Asset performance management is the set of tools and processes used by manufacturers to drive continuous machine performance improvements. The key objectives of asset performance management include:
- Determining performance of all industrial assets across the organization.
- Drilling down into the factors impacting performance.
- Leveraging insights to continuously improve machine performance.
Overall equipment effectiveness (OEE) is one of primary KPIs that asset performance management can improve. OEE is comprised of three measures:
Most existing asset performance management practices leverage historical rather than real-time machine data, proprietary applications and take a reactionary approach, leading to several challenges:
- Inconsistent performance standards
- Lack of real-time visibility
- Inability to improve machine performance over time
- Lack of automated alarms
A 10% improvement in OEE can boost bottom line performance by 22%.
25% Reduction in downtime from capturing OEE data with asset performance management.
MindSphere enables you to implement an effective asset performance management practice without the hassle or upfront cost of proprietary applications:
- Automated alarms notify you when machine parameters go outside of optimal operating conditions.
- Baseline parameters for KPIs get refined, helping you deliver higher performance and more precise detection of machines in need of maintenance.
- Access to real-time performance data allows you to continuously adjust machines for performance improvement.
- User-friendly dashboards with both pre-packaged and custom analytics allow you to drive new insights.
Savings on service maintenance.
Reduction in asset downtime
Increase in manufacturing output
- Improve machine performance
- Reduce expensive downtime
- Detect machines in need of service faster
