Asset Performance Management (APM): Why It Matters for Your Organization's Growth

Asset Performance Management (APM): Why It Matters for Your Organization's Growth

Companies are looking for new ways to optimize their asset performance and reduce maintenance costs. An effective Asset Performance Management strategy can help organizations achieve their growth objectives. By reducing downtime, improving asset utilization, and increasing customer satisfaction, an asset performance management system can help organizations achieve their desired results.

What is Asset Performance Management (APM)?

The concept of Asset Performance Management (APM) is not new. However, it has gained popularity in recent years due to the advancement of technology, which has made it easier to collect and analyze data.

Asset Performance Management is a proactive and continuous loop of asset management activities that aim to improve asset performance throughout the asset lifecycle.

APM requires an Asset Management System, that enables an organization to track and manage its assets. The goal of APM is to extend the service life of an organization’s assets, optimize their lifecycles, and prioritize asset maintenance.

By doing so, APM can help organizations achieve their strategic objectives and improve their bottom line.

Asset Performance Management can be broken down into four main phases:

Planning and Strategy: In this phase, organizations develop a plan for how they will manage their assets. This includes setting goals and objectives, as well as identifying the resources and tools that will be needed.

Implementation: This is the phase where organizations put their plan into action. This includes everything from installing new software to training employees on new procedures.

Monitoring and Optimization: In this phase, organizations monitor asset performance and adjust their plan as needed. This allows them to continually improve asset performance over time.

Reporting and Analysis: In this final phase, organizations report on asset performance and analyze the data to identify trends and areas for improvement.

It is important to note that APM is not a one-time event. Rather, it is a continuous process that should be revisited on a regular basis to make sure that the process is well maintained.

Why is Asset Performance Management Important?

Asset Performance Management is important because it can help organizations improve the performance of their assets. This, in turn, can lead to a number of benefits, including:

  • Improved bottom line: By extending the service life of assets and reducing downtime, APM can help organizations improve their bottom line.
  • Improved decision making: APM provides organizations with data that can be used to make informed decisions about their assets.
  • Improved communication: APM can help improve communication between different departments within an organization.
  • Improved safety: By reducing the risk of failure, APM can help improve safety in the workplace.
  • Improved compliance: APM can help organizations improve their compliance with regulations.

Asset Performance Management can benefit any organization that owns and operates assets. However, it is particularly important for organizations that rely heavily on their assets, such as manufacturing companies, the oil and gas industry, etc.

How Does Asset Performance Management Impact Growth?

Asset Performance Management Software can impact the growth of an organization in several ways. First, APM can help organizations improve the performance of their assets. This, in turn, can lead to increased productivity and efficiency. In addition, APM can help organizations save money by reducing the need for repairs and replacements. Finally, APM can help organizations improve their compliance with regulations and ensure that the working area is safe and industry compliant for the staff and employees.

To realize these benefits, it is important for organizations to implement an APM strategy. The most successful APM strategies are those that are tailored to the specific needs of the organization.

One way to do this is to use a software application, such as Cryotos CMMS, to manage assets.

Cryotos CMMS:

Cryotos CMMS is a Cloud-Based Asset Maintenance Software application that helps organizations track and manage their assets. Cryotos CMMS includes a number of features that are designed to improve asset performance, such as:

Work Order Management: By ensuring that all scheduled maintenance is carried out in a timely manner, work order management can help to minimize unexpected downtime and keep assets running at peak efficiency. With a clear and concise record of all work carried out on an asset, work order management can help to improve transparency and accountability, preventing issues such as unauthorized work or over servicing from occurring. By tracking asset utilization and performance data, Work Order Management Software can help to identify areas where improvements can be made. This data can then be used to plan future maintenance and improvements, leading to even better asset performance over time. Cryotos automated and customizable work order management gives the flexibility to create work orders on the go.

Preventative Maintenance: Preventative Maintenance is a schedule of planned maintenance activities aimed at preventing asset failure. By regularly inspecting and servicing assets, companies can identify and address potential problems before they cause equipment failure. This proactive approach can improve asset performance and prevent costly downtime. Cryotos’ comprehensive preventive maintenance feature has helped asset-heavy companies to automate their maintenance schedules and proactively prevent downtimes.

Asset Tracking: Asset tracking software helps organizations track the location and status of their assets. It can help to improve the accuracy of asset data, which can in turn help to improve asset planning and decision-making. Asset tracking helps to identify assets that are underperforming or at risk of failure and can provide information on how to improve their performance. Finally, asset tracking can help to create a culture of asset management excellence within an organization, which can drive further improvements in asset performance. QR code, GPS trackers, location, and status-based asset tracking features of the Cryotos CMMS Software can help you track the critical assets of your organization.

Reporting and Analytics: The benefits of asset reporting and analytics are numerous, but stem from providing organizations with a comprehensive view of their entire asset portfolio. This visibility gives rise to actionable insights that can improve asset performance through the prevention of issues and the optimization of maintenance schedules. When issues do occur, asset reporting and analytics can help quickly identify the root cause and resolve them in a timely manner. Ultimately, these benefits lead to improved organizational efficiency and cost savings. Cryotos’ customized reports and dashboards that include crucial KPIs ensure that the management has all the key metrics and data handy to make informed decisions.

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What Do Our Clients Says ?

Amrapali Exports - Esteemed Clients of cryotos
Anuraj Sharma - Maintenance Manager

The best thing about Cryotos CMMS software is that it always tells me when something needs to be fixed - before it breaks and cost me a fortune!

The software is very user-friendly, and even if I don't know how to do something, the support team is always there to help me out.

Most importantly, unlike other such software, Cryotos is editable and hence the user can modify how the software works as per their need, we made several changes in the workflow & flowchart with the help of development team.

I don't know what I would do without Cryotos! I've been using it for years, and it has saved me so much time and money. I highly recommend it to anyone who wants to manage their assets efficiently.

Resil Chemicals - Esteemed Clients of Cryotos
Jeevan Belliappa - Head, Information Technology

Since we've been using Cryotos CMMS Software, our asset maintenance management has been running more smoothly than ever. We're able to track and optimize our preventive maintenance with ease, thanks to the customized process workflow. This has been a lifesaver for our team!

The Cryotos CMMS software has allowed us to manage our assets more effectively and efficiently. It has helped us to improve our asset utilization. The software is user-friendly and easy to navigate, and the support team is always quick to help with any questions we have. We're very happy with the results we've seen so far and we're confident that we'll continue to see improvements in our asset management as we use the Cryotos CMMS software.

Planys - Cryotos Esteemed Client
Antony Jacob Ashish - Lead, R&D

Cryotos goes above and beyond when it comes to customer satisfaction. Planys Technologies use Cryotos for preventive/ corrective maintenance of our critical systems and not once did we face a problem that was not dealt with immediately. The team is extremely professional and helpful. We can rely on Cryotos when it comes to the operations and processes.

Thanks to the whole team for the amazing performance and thought leadership. It's rare to see teams that can put themselves in the customer's shoes and think from their perspectives - Cryotos team doesthat and more.

We recommend Cryotos if you are looking to put an end to your preventive maintenance problems and sign up with them!

Thanks to the team for an awesome job.

Xpert IFM - Esteemed Clients of Cryotos
Siva Shankar - AGM, (Operations & BD)

On behalf of Xpert FMS we would like to express our sincere appreciation for the excellent support Cryotos team have provided us for our building and facility management. Cryotos has always provided support that is timely and meets our expectations. Professionalism and quick response are the hallmarks of this team.

Sincere appreciation for the team's brilliant performance and wish them continued success. We highly recommend Cryotos as they have executed well on all assigned tasks and continue to outperform.

Thanks to all the hard work, our lives have become easier.

ST Jude India Childcare Centers - Cryotos Esteemed Client
Mukesh J - CIO

We are able to raised the workorder and tracking of these till the closure as helped us to provide better services our beneficiaries. Workflow-based work order management has helped us to define processes for each locations separatley. System provide notification once order is raised for assignment to engineer.

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