The History of APM

Historically APM solutions have been large, enterprise-scale deployments that took months and, in some cases, years to implement.  Teams of valuable IT, Operations and Manufacturing resources had to dedicate time and energy to work with the respective vendor to make the undertaking a success.   Because of its complexity, these solutions only fit more extensive enterprise operations that had the resources to manage and maintain the project on an ongoing basis.

But today, the circumstances are different.

Technology has continued advancing rapidly, the workforce demographics are changing, and the COVID pandemic has introduced unforeseen challenges. Examples of these difficulties are supply chain hiccups, the requirement of supporting a remote workforce, and the global economic downturn. Executives now understand that they need to digitize their industrial processes to compete.

The APM Market

Evidence of the willingness to invest in APM is clear. In a recent report, Verdantix forecasted that the market for APM solutions would reach $4.4 Billion in 2025.  At the same time, Markets and Markets predict this market to grow as high as $6.7 Billion in the same timeframe.

But how will they choose the solution that is right for them? It is no secret that APM solutions have shown themselves challenging to use and limited in the scalability and integration with existing technology.

Enter the digital twin concept.

Next-Generation APM

This next-generation approach to APM must allow non-IT staff to implement and manage. Also, it must enable domain experts to manage asset strategies in a simple business process directly. That means it needs to be easy and intuitive to use without scrimping on the functionality or scalability. Further, it needs to support mobile workers without creating security gaps. More importantly, it should be flexible and platform-oriented to lend itself to a “marketplace” strategy (aka Amazon). Other technology vendors can contribute to libraries. Asset operators can leverage their engineering expertise. And service providers to leverage their deep knowledge and proven best practices.

The result? The best minds and seasoned experts have a platform to deliver their expertise to those that need it most. And more companies will be able to improve their overall asset reliability and availability. See what Verdantix thinks in this article.

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Fast track RCM, FMEA, and PM Optimization Efforts

First, organic strategy development programs utilizing RCM or FMEA methods can require valuable time and resources to complete. Suppose you are looking to establish your initial preventative maintenance (PM) program or optimize existing plans. In that case, predefined Asset Twins provide a great starting point. They fast-track these efforts and ensure you drive maintenance based upon dominant failure modes for a given asset type.

Operationalize your asset strategies

Second, most predefined asset strategy templates focus their definitions on failure modes and mitigation activities. For instance, preventative maintenance inspections and overhauls are good examples. But, what if you had templates that directed what conditions to monitor, how to evaluate those conditions analytically, and what prescriptive actions to drive when you identify a failure mode risk?  The Itus Asset Twin Library offers complete digital Asset Twin definitions to not only define your maintenance plan but to fully operationalize your asset strategies with conditions, analytics, and prescriptive actions.

Collaborate and continually improve

Third, optimized asset strategies are rarely static or finished once initially defined. You should review and revise them using insight from actual operating experience, input from equipment experts, and updated OEM recommendations.  The Itus Asset Twin Marketplace enables secure collaboration between your experts and suppliers. By working together, you can standardize asset strategies across your organization.

Get more from your existing solution investments

Fourth, there are many solutions in the industrial asset management space that can benefit from standardized and optimized asset strategies. Enterprise asset management (EAM), asset performance management (APM), condition monitoring, and inspection software all function better when known failure modes and associated risks direct its activities.  You can deploy elements from the Itus Asset Twin Library to many EAM, APM, monitoring, or inspection applications. By doing this, you ensure that your optimized asset strategy drives execution in your various asset management systems.

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Roanoke, Va. – May 19^th, 2021 – Itus Digital announced the availability of new capabilities that allow industrial organizations to implement Asset Performance Management (APM) techniques on their equipment in minutes.  The approach lowers the risk of unexpected equipment failure while optimizing maintenance activities. Best of all, it does so without the cost and complexity required of traditional processes.

The Asset Twin Marketplace provides Itus subscribers with direct access to Asset Twins that model the failure modes, preventative maintenance activities, analytical protections, and prescriptive actions for the most common industrial equipment types.  Further, it provides a platform for the secure collaboration and sharing of asset strategies across industrial stakeholders.  The Marketplace solves the current challenges associated with fragmented and proprietary libraries that are difficult to leverage and implement.

“We have seeded the Marketplace with our Asset Strategy Library. Any subscriber can securely leverage, share, and extend our models to their specific use cases,” said Joe Nichols, President, Itus Digital.  “This approach expands industry coverage and use of Asset Strategies to fast track any APM initiative or solution.”

Asset Twin Builder

Itus is also introducing the Asset Twin builder, which directly accesses the Marketplace and allows Asset Twin activation in minutes.  The builder provides a simple process to apply, connect, tune, and activate twins. And it monitors assets and quickly mitigates failure risks.

“Many organizations see the value in APM programs but cannot justify the cost and effort associated with implementation,” said Nichols.  “We have unlocked the potential for anyone operating or maintaining equipment to reduce asset operating costs and improve availability.”

Malavika Tohani, Research Director at Verdantix, noted, “While Industrial firms are investing in APM software to improve asset reliability as well as reduce maintenance costs, they still face multiple challenges in terms of usability, scalability, siloed IT systems, and getting quick ROI. Itus Digital provides the ability to quickly replicate the failure modes and protections across hundreds of assets. Simultaneously, the Asset Twin Marketplace offers an environment for equipment OEMs, service providers, and asset owners to exchange best practice APM strategies.”

About Itus Digital

We are industry veterans maniacally focused on practical asset performance management. Our approach focuses on increasing profit margins while improving asset safety and reliability. By leveraging digital asset twin technology, we help companies define their asset strategy, detect emerging threats, mitigate asset risk, and extend the asset lifecycle. And our mission is to protect people, the planet, and profits.

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