology, the likely success of your <\/span><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\"> program will be improved with a couple of proven best practices. Below, we offer step by step instructions for getting the most out of your <\/span><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\"> implementation.<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Identify the <\/b><a href=\"https:\/\/limblecmms.com\/blog\/how-to-perform-criticality-analysis\/\"><b>critical assets<\/b><\/a><span style=\"font-weight: 400;\"> that have the most significant impact on your business operations, conduct a risk-based assessment of your equipment, and <\/span><span style=\"font-weight: 400;\">prioritize<\/span> <span style=\"font-weight: 400;\">predictive maintenance strategies<\/span><span style=\"font-weight: 400;\"> for those assets that are most prone to failure or which represent the biggest threat of disrupting your operations.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Implement <\/b><b>condition monitoring<\/b><span style=\"font-weight: 400;\"> with <\/span><span style=\"font-weight: 400;\">IoT<\/span><span style=\"font-weight: 400;\"> sensors in order to track various parameters, such as temperature, vibration, pressure, and fluid levels, in <\/span><span style=\"font-weight: 400;\">real-time<\/span><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Integrate <\/b><b>IoT<\/b><b> data with <\/b><a href=\"https:\/\/limblecmms.com\/blog\/optimize-maintenance-workflow\/\"><b>workflows<\/b><\/a><b>, <\/b><span style=\"font-weight: 400;\">typically with the support of operational platforms such as your Computerized Maintenance Management System (<\/span><span style=\"font-weight: 400;\">CMMS<\/span><span style=\"font-weight: 400;\">) or <\/span><span style=\"font-weight: 400;\">Enterprise Asset Management<\/span><span style=\"font-weight: 400;\"> (<\/span><span style=\"font-weight: 400;\">EAM<\/span><span style=\"font-weight: 400;\">) platform. These software solutions can provide a centralized platform for collecting, storing, and analyzing data from a wide variety of sources. In addition, well-selected <\/span><span style=\"font-weight: 400;\">CMMS<\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">EAM<\/span><span style=\"font-weight: 400;\"> platforms can help your business more effectively track <\/span><span style=\"font-weight: 400;\">asset health<\/span><span style=\"font-weight: 400;\">, generate work orders, <\/span><a href=\"https:\/\/limblecmms.com\/blog\/preventive-maintenance-schedule\/\"><span style=\"font-weight: 400;\">schedule preventive maintenance<\/span><\/a><span style=\"font-weight: 400;\"> tasks, and produce audit trails to ensure compliance.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Leverage advanced <\/b><b>predictive analytics<\/b> <span style=\"font-weight: 400;\">to detect patterns in equipment performance parameters such as <\/span><a href=\"https:\/\/limblecmms.com\/blog\/vibration-analysis\/\"><span style=\"font-weight: 400;\">vibration<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/limblecmms.com\/blog\/temperature-sensors\/\"><span style=\"font-weight: 400;\">temperature<\/span><\/a><span style=\"font-weight: 400;\">, and <\/span><a href=\"https:\/\/limblecmms.com\/blog\/pressure-sensors\/\"><span style=\"font-weight: 400;\">pressure<\/span><\/a><span style=\"font-weight: 400;\">; to identify anomalies, in these patterns; and to make better-informed decisions about when and how to service equipment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Build a balanced <\/b><b>maintenance strategy<\/b><span style=\"font-weight: 400;\">, one that advances the holistic goals of <\/span><span style=\"font-weight: 400;\">APM<\/span><span style=\"font-weight: 400;\"> by bringing together predictive, preventive and corrective <\/span><span style=\"font-weight: 400;\">maintenance strategies<\/span><span style=\"font-weight: 400;\"> and procedures.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Incorporate maintenance innovations <\/b><span style=\"font-weight: 400;\">including rapidly advancing AI and <\/span><span style=\"font-weight: 400;\">Machine Learning<\/span><span style=\"font-weight: 400;\"> algorithms for continuous analysis of asset data and performance patterns; <\/span><a href=\"https:\/\/limblecmms.com\/blog\/what-type-of-maintenance-software-do-i-need\/\"><span style=\"font-weight: 400;\">cloud-based<\/span><span style=\"font-weight: 400;\"> platforms<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/limblecmms.com\/cmms\/cmms-mobile-app\/\"><span style=\"font-weight: 400;\">mobile apps<\/span><\/a><span style=\"font-weight: 400;\"> for easy data sharing across departments and locations; augmented reality, which can assist technicians in performing maintenance tasks by overlaying digital information on <\/span><span style=\"font-weight: 400;\">physical assets<\/span><span style=\"font-weight: 400;\">; and more.<\/span><\/li>\n<\/ol>\n<h2><span style=\"font-weight: 400;\"><br \/>\n<\/span><b>Top Limble solutions for implementing your <\/b><b>Asset Performance Management<\/b><b> (<\/b><b>APM<\/b><b>) strategy<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If your organization depends on the availability, reliability, and cost management of your <\/span><span style=\"font-weight: 400;\">physical assets<\/span><span style=\"font-weight: 400;\"> for productivity and profitability, an <\/span><span style=\"font-weight: 400;\">Asset Performance Management<\/span><span style=\"font-weight: 400;\"> strategy can drive improvements at every level of your business. But in order to achieve the benefits highlighted throughout this discussion, it\u2019s important to choose the right <\/span><span style=\"font-weight: 400;\">APM software<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To learn more, check out Limble\u2019s industry-leading<\/span><a href=\"https:\/\/limblecmms.com\/cmms\/predictive-maintenance-software\/\"> <span style=\"font-weight: 400;\">Predictive Maintenance<\/span><span style=\"font-weight: 400;\"> software<\/span><\/a><span style=\"font-weight: 400;\"> and find out what our sophisticated <\/span><a href=\"https:\/\/limblecmms.com\/cmms\/asset-maintenance-management-software\/\"><span style=\"font-weight: 400;\">Enterprise Asset Management<\/span><\/a><span style=\"font-weight: 400;\"> (<\/span><span style=\"font-weight: 400;\">EAM<\/span><span style=\"font-weight: 400;\">) platform can do for your business.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Asset-intensive industries like manufacturing, logistics, oil and gas, and construction [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[399],"tags":[],"class_list":["post-5356","post","type-post","status-publish","format-standard","hentry","category-asset-maintenance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Maximizing Lifetime Value with Asset Performance Management<\/title>\n<meta name=\"description\" content=\"This article provides an overview of Asset Performance Management and offers tips for implementation of an effective APM program.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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