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(Wireless-NewsWire.Com, October 24, 2018 ) Asset performance management refers to the usage of different assets, by business organizations, for achieving business specific goals. It can be termed as the approach taken by business organizations, for optimal management of asset deployment, so as to maximize the profit for the organization, coupled with predictability for the supply chain. Asset performance management can be multifunctional. It can perform asset performance follow up, to identify any required actions for the production plant. It can also identify underperforming assets and vendors. Asset performance management can also be utilized for monitoring energy consumption, coupled with generation of alerts for any breakdown or loss of power.
The identification of increased energy consumption is a type of predictive maintenance, since higher energy consumption is considered to be an early sign for maintenance requirement or problem with the asset. Several vendors of asset performance management provide customized solutions, as per their client’s requirements. Some customized solutions include the capability to be integrated with the supervisory control and data acquisition (SCADA) or distributed control systems (DCS) of a plant.
Such integration allows for continuous data collection on various assets, coupled with instant alert generation for any recognized threats or an underperforming asset. Most asset performance management system generates reports on the performance of the assets, and then distributes the same automatically through e-mail or the user interface.
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The market for asset performance management is being driven primarily by the growing stringency of regulations globally. Regulations for manufacturing plants have been growing in stringency, owing to increasing concerns for plant workers health and environmental concerns among others. Such regulations require constant monitoring and alert generation for untoward events, coupled with proper preventive measures.
Asset performance management can meet all such requirements effectively and hence has been having growing application in several industry verticals. This in turn has been promoting the global asset performance management market. Additionally, due to growing competitiveness, the companies for all industry verticals are demanding higher return on investment (ROI).
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Hence, any underperforming asset can lead to huge downturn for that company, and decrease its competitiveness in the market. This in turn is promoting the demand for asset performance management market across all industry verticals, across the globe.
Transparency Market Research
Ganesh Rajput
9923093622
ganesh.r@transparencymarketresearch.com
Source: EmailWire.Com 
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