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Overview
Reuters Events has recently released the Three Pillars of Asset Performance Management: People, Process, & Technology white paper to identify, explore and implement the 3 core pillars underpinning an effective reliability strategy in downstream, including exclusive insight from Huntsman and Yokogawa RAP.
Key features of the white paper include:
- Outlook and Future Strategy of APM – Current trends of Downstream APM strategy, key areas of innovation driving success and what needs to improve to maximize ROI of APM in the future.
- The Fundamental Pillars – Real-time insight for Yokogawa SMEs on achieving buy-in, integration and maximizing APM strategy and execution by focusing on the 3 pillars.
- Exclusive Huntsman Case Study – First-hand insight and key lessons learned of implementing and executing APM through the 3 pillars.
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FAQs
To summarize, effective asset management revolves around the three interconnected pillars of inventorying assets, assessing conditions and hazards, and maintaining assets.
What are the three elements of asset performance management? ›
Asset performance management mainly involves the following key processes:
- Monitoring assets to collect data (using IoT sensors)
- Gaining key insights using software (CMMS/EAM, AI analytics)
- Performing corrective/preventive maintenance based on those insights.
Within a three-pronged APM strategy, the people will drive the activities and tasks, the work processes will provide the structure and the guidance, and the technology will provide the means to achieve the end goal.
What affects asset performance? ›
Many factors influence how performance metrics are identified, including the industry your organization operates in, its size, the kinds of assets it owns and its overall business priorities.
Which 3 are principles of asset management? ›
These Asset Management Principles are briefly characterized:
“Failure Modes” – not all assets fail in the same way. “Probability” – not all assets of the same age fail at the same time. “Consequence” – not all failures have the same consequences.
What are the 3 main asset management types? ›
Historically, the three main asset classes have been equities (stocks), fixed income (bonds), and cash equivalent or money market instruments. Currently, most investment professionals include real estate, commodities, futures, other financial derivatives, and even cryptocurrencies in the asset class mix.
What are the 3 R's of performance management? ›
Part of that accountability involves ensuring that the employee has put in the time for research, reflection and review. Making the three Rs part of your consistent performance process will lay the foundation for continued success.
What are the 3 pillars of the performance management cycle? ›
As organizations work to get it right, transparency, coaching, and reward become the three pillars on which the foundation of performance management needs to be laid.
What are the 3 determinants of performance management? ›
Thus, employee satisfaction, management standards, trainings and employee engagement are the influencing factors of employee performance. Thus, current study found these four determinants of employee performance.
What are the three goals of asset management? ›
What Are the Three Goals of Asset Management?
- Help businesses get the most value out of their IT assets through asset lifecycle management.
- Create an organized system that helps track and manage a company's assets.
- Prevent issues with equipment that can slow down business operations.
Reviews, Goals, and Feedback: A Continuous Cycle
Almost every performance management approach can be broken down to this type of cycle and these three elements.
What are the three pillars of asset liability management? ›
The ALM process rests on three pillars: ALM Information Systems. Management Information Systems. Information availability, accuracy, adequacy and expediency.
How to measure asset management performance? ›
To measure the success of your asset management, consider using these KPIs:
- Mean time to repair (MTTR) ...
- Mean time between failures (MTBF) ...
- Mean time to failure (MTTF): ...
- Annualized failure rate (AFR) ...
- Average occupancy rate (AOR) ...
- On-time delivery (OTD) rate. ...
- Overall equipment effectiveness (OEE) ...
- Inventory turnover ratio (ITR)
The most common way to determine a firm's asset performance is to look at its return on assets (ROA). ROA looks at the net income reported for a period and divides that by total assets. To measure total assets, calculate the average of the beginning and ending asset values for the same time period.
How can you improve asset performance? ›
This eBook reveals six key steps you can take to improve asset performance in your organisation.
- Step 1: Identify barriers.
- Step 2: Create a business case for analysis.
- Step 3: Manage and track against KPIs.
- Step 4: Collect key data.
- Step 5: Form an asset performance project team.
- Step 6: Identify success factors.
The three international standards (ISO 55000, 55001 and 55002) are important because they represent a global consensus on asset management and what it can do to increase value generated by all organisations.
What are the 3 pillars of building wealth? ›
The 3 Pillars: Everyday Money Management — Saving, Spending and Investing.
