Asset Performance Management (APM) aims to improve the reliability and availability of physical assets while minimizing risks and operating costs, optimizing productivity to increase return on asset investment. Traditional APM combines IT data and OT data with big data analytics to define a course of action that will improve business outcomes.
This paper introduces a new concept for APM, Visual Asset Performance Management (Visual APM), that adds an asset information layer to APM. A Visual APM solution uses navigable 2D and 3D models to deliver "living" digital twins of equipment, machinery, and processes. It creates a centralized information repository to provide a seamless, contextualized view of data.
This approach integrates interactive visualizations of equipment and plants with real-time data and analytics that teams can leverage to inspect asset health and monitor business performance in real time.
Visual APM represents a paradigm shift for conventional Asset Performance Management, presenting a new way for engineers, operators, and maintenance teams to interact with asset information throughout its entire life cycle to reduce CAPEX and OPEX. The ability to quickly access asset and plant information and visualize asset performance can help increase the overall health of a facility significantly.
A top 10 Oil & Gas company that has adopted this approach achieved the following results:
Cut maintenance costs such as corrosion under insulation by 10–20%
Shortened the time spent in the planning inspections process by up to 60% while improving the quality of the planning
Achieved overall improvement in the effectiveness of campaigns and minimized rework
Reduced health, safety, and environmental hazards
Digitized the input of inspection results through handheld devices
Increased the accuracy of data captures in the field
Enhanced reporting capabilities