The cornerstone of any performance improvement program is the definition and implementation of a measurement system to document actual progress against strategic goals. In the context of an Asset Performance Management initiative, measuring the output, costs, failure rates and compliance of production assets is key to understanding how an asset is performing relative to the overall strategy.  With clear visibility of poorly performing equipment and strategies, asset owners can implement, monitor and continually improve best practices to optimize utilization and costs.

The Metrics and Scorecards module from Meridium provides a framework for documenting and aligning Asset Performance Management strategies, translating the strategies to operational terms, and for measuring the effectiveness of those strategies.   Key performance indicators can be displayed in a dashboard or scorecard layout and provide automatic alerting when thresholds are exceeded so corrective action can be taken. Features include:

• Dashboards - Meridium's dashboards provide a quick and comprehensive view of your most important metrics and allow rapid access to the data underlying the measurement.  Dashboards allow asset managers to assess the current health of their divisions, sites, areas, units and/or equipment. 
• KPIs (Key Performance Indicators) - Meridium's KPIs functionality enable organizations to standardize how strategies are measured and provide thresholds and benchmarks to indicate when corrective actions need to take place.  Meridium provides many options to review KPIs through personalized dashboards as trends or dials, within scorecards or as automated e-mail alerts when thresholds are exceeded.
• Scorecards - Scorecards provide an efficient mechanism to align corporate strategies with initiatives and key performance indicators which measure the performance of the organization. By providing a comprehensive view that summarizes the status of multiple KPIs, scorecards allow you to see the overall trends in your business. 
• Metrics Views - Meridium provides multidimensional data mining capabilities through metrics views, which allow analysts to quickly drill through business data to identify outliers, spot common trends and determine the sources of problems. 

Meridium's Strategy Evaluation suite provides the robust framework to apply balanced scorecard principles to asset performance management. When defined in Meridium, strategies and KPIs support the measurement of asset performance and availability, regulatory compliance and cost management. By providing visibility to the initiatives and performance measurements, Meridium Metrics and Scorecards ensure that decision makers, at all levels of the organization, can easily follow up on corrective actions to drive continuous improvement.