21 Nov 2024
Asset performance management (APM) – strategies for success
Maximise your APM investment
Asset performance management (APM) systems are digital tools that can help asset-intensive industries improve equipment reliability and integrity and reduce operating costs. However, when organisations implement an APM system, they often face challenges demonstrating its value in practice.
APM implementation services and optimisation support
Our asset health engineers and consultants can help you deploy a new APM implementation or optimise an existing system to increase your asset performance and business results measurably.
Combining the key factors of people, processes and technology, we align your APM plans with your asset management goals and measure your progress.
Leading asset management service provider
Our proven, phased approach for APM success is backed by successful implementation experience and industry recognition.
The independent research and advisory firm Verdantix has named Wood a leader in digital for its asset management technology implementation services, with the highest overall scores against ten competitors.
When you join forces with us, you get a lasting, transforming solution that matches your technology needs and boosts your operations and culture. Let us help you get the most out of your APM investment.
Align APM strategy with your business objectives
Ensure implementation success with a phased and managed approach
Identify common APM challenges and apply strategies to overcome them
Talk with an APM consultant about optimising your asset performance
Contact a specialistAPM implementation challenges
When organisations implement an asset performance management (APM) system, they expect to see quick and tangible benefits. However, while technology plays an important role, it's only one part of the overall solution. Other common challenges include a lack of APM subject matter expertise, resistance to change, data and integration challenges, and limited budgets.
“Merely implementing APM software and digitizing existing processes is not likely to improve core operations and obtain the financial results that executive leaders desire (and investors demand).”
Deloitte Insights: Asset performance management: Driving value beyond predictive maintenance
“94% [...] would use a third-party consultant [...] to support the development of their vision and strategy for asset maintenance management digitization, while 56% said they would use consultants for predictive maintenance software implementation….
With the growing need for expertise to support asset management and strategic objectives, firms are turning to systems integrators and digital service providers”
Verdantix survey; Green Quadrant: Asset Performance Management Solutions 2022
How to implement APM with lasting success
A sustainable APM system requires more than just technical proficiency; a deep understanding of your organisation's people and processes is also essential to achieving lasting success.
All elements must be rationally put in place to deliver business value.
We are engineers, and operators too
We have a deep understanding of the challenges you face in daily operations.
Because we have overcome similar problems, we can advise you with APM implementation roadmaps, and analyse and optimise your existing APM system with a unique understanding and perspective.
APM is more than just software
We have implemented and used many of the industry-leading APM software packages for global clients and in our own operations, including AVEVA, GE Digital, Bentley Systems, Aspen, Mistras and Honeywell.
Our comprehensive framework ensures that you not only get the right digital solution but also one that aligns with your unique processes and culture.
Value delivered and tracked
Our phased approach and subject matter expertise will guide you through the APM optimisation process.
Value delivered by an APM programme should be measured, tracked, and continuously improved to ensure the sustainability of the people, processes and technology that form it.
Don’t forget the people!
Resistance to change is real. We emphasise clear communication, encourage collaboration and feedback, and offer APM training and support to familiarise stakeholders with new processes and technology.
We are recognised as a leading digital service provider
Verdantix has recognised Wood as a leading systems integrator and digital service provider backed by world-class asset performance management consulting capabilities:
Verdantix report: 'Green Quadrant: Industrial Asset Management Technology Implementation Services 2024'
We offer industry-leading capability in training, data frameworks, technical consultancy for implementation, product development and optimisation, and system deployment services. Our deliverables include maturity assessments, cultural change management, APM business case development and APM best practice frameworks.
Our global domain expertise in the underpinning disciplines of integrity, reliability and operational assurance allows us to provide practical support to any asset performance management implementation.
Find out more about our APM consulting services
Contact a specialist
Q&A from our webinar 'APM – beyond the software'
In brief, customer management engagement and commitment, plant/corporate recourses unavailability, different customer expectation from implemented solution, misalignment of what business needs and what engineers and mid management need from APM/AM/OE, absense of strong APM/AM stakeholder or team with the vision (usually higher management level). And other risks like: reluctance to change, lack of customer subject's experience or skills and even knowledge.
The main challenges in implementing Asset Performance Management (APM), Asset Management (AM), or Operations Excellence (OE) include:
- Lack of customer engagement and commitment
- Unavailability of plant or corporate resources
- Misalignment of business needs and the expectations of engineers and mid-management
- Lack of a strong APM/AM team with a clear vision (usually at a higher management level)
- Resistance to change, lack of customer expertise or skills, and insufficient knowledge.
We are a vendor-agnostic company with global partnerships. We work with you to find the best software solution for your organisation. For operations and maintenance, Wood has the workforce, consulting services, and capabilities to implement APM, including our own tools to speed up the process.
Cultural aspects can be challenging to convince upper management. A successful approach is to present a business case that combines both financial and cultural values, or to make a strong proposition, choose the right timing, and communicate effectively.
A Maturity Assessment can also be helpful in showing that success depends on improving not only uptime and cost, but also people-related factors such as support, leadership, culture, and care.
APM can be established at any organisational level. Data access is always essential for APM success. Initially, some organisations used CMMS (Computerised Maintenance Management System) data for visualising their APM program. Some organisations focus only on Asset Integrity processes and have been successful with their processes, methodologies, and people. Sensorisation and digitalisation phases can be added later.
The APM approach for spares management and optimisation considers factors such as failure probability, criticality, risks, lead times, and quantity to determine the optimal stock level. Lead times take into account the location of the spare parts (warehouse or vendor site) and the delivery time to the process plant.
Plan, manage and optimise your APM
A sustainable APM system requires more than just technical proficiency but also a deep understanding people and processes.
We have implemented and used many of the industry-leading APM software packages for our global clients and in our own operations. Our framework, digitalisation experience and asset health subject matter expertise will guide you through the APM optimisation process.
Contact a specialist
Get in touch with us, and one of our consultants will get back to you shortly.
