Emerging digital technologies like the Industrial Internet of Things (IIoT), Big Data and analytics, mobility and others are creating business opportunities and forcing asset-intensive and manufacturing companies to rethink the way they do business. The challenges many companies face is how to best utilize technologies, and where to start applying those technologies to achieve Industrial Transformation. Surveys of industrial organizations by LNS Research show that for many businesses, the pursuit of Operational Excellence leads them to focus on asset performance management (APM). The data also shows that a substantial percentage of companies that have initiated APM programs aren’t getting the results they expected. LNS found that companies that focused solely on reducing downtime missed the opportunity to increase productivity and improve profitability. What they lacked was a systemic approach to optimization.
Read this spotlight to understand why and how industrial organizations with a holistic view of APM achieve far better returns on APM investments.