Don’t Guess, Measure: The Importance of Benchmarking for Effective APM Implementation

How do you ensure that your maintenance strategies are effective and efficient? How do you know that the maintenance work being done is aligned with your organization’s principles of Asset Performance Management (APM)? This is a question many businesses have because it’s important to ensure that maintenance strategies are optimized for maximum efficiency and effectiveness.

To address these questions, there exists a solution — benchmarking. In this blog, we will explore the importance of benchmarking for verifying the effectiveness of maintenance strategies and discuss four different types of benchmarks that you can use to evaluate your maintenance practices.

The Importance of Benchmarking for APM Implementation

Benchmarking is a process of comparing your maintenance practices with industry best practices or internal benchmarks based on historical data. By doing so, you can identify areas where you need to improve and develop more effective maintenance strategies. Benchmarking can help you verify that your maintenance practices are effective and efficient and that they align with the organization’s APM principles.

Types of Benchmarks to Use to Verify Your Maintenance Strategy

There are several types of benchmarks that you can use to verify your maintenance strategies. Here are four specific types of benchmarks:

• Industry Benchmarks: Industry benchmarks are a set of best practices that have been established by industry associations or regulatory bodies. By comparing your maintenance practices with industry benchmarks, you can identify areas where you need to improve and adopt best practices from other organizations.
• Internal Benchmarks: Internal benchmarks are based on historical data from your own organization. By comparing your current maintenance practices with your own past performance, you can identify areas where you need to improve and develop more effective maintenance strategies.
• Comparative Benchmarks: Comparative benchmarks are based on data from other organizations that are similar to your own. By comparing your maintenance practices with other organizations in your industry or with similar asset types, you can identify areas where you need to improve and adopt best practices.
• Process Benchmarks: Process benchmarks are a set of best practices that are specific to a particular maintenance process or activity, such as planning and scheduling or predictive maintenance. By comparing your maintenance practices with process benchmarks, you can identify areas where you need to improve and develop more effective maintenance strategies.

Need Assistance Benchmarking Your Current Maintenance Strategy?

Benchmarking is a powerful tool that can help you verify if your maintenance strategies are effective and efficient. If you’re interested in benchmarking your asset performance management, HubHead’s benchmarking service can help. Our consultants have helped many companies achieve EAM/CMMS excellence through their comprehensive benchmarking analysis that leverages the various types of benchmarks mentioned above. Moreover, they can provide the best pathway to bridging potential EAM/CMMS performance gaps through an ROI-based roadmap. Follow the links below to read our brochure on our benchmarking service or to book a call with one of our consultants to learn more.