If you’re working with complex IT business systems, having the right tools at your disposal can turbocharge your operations and save you money. That’s where asset performance management comes in.
Asset performance management, or APM for short, is a managed system that can improve the efficiency of your physical assets and reduce downtime.
The APM market is now worth around $4.98 billion worldwide and is expected to grow exponentially in the next year.
If you want to take advantage of this emerging tech resource, read on to find out how a performance management system can make your company work more efficiently.
1. Monitor Asset Health in Real-Time
One of the most immediate benefits of asset management strategies is that they allow you to monitor the health of all of your assets in real-time.
You can quickly identify any potential health issues with bad assets and see where resources are being used most heavily.
This provides a holistic view of your entire system, allowing for more effective management.
You can learn more about asset performance management and how health monitoring can keep your business systems in tip-top shape.
2. Reduce Downtime and Save Money
With an APM system, you can identify problems with all of your assets if and when they arise. IT downtime alone costs businesses an estimated $700 billion a year.
Much of this cost is incurred when businesses only choose to react when an IT problem becomes serious.
With asset performance management, you can quickly resolve all asset problems before they evolve into something more serious.
This will save you time, money, and human resources throughout your asset lifecycle.
3. Allocate Workloads More Efficiently
An asset performance management system will allow you to effectively gain a birds’ eye view of where resources are being allocated.
It will help you see how workloads are being distributed across your asset system.
Once you have access to this data, you can begin to allocate workloads in a way that is more efficient, ensuring every asset and worker is allowed to work to the best of their abilities.
The cost and savings benefits of this are immeasurable.
4. Reduce Inventory Costs
Asset performance management allows businesses to reduce inventory costs via a number of routes.
First, APM systems use predictive analytics to identify problems before they arise.
Second, APM systems allow for constant condition monitoring to identify wear and tear.
Third, APM systems allow for a prescriptive approach, storing data on past inventory failures and helping you to put together a long-term proactive strategy.
All of this will greatly reduce long-term inventory costs, allowing you to allocate money where it truly needs to be.
5. Improve Human Performance
Finally, it cannot be understated how effectively APM systems can improve human performance across your entire team.
Thanks to the intensive data gathering that APM systems allow, you will be able to instantly assess where your most important assets, your workers, have room to improve.
APM has the potential to bring out the best in everyone on your team, which will allow your company to work like a well-oiled machine at all times.
Beyond Performance Management
Now that you know the major benefits of performance management, it’s time to learn more.
In our expertly-curated Business Section, you can find more information on how technology and management can be used to bring out the best in your company, whatever your industry. Check out our page often.
