Proactively managing performance is more important than ever. With all the pressures that enterprises are facing to deliver results and make every resource count, optimal performance and management of assets is critical. Companies must be able to track and maintain assets, but also forecast their performance to prevent problems that negatively impact results.

Enterprise asset management software systems perform basic asset transactions, capturing critical asset data. But what is important is finding a way to actually use that data to make business decisions. To do that, companies need to define processes, best practices, and key performance indicators (KPIs). Turning data into real, actionable information requires a solution with analytical capabilities. This is the core of Asset Performance Management—the ability to use data to drive forward-looking decisions.

Components of Asset Performance Management

Asset Performance Management builds upon and extends enterprise asset management software by providing the ability to manage, maintain, and track assets, plus the ability to use this data to drive decision-making. Offering capabilities that will extend a company’s investment in an EAM system, Asset Performance Management solutions take data from areas such as inventory, work orders, KPIs, and warranties and then combine analytics to support forecasting.

An Asset Performance Management solution includes an asset-specific transactional system, an asset-specific data mart based on the transactional system, and asset-specific analytics capabilities. These components form a layered architecture, with KPIs, best practices, and well-defined processes, creating a working solution.