HxGN APM Identified as an Innovator in Asset Performance Management

August 13, 2024

Joe Nichols

Manufacturing organizations face numerous challenges from equipment reliability and rising maintenance costs, to technological obsolescence and regulatory pressures. These issues, coupled with the ever-increasing need for better data management and skilled workforce retention, compel companies to improve their asset management systems.

An effective asset management system enhances efficiency, reduces downtime and delivers continued competitiveness in a rapidly evolving industry landscape. 

At the heart of an effective management system lies digitalization and improved asset performance management (APM).

Independent research and advisory firm, Verdantix, notes that the APM solutions market “is experiencing significant growth, driven by the increasing importance of digitization, net zero goals and enhanced operational performance.” In fact, the new Verdantix benchmark report states that “spending on APM software is projected to reach $5 billion by 2028.” 

This report provides key insights into the existing APM solutions market and highlights several providers offering APM software. In this report, Hexagon has been identified as an ‘Innovator’ for our asset performance management solution, HxGN APM. Key features that have been included in the report are Hexagon’s: 

“Strong asset information management and failure prediction capabilities.” 
“Robust reliability analysis and corrective actions management through its acquisition of Itus Digital.” 
“Plans to integrate all its industrial software into a singular Smart Digital Reality.”

In this blog, we will further explore these features and other key insights from Verdantix’s Green Quadrant Report. Plus, how we continue to support our customers on their asset performance improvement journeys.  

HxGN APM 

But first, what is HxGN APM – Hexagon's intuitive and scalable asset performance management solution?

HxGN APM is a comprehensive asset performance management solution designed to ensure assets operate predictably at an optimal cost. This solution monitors asset condition, detects failure risks and drives proactive mitigation through the fusion of asset strategies, advanced analytics and machine learning.

Strong Asset Information Management and Failure Prediction Capabilities

Regardless of what industry you are operating in, data insights are key to growth and future success. Used optimally and strategically, data not only streamlines current workflows, but enables preparation for all circumstances. From an asset management perspective, this includes compiling information from a variety of business functions and systems across engineering, operations and maintenance and developing insights that you don’t yet have.

Enter HxGN’s Asset Twin, which uniquely operationalizes asset strategies by modeling failure risks and protections. Once activated, Asset Twin analytically evaluates data from execution systems in real-time and provides prescriptive corrective actions to keep operations ahead of developing threats. This supports a ‘Plan-Do-Check-Act (PDCA)' approach that helps companies anticipate, handle and avoid potential risks. To start, assets are assessed for risks, then strategies are implemented, followed by monitoring assets and prompting action when needed.

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Verdantix’s report outlines “seamless integration with computerized maintenance management system (CMMS) and enterprise asset management (EAM) solutions such as HxGN EAM, IBM Maximo and SAP.” It is these integration capabilities, paired with our ability to tap into operational, condition monitoring and inspection systems that secured us the joint-second-highest score for asset information management - 2.6/3.0. This score highlights our commitment to leveraging the lifecycle of information management and, more importantly, taking advantage of existing execution systems to drive the insights that improve asset performance. 

Robust Reliability Analysis 

Verdantix also featured Hexagon’s reliability analysis and corrective actions management capabilites. For this, Hexagon received a score of 2.2/3.0, higher than the category’s average of 1.7. The reliability analyses and corrective management score reflects Hexagon’s commitment to an analytical approach that applies to assets across all levels of criticality and complexity. In one seamless work process, HxGN APM offers:

Statistical models to evaluate work history and benchmark equipment failure rates

Rules-based physics and analytical models to evaluate conditions

Advanced AI/ML models to detect anomalies and drive predictive maintenance

Enhanced insights are accelerated with HxGN APM’s embedded Asset Twin library. Verdantix noted that this library “includes 200 out-of-the-box asset twin models with pre-defined failure modes, protections, conditions, analytics and prescriptive actions.” HxGN APM’s library enables our customers to rapidly implement failure risk protections at scale and quickly drive business value without having to execute intensive criticality and strategy development projects.

APM Enables a Smart Digital Reality Strategy

Let’s say you have your asset strategy operationalized, analytics in place and the data insights you need to plan, prepare and improve operations. How do you maximize situational awareness to emerging failure threats and risks across all your organization’s stakeholders?

Enter Hexagon’s Smart Digital Reality™. Smart Digital Reality is the digital strategy of integrating multiple data sets, software and systems to deliver the right data to the right people at the right time. In its report, Verdantix highlights Hexagon’s “plans to integrate all its industrial software into a singular Smart Digital Reality”.  

The Smart Digital Reality strategy integrates solutions, such as HxGN APM and HxGN SDx® - a modular, cloud- and web-based, data-centric solution that facilitates the activation of an operational digital twin. Through the integration of 3D models, Asset Twin libraries, operational data and analytics, Hexagon’s Smart Digital Reality create a ‘single pane of glass’ and real-time view of an operation’s assets current risk, cost and performance. Operational digital twins enable companies to continuously build their collective knowledge of asset performance and equip top management with data-driven evidence to make better-informed decisions. 

To rise to mounting industry demands and remain ahead of competition, organizations must embrace digitalization and digital transformation. Asset performance management plays a central role in this. Do this well, and you can equip yourself with the tools and data that help you plan efficiently, avoid disruptions and run a more profitable and reliable operation. 

Learn more about the asset performance market and the APM solutions available to support your operations—including HxGN APM—read Verdantix’s Green Quadrant Report in its entirety here (Hexagon is featured on pages 49 & 50). 

And of course, if you have more questions, do not hesitate to reach out to our team of APM experts.

About Verdantix 

Verdantix is the essential thought-leader for world-enhancing innovation. We support change-makers with our proprietary data, unique expertise and executive networks. Our impactful analysis is delivered via a digital platform, consulting engagements and in-person events to thousands of decision-makers in more than 100 countries. From offices in London, New York and Boston, the Verdantix research team applies the principles of rigour, accuracy and curiosity to help our globally distributed clients solve their most complex challenges. Verdantix.com   