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Asset performance management is the analysis of operational data from connected devices to improve their efficiency and productivity of the workforce, while minimizing operating costs. It requires a holistic, real-time view across multiple devices and locations, the ability to analyze that data to predict future events and prevent failures and (ideally) standardized, automated asset performance management across the enterprise.
Asset performance management provides a single point of truth and consolidated view of an organization’s assets across all its locations and a single platform from which to manage those assets. Improved decision-making helps increase efficiency, asset availability, reliability and performance, and to reduce costs and outages through preventive maintenance. Automation of processes such as scheduling reduces costs by avoiding manual errors, while asset tracking aids compliance and improves the management of the workforce automating processes.