Asset Performance refers to a company’s capacity to manage operational resources to generate profitable returns. Asset performance is often used to compare a business’s performance over time or against its competition. Healthy assets are an essential component of a healthy business.
Every business owns different types of assets, financial, physical, intangible (such as brand reputation), Intellectual (such as process or product design knowledge) and human, and more. A number of measures are used to evaluate how efficiently a company utilises these assets to produce revenue and how efficiently operations are being executed. Analysts also rely on these measures to compare the asset performance of different companies across the same industry.
What Are The Benefits of Achieving Excellence in Asset Performance?
In today’s constantly changing business landscape, every firm needs to optimise its machines, fleets and other assets. A company can obtain a positive performance out of its assets to maximise company performance. Positive asset performance can be used as an indicator of successful business investment. Usually, an improvement in asset performance means that a company can either achieve a greater profit using the same amount of assets or can achieve the same amount of profit with fewer assets.
Keeping track of assets to identify, diagnose, and prioritise impending equipment problems – continuously and in real-time empowers organisations to minimise unscheduled downtime, prevent equipment failures, reduce maintenance costs, maximise asset utilisation, extend equipment life, and identify underperforming assets to support their business goals. It is the concept of enhancing profitability by balancing risk, cost, and performance of the firm, the assets, or of the workforce. Here’s a broader look at the concept of asset performance and how it could potentially benefit organisations.
1. Enhance Productivity
It allows you to monitor and track all company property in a centralised location to minimise downtime, optimise processes and boost productivity.
2. Reducing Risk
It minimises environmental, health and safety risks that are associated with the business.
3. Reducing Cost
It reduces maintenance and operational costs.
What is The Best Approach toward Asset Performance Excellence?
The latest and most successful asset performance management initiatives commonly use big data analytics and artificial intelligence. Asset data is collected (usually through sensors) and analysed using pattern recognition, predictive analytics, and machine learning. Asset performance management is part of the industry 4.0 approach to enterprise asset maintenance and optimisation. The adoption of an optimised asset performance management process has been encouraged by the emergence of the IIoT (Industrial Internet of Things), which enables the collection of asset performance data in real-time. The IIoT is able to provide new opportunities to enhance the reliability of industrial assets, allowing operators to prevent unplanned downtime, which is often considered to be the ultimate objective for maintenance and operations.
These fascinating AI-powered IIoT solutions that come under industry 4.0 offer extraordinary possibilities to supercharge asset performance which are never possible with traditional asset performance management practices.
1. To Monitor Assets Smartly
Remotely monitor crucial assets and operations with AI-powered monitoring at an enterprise scale. Combine operating state and IT data with process parameters to provide enterprise-wide visibility into performance and receive fewer but more accurate alerts and stronger insights. Their capability to deliver a complete system view can help prevent equipment crises. Paying attention to the smallest system element is critical, for instance seemingly inexpensive valve could lead to a costly problem.
2. To Predict Asset Failure
Use IIoT and AI platforms to predict the occurrence of asset degradation or failure. Coordinate factors like historical and real-time asset performance data, maintenance records, inspection reports and environmental data. Asset performance management can indicate not only if a particular asset is broken but whether the firm currently has the needed new part in stock.
3. To Optimise Asset Health
Transform your perspective by driving actions based on the current health of the assets of your firm. Track factors like condition, cost, performance and remaining useful life. Define scoring methods, prioritise areas of focus and initiate maintenance activities.
4. To Plan Your Asset Strategy
Optimise asset maintenance and replacement strategies based upon asset risk and criticality. Determine how to optimise inspections and maintenance, repair and operations inventories, and prioritise replacement versus repair decisions.
Why Should You Choose Cerexio Technology To Supercharge The Asset Performance Of Your Firm?
Cerexio is an enthusiastic team that aspires to combine technical expertise, state-of-the-art technologies, digital solutions, and services to optimise asset performance in a sustainable approach. We are able to offer proven professional solutions inclusive of industry 4.0-defined technologies to address the needs of your company and align with your goals. Latest tools like AI-driven models, ML algorithms, digital twins, simulation tools, predictive analytics models, satellite-driven remote sensing tools and more are combined to bring a unique value to modern industrial operations. As a leading technology solution enabler in the market, technology experts, asset-dependent industrial practitioners, academic professionals and data scientists who belong to the Cerexio family continue to make their best efforts to empower your company’s operations. When industry leaders leverage comprehensive digital transformation strategies offered by Cerexio that use real-time data to detect errors, predict outcomes and provide guidance, they can assure business continuity, maximise profits on capital, and improve customer experiences.
Our comprehensive portfolio of Asset Performance Management solutions and deep domain expertise has led to proven success with customers across the globe. Contact us for more details.
How Critical High-tech Solutions are in Asset Performance Management?
Asset specialists, technology experts and industry practitioners are working together to leverage optimum technology services to optimise asset performances. Hi-tech solutions consist of event-driven answers, comprehensive investment strategies, industrial-strength solutions and more importantly, have the ability of mass customisation to keep evolving with technological advances to bring out the full potential of technology in asset performance management. The role of technology in asset performance is no longer a luxury, but the most vital approach to successful asset performance.
Cerexio solutions in asset performance are revolutionary. Cerexio connects people and assets with the latest technology to maximise industrial efficiency, safety and reliability.