Asset Performance ManagementStrategy A risk-based maintenance approach to manage and optimize asset strategies at a system, fleet, and enterprise level.Launch Interactive Demo Asset Strategies Overview Trim your O&M expenses and boost profits APM Strategy is a collection of integrated tools within GE Vernova’s Asset Performance Management (APM) that helps users to: Prioritize overall asset strategy investment allocation based on asset criticality, risk, and operating contextEnsure optimal asset performance, mitigate costly unplanned failures, and improve overall safety of the plantBuild a sustainable, closed-loop continuous improvement cycle to control and improve asset strategies Key work processes in APM Strategy include: Assess Criticality of AssetsIdentify Risks and Mitigating ActionsOptimize Mitigation Strategies for Risk and CostManage and Implement Asset StrategiesDrive Corrective Actions and Continuous Improvement Download Brochure Download Datasheet Asset Strategy Outcomes• Reduce unplanned downtime and increase asset availability by monitoring critical assets• Minimize costly reactive emergency repairs by detecting problems early• Optimize spare parts inventory and holding costs• Protect the health and safety of employees by reducing asset related incidents• Improve workforce productivity and effectiveness• Extend asset life and improve overall Return on Assets (ROA)• Enable compliance with ISO 55000 standardsBlog: GE Vernova's APM Strategy in Action Customer StoryLearn how SOCAR Türkiye reduced reactive maintenance by 20% and inventory costs by 7%Read More View All Customer Stories Key Features in APM Strategy• Reliability Centered Maintenance (RCM): Designed to help reduce the effects of functional failures at the system level.• Failure Modes And Effects Analysis (FMEA): Facilitates the identification and mitigation of critical failure modes defined at the equipment level.• Asset Strategy Management (ASM): Evaluate existing plans with basic qualitative risk analysis.• Asset Strategy Optimization (ASO): Extends qualitative risk/cost analytical capabilities through advanced, quantitative strategy modelling and Monte Carlo simulation.• Asset Strategy Implementation (ASI): Build implementation packages containing maintenance plans and items, task lists, and operations that can be linked in SAP.Learn about Asset Strategy Implementation (ASI) in the Cloud Asset Strategy AcceleratorsAsset Strategy Accelerators are a collection of predefined templates that contain the known failure modes and prescribed mitigating actions for specific asset or equipment types. Besides critical assets, predefined strategy templates are also available for Balance of Plant (BoP) assets that include various supporting and auxiliary equipment such as rotating, mechanical, electrical, safety, and controls. Currently, our library has over 860 maintenance templates catering to the energy markets.Benefits include:• Rapid deployment and standardization of best practices across the enterprise• Thousands of hours of embedded subject matter and domain expertise• Reduce plant personnel and resources required to perform strategy development and configuration• Accelerate customer time to valueBlog: Expansion of Asset Strategy Accelerators to Mining & Metals (M&M) View All Resources Resources Blogs Videos FAQs FAQ What is an asset management strategy? Asset intensive industries such as Oil and Gas, Power Generation, Chemicals, Mining & Metals. etc. utilize a significant portion of their operating and maintenance (O&M) budget to ensure that their fixed and rotating equipment/assets are functioning in an optimal fashion. Since this has a direct impact on profitability, organizations look to develop and manage asset strategies by using a risk-based approach across individual assets, a group of assets, or an asset system. Furthermore, an asset management strategy allows users to prioritize investment allocation based on asset criticality and risk, thereby; reducing costs, increasing asset availability and reliability, and moving towards a more proactive approach to maintenance. What is asset strategy optimization? To maximize profitability, there is a need for the consistent application and implementation of optimized and effective asset management strategies that can be improved and adjusted over time based on data. The ability to define, control and improve holistic asset management strategies by applying risk-based principles, creating dynamic management though the integration of conditional data and analytics to detect emerging threats, and adapting to changing business conditions are key pillars in the asset strategy optimization process. Additionally, the ability to compare active vs proposed scenarios for asset and system strategies (using ‘what if’ risk analysis) allows users to find the right balance between risk mitigation and the cost of the action plan and further establish a sustainable, closed-loop continuous improvement cycle. How to develop an asset management strategy? There are five key steps required in developing an asset management strategy:1. Assess Criticality of Assets: Identify the most critical assets and quantify its impact on the business. 2. Identify Risks and Mitigating Actions: Using RCM/FEMA methodologies to identify the failure modes at equipment and system levels.3. Optimize Mitigation Strategies for Risk and Cost: Develop and optimize maintenance strategies (increase/decrease frequencies) based on asset criticality, risk, and cost.4. Manage and Implement Asset Strategies: Single source of organizational visibility, harmonization with enterprise systems (EAM), and standardization of best practices across the enterprise.5. Drive Corrective Actions and Continuous Improvement: Data driven evaluation of the effectiveness of the strategy and a mechanism to adjust based on changing conditions such as criticality, age, or usage of the equipment. Customer Stories Customer Stories Contact us todayLet our experts show you how GE Vernova’s Software business can accelerate your operational excellence program and energy transition. 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