A New Way of Managing Assets?

The latest Asset Performance Management (APM) solutions have allowed equipment rental companies greater automation and support than traditional practices. 

Compared to traditional solutions, the latest innovations save organisations time and money by providing them with the ability to make centralised decisions quickly with real-time data. 

The old way vs the new methods

Routine Maintenance Planning vs Focused Campaigns

Plant and equipment owners are rebuilding maintenance plans from ground zero to ensure only value-adding activities are planned. And maintenance plans are being grouped into campaigns to improve field engineer efficiency.

Time-based Maintenance vs Predictive Maintenance

Early adopters are also moving beyond condition-based maintenance (based on time and meter triggers) to truly predictive models (based on mathematical analysis of the machine’s historical, current and predicted state).

Batched and Offline Data Processing vs Real-time Condition Monitoring

Rental companies are also moving to real-time data monitoring and decision-making. It is too slow and expensive to batch up asset data, recombine it in offline models and ask equipment and data experts to pore over it, looking for anomalies. Fleet managers need efficient real-time fault analysis so that equipment experts can focus on potential issues and quickly plan efficient interventions before equipment fails.

Complex ‘Manumatic’ Processes vs Automated Workflows

Operational processes that have historically been executed on paper, spreadsheets and manumatic solutions are too complicated, slow and resource-heavy. This manumatic legacy is quickly being replaced with automated workflows supported by APM and other technologies.

Localised Data and Decision Making vs Centralised Decisions

Decision-making in operations is increasingly becoming centralised to improve internal efficiencies and reflect that managing complex mission-critical assets needs an inter-disciplinary approach and round-the-clock team of experts. This team needs APM tools that predict faults in real-time and supports collaboration to prevent failure and maximise uptime.

Expensive On-premise Systems vs Affordable Cloud Services

The latest APM tools are pay-as-you-use, cloud-based Software as a Service (SaaS) solutions that minimise your cost and risk. Contrast this with on-premise systems that demand up-front licence costs and require significant internal IT resources to set up and manage.

This blog is an excerpt from our “Guide to Asset Performance Management for Equipment Rental”.

Download the complete guide for more insights, such as “APM in action: Reducing emissions while improving operational efficiency“.