In recent years, many asset-intensive organizations have turned to industrial Internet of Things (IIoT) and cognitive technologies to help advance a critical area of their equipment reliability. According to a 2021 Deloitte survey, oil and gas leaders rated the big data derived from programs such as asset performance management (APM) as the most likely to provide the greatest business value. Further study found that a non-optimized
maintenance strategy can reduce the production capacity of an industrial plant by 5 to 20% that leads downtime costs industrial manufacturers about almost $45 billion a year. In fact, only fewer than 5% of companies have achieved an APM program that helps to
optimize maintenance, operations, and asset investment decisions to achieve financial results, study showed.
The challenges on multiple legacy, manual, and noninteroperable systems might seem steep to overcome. However, asset performance management is a foundational capability for asset-intensive organizations that will help them on the material cost savings around 5-10% in operations and MRO material spend, reduce inventory carrying costs, increase equipment uptime and availability 10-20%, reduce maintenance planning time about
20-50%, reduce overall maintenance costs 5-10%, improve HS&E compliance, and more confidence in data and information leading to ownership of decisions.
Join us at Maintenance and Reliability 4.0 by Trueventus is designed to provide industry professionals with proven technological concepts in asset performance management in supporting multiple maintenance strategies depending on the asset and its level of criticality, ranging from break-fix approaches to predictive methodologies for timing of asset maintenance and replacement. Also, to implement an effective maintenance policy and procedures to improve equipment reliability, production uptime and ultimately, increase profits.