A configurable multi-function flow measurement apparatus is provided that can selectably function to measure the speed of sound propagating through a fluid flowing within a pipe and/or to measure pressures disturbances (e.g. vortical disturbances or eddies) moving with a fluid to determine respective parameters of the flow propagating through a pipe and detects the health of an industrial process. The configurable flow measurement device can also be selectable to function as a system diagnostic meter that provides a diagnostic signal indicative of the health of the industrial process, namely health of pumps, valves, motors and other devices in an industrial flow loop. The apparatus includes a sensing device that includes an array of strained-based or pressure sensors used to measure the acoustic and convective pressure variations in the flow to determine desired parameters. In response to a remote or local configuration signal, a control logic selects the desired function of the flow measurement apparatus.