Asset Performance Management Software Reviews and Ratings

Mandatory Features:

• Financially optimized maintenance: a) Cost, revenue and failure data analysis for optimized maintenance focus and execution. It includes risk-based maintenance (RBM) or risk-based inspection (RBI) assessments. It calculates the value of an asset output to determine the optimal maintenance regimen to be followed. RBM and RBI take into account the production impact of an asset; b) Correlation of production requirements with maintenance needs to optimize the overall production capacity, maintenance downtime and risk of failure over time to achieve a balance; c) Financial data integration beyond EAM, such as ERP and asset investment planning (AIP), for analyzing financial information related to production output.

• Reliability-Centered Maintenance (RCM): a) Data collection and aggregation from EAM systems; b) Root cause failure analysis to identify and address the causes of failures; c) Library of failure modes and recommended practices; d) Failure mode and effects analysis (FMEA) to assess impacts and likelihood of failures; e) Guidance on corrective actions to reduce, delay or eliminate future failures.

• Predictive Maintenance Forecasting: a) Statistical modeling and regression analysis of observable characteristics in specific equipment over time; b) Computational data model (such as neural network analysis) that captures complex input-output relationships; c) Methods to determine observable failure indicators (such as machine learning); d) Algorithms (often proprietary ones) that reflect degradation and failure patterns; e) Monte Carlo simulation.

• System interfaces: APM products are deployed as stand-alone solutions. Thus, they require predefined adapters to integrate with enterprise asset management (EAM) or computerized maintenance management system (CMMS) tools; the Internet of Things (IoT) or industrial IoT (IIoT); data historians; and operational technologies (supervisory control and data acquisition [SCADA], programmable logic controller [PLC], and condition assessment tools, such as devices and operational performance tools).