Asset management is far more than just simple maintenance. In asset-intensive industries, asset management has become a core competency, with Asset Performance Management (APM) at the forefront of this change. APM is no longer just key for equipment reliability, but it can help improve overall business operations. Gartner released this guide, CIOs can use this guide for insights on APM offerings in order to understand market direction and support asset management strategies.
Whereas firms may have once taken a 'one size fits all' approach to asset management, organizations are now realizing the need for a combination of asset management and maintenance strategies to support their various asset types. This is referred to as a 'toolbox approach,' in which organizations should map out the best strategies for the different assets within their businesses. As organizations continue to expand their asset maintenance strategies, CIO's are increasingly looking toward the future, asking “what's next” as they build out full life-cycle capabilities and decide where to invest.
Per our view, Gartner provides key recommendations for CIO's in asset-intensive industries who are looking to leverage cross-industry innovation for better overall equipment performance:
- Potential vendor products should be evaluated through the creation of a portfolio that has a full repertoire of the capabilities that your firm will need
- CIO's must assess the maturity of their own EAM (Enterprise Asset Management) system and have a plan in place for integrating with their APM, ensuring a solid foundation as asset management strategies advance
- If considering a new APM project (or looking to do upgrades), consider cloud deployment to reduce implementation time and manage regular upgrades
Read the full Gartner report on Asset Performance Management.
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Gartner, Market Guide for Asset Performance Management Software, Nicole Foust, Kristian SteenStrup, 26 June 2019
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