Measuring the success of APM programs consists of assessing various metrics and indicators determining the effectiveness. Some key areas to focus on are:
- Asset Utilisation Rate
How effectively assets are being used relative to their capacity. - Downtime
Tracking how long both planned and unplanned downtime to assess reliability. - Mean Time Between Failures (MTBF)
Average time between each asset failure. - Mean Time to Repair (MTTR)
How quickly each asset failure can be repaired back to a functional state. - Total Cost of Ownership (TCO)
Total cost of an asset over its lifespan, including acquisition, operation and maintenance costs. - Return of Assets (ROA)
How much income is generated directly relative to assets. - Asset Health Index
Monitoring the condition of assets to gauge its longevity. - Performance Deviation
Monitoring performance against benchmarks or standards to gauge areas for improvement. - Safety Incident Rates
Measuring total incidents related to asset performance. - Customer feedback
Using customer satisfaction rates to assess the impacts from asset performance.
