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How to achieve sustainability with performance-based asset management

Sustainability plays a critical role in successful operations, and the costs of not addressing long-term sustainability issues are becoming too high. Achieving sustainability will require many businesses to consider far more than resource consumption and the financial bottom line.

Historically, sustainability focuses on environmental impact. However, the recent pandemic revealed the need for a more holistic view, specifically for businesses and supply chains.

Activist investors, shareholders, and even citizens are pressuring corporations to accelerate carbon reduction initiatives which is an additional trigger to look into how technology can support asset-intensive companies reimagining asset management.

In its latest eBook, Hexagon goes through the different steps required to move toward more sustainable asset management practices. Reputational risk aside, organizations lacking a business plan that protects their most expensive investments will find it more costly and difficult to acquire capital. In addition, failure to address long-term sustainability issues can be extremely costly. 

Today, organizations must look at the robustness of their asset management processes, their capacity to respond to disruption, and how quickly they can react to emerging opportunities through digital tools while considering energy, CO2 emissions, and carbon footprint.

The traditional approach to enterprise asset management (EAM) is evolving toward asset performance management (APM). APM harnesses the power of automation, the Internet of Things, emerging technologies such as Artificial Intelligence (AI) and Machine Learning (ML), and the resulting volumes of accessible sensor data to provide unprecedented strategic insights. It can create a culture of maintenance maturity and asset sustainability by enabling:

• Predictive and risk modeling

• Automated workflows for prescriptive maintenance

• The capture, consolidation, and analysis of large amounts of asset data over time

• Performance failure analysis and modeling under varied conditions

• Ability to identify which key components should remain in inventory and which are not necessary

In the realm of asset management, a sustainability definition for the coming decade may be “The ability for a business to manage its assets without compromising the ability of future generations to meet their own needs.”

In Hexagon’s new eBook, “Performance-based asset management for long-term business value and sustainability,” you will learn about the top ingredients needed to become a sustainable business. In addition, it features a checklist of actions your company can take to make your assets perform sustainably and responsibly while providing tremendous value in terms of performance, safety, energy, and cost-saving.

About the Author

Kevin Price has been in the Enterprise Asset Management software industry most of his professional career, he is currently responsible for Global EAM Strategy, GTM and enablement as a part of the Hexagon Portfolio, Strategy and Enablement team. For more than 24-years, he has been globally responsible for product management, product marketing, and strategy functions for the Infor EAM, Infor MP2, iProcure Spear Technologies, Energy Performance Management, and Asset Performance Management.

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