The emergence of Industrial Internet of Things (IIoT) technologies has accelerated the process of digital transformation across various end-use industries. There is a growing need to monitor, measure, analyze, and manage the failure of assets as a part of digital transformation initiatives. Asset-intensive industries have been grappling with constant issues such as unplanned downtime and failure of assets, high spare part and inventory cost, and lack of visibility of asset health. Asset-intensive industries, such as oil and gas, utilities, and transportation are striving to maximize asset utilization and achieve operational excellence.
Asset performance management (APM) represents a key advancement in asset management to ensure asset health and provide real-time alerts about asset performance. This helps prevent unnecessary downtime and reduces operational costs. Adoption of APM modules will be key strategic imperative in transformation of end users’ operation and maintenance strategy from reactive to predictive to prescriptive maintenance. The adoption of APM is likely to extend beyond asset-intensive industries to serve as a viable solution for small- and medium-scale businesses with more standardization, flexible modules, and simplified architecture requiring lesser time and cost.