In today's fast-paced business world, managing buildings and their assets efficiently has become a top priority. With the rapid adoption of digital technologies, companies are now leveraging the power of data to stay relevant and operational. One approach that has emerged as a critical tool in this regard is Asset Performance Management (APM). Asset Performance Management is a data-driven approach that utilizes analytics to optimize the performance of assets. It involves constantly monitoring, analyzing, and optimizing asset performance to ensure that they operate at peak efficiency. APM has gained widespread adoption due to its ability to predict potential failures and take proactive measures to prevent them.
The market for Asset Performance Management is currently growing at a Compound Annual Growth Rate (CAGR) of 10.1%. This growth is expected to continue, and APM will become an increasingly important tool in managing building assets. Wondering why it is gaining popularity and how it can be helpful for your O&M teams? Let’s have a look at it!
Asset Performance Management (APM) is a comprehensive approach to managing assets to ensure they operate at their best possible performance. This includes understanding asset performance, predicting when and how assets will fail, identifying opportunities to improve performance, and optimizing maintenance activities.
APM requires the collection and analysis of data to inform decision-making. This data can come from a variety of sources, including building management systems, sensors, IoT devices, and manual inspections. The data is then analyzed using advanced analytics tools and machine learning algorithms to identify patterns and anomalies that can be used to inform maintenance activities.
Buildings and built environments have complex systems made up of numerous assets, including HVAC systems, lighting, elevators, and security systems. These assets require ongoing maintenance and monitoring to ensure they operate effectively and efficiently. However, traditional maintenance approaches tend to be reactive, waiting for assets to fail before taking action. This approach can lead to increased downtime, higher maintenance costs, and reduced asset lifespan.
APM provides facility managers with a proactive approach to maintenance by predicting when and how assets are likely to fail. This approach allows managers to schedule maintenance activities in advance, reducing downtime, and lowering maintenance costs. APM also provides insights into asset performance, allowing managers to identify opportunities to improve efficiency and reduce energy consumption.
APM can also help facility managers to comply with regulatory requirements and standards. For example, building owners have to ensure that their properties meet certain energy efficiency standards. APM can help managers to identify opportunities to improve energy efficiency and reduce carbon emissions, helping to meet these requirements.
To implement Asset Performance Management (APM) in buildings and built environments, a multi-step approach is necessary. The first step is to define goals and objectives, such as reducing maintenance costs, improving energy efficiency, or extending asset lifespan. Next, data is collected from assets through facility management systems, sensors, IoT devices, and manual inspections. The collected data should be accurate, reliable, and relevant to APM goals. Once the data is collected, advanced analytics tools and machine learning algorithms are used to analyze the data and identify potential issues before they become critical. Based on the analysis, a preventative maintenance strategy should be developed that optimizes maintenance activities to reduce costs and improve efficiency. Finally, the effectiveness of the APM strategy should be monitored and evaluated by tracking key performance indicators (KPIs).
Overall, Asset Performance Management can help facility owners and managers save money, reduce carbon emissions, and create a more pleasant and safe environment for tenants.
It is one of the primary use cases of APM. It involves real-time monitoring of asset performance to detect and diagnose faults, which can help prevent equipment breakdowns, improve maintenance efficiency, and reduce costs. By identifying and addressing potential issues early on, organizations can avoid costly repairs, minimize downtime, and ensure that their assets operate at peak performance.
With Asset Performance Management (APM), you can achieve live visibility into your portfolio's operations and performance. By integrating multiple data sources across your assets or facilities, APM establishes a single source of truth for all performance metrics. This enables you to identify and address issues in real-time, ensuring optimal tenant experience. By leveraging APM, you can proactively detect and resolve problems before they impact operations or tenant satisfaction, enhancing efficiency and minimizing downtime. With comprehensive and up-to-date insights, APM empowers you to make data-driven decisions, optimize asset performance, and maintain a high level of operational excellence across your entire portfolio.
It is another use case of APM, which involves monitoring asset performance and conducting maintenance activities based on the asset's condition. This approach can extend the life of assets, reduce maintenance costs, and improve overall asset performance. By analyzing real-time data, organizations can schedule maintenance activities when they are most needed, rather than relying on a fixed schedule that may not align with the asset's actual condition.
APM can also be used for maintenance schedule optimization, where maintenance activities are scheduled in a way that minimizes disruptions to operations and reduces downtime. This can improve efficiency, reduce maintenance costs, and enhance asset performance. By using data analytics and machine learning algorithms, organizations can predict when maintenance activities should be performed, plan for maintenance downtime, and optimize resources to minimize disruptions to operations.
It is another use case of APM, where machine learning algorithms are used to predict when and how assets may fail. This can help prevent equipment breakdowns, reduce maintenance costs, and optimize maintenance activities. By analyzing historical data, real-time performance data, and other relevant data sources, organizations can identify patterns and trends that may indicate an impending equipment failure. This enables them to take proactive measures to prevent equipment breakdowns and minimize downtime.
APM can be used for energy management, where building management systems and IoT devices are used to monitor and optimize energy consumption. This can help reduce energy costs, improve energy efficiency, and reduce carbon emissions. By collecting data on energy consumption, analyzing it, and identifying areas for improvement, organizations can implement energy-saving measures that reduce costs and minimize their environmental impact.
In conclusion, Asset Performance Management is a crucial approach for managing assets in the built environment. It enables organizations to optimize performance, reduce maintenance costs, and improve energy efficiency. APM also helps to avoid equipment breakdowns, increase productivity, and enhance overall performance.