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Predictive Asset Maintenance Analytics

Introduction

Assets are indeed a crucial part of every business and residence. However, their critical use case and relevance lie for the business where deep maintenance is required. Significantly, the utility industry needs to ensure that the assets work without disruption and downtime. However, this asset maintenance process involves historical data to understand maintenance needs. As a result, the advanced algorithms and software are put to use in the form of Predictive Asset Maintenance Analytics.

What is Predictive Asset Maintenance Analytics?

It is an advanced technology-driven practice that gives users the power to transform raw data into useful insight and prevent the chances of equipment failure.  Based on this information the management can make smart decisions and improve the overall operational efficiency. The concept of Predictive Asset Maintenance Analytics can be configured with all types of equipment irrespective of their nature, vendor, life, etc. Also, if combined with condition-based maintenance it gives comprehensive support to Asset Maintenance and consequently their performance.

The Predictive Asset Maintenance Analytics flows through three stages which include:

  • Generating and Collecting Data
  • Identifying and Mapping Interdependencies
  • Incorporating or modeling data updates or feedback into the process.

Benefits of Asset Maintenance Analytics

The predictive models are certain to change the way utility companies handle their assets. Rather than waiting for the failure, the approach would be on minimizing the failure with timely prediction and problem identification at the initial stage. It creates a seamless ecosystem where the companies enjoy operational efficiency and asset longevity.

BenefitsDescription
Improved Customer ServiceOften times handling sudden outages may turn out to be frustrating and costly. As a result, such disruption creates dissatisfaction amongst the customers and other stakeholders. Thus, Asset Maintenance Analytics empowers the maintenance process of the assets and ensures the customers remain unaffected by the equipment downtime.
Reduced Maintenance CostIsn’t it true that the timely and regular maintenance costs are less than sudden outages expenses because the latter are heavy damages and disruptions which may impact the complete working ecosystem? Thus, the use of Asset Maintenance Analytics help to prevent disruptions by keeping a closer watch on the regular performance of the equipment and hence reducing the maintenance cost.
Improved SafetyPredictive Maintenance Analytics does not focus on “no damage or disruption”. It rather ensures that there are no sudden disruptions that become unmanageable in nature and lead to greater losses.  As a result, this advanced predictive analytics is focused on predicting the right time for the disruptions well in advance so that response time can be improved and the intensity of the losses can be reduced. Furthermore, by preventing the sudden disruption it creates an environment of safety and healthy working culture.

Predictive Asset Maintenance Analytics Companies

There are various companies that offer Predictive Asset Maintenance Software to businesses across the globe. Some of the top known service providers are as follows:

CompaniesDescription
AVEVAThe AVEVA system allows the enterprise to securely visualize the operation through its asset model by providing real-time context to the ongoing and historical events, data, processes, etc. It is the most scalable and responsive solution to support effective asset maintenance practices.
Aspen TechIt is known to provide enterprise asset performance management tools and software. Their team is known to ensure safe, efficient, reliable, and innovative solutions for understanding the performance of the asset and predicting disruption and downtime.
TIBCO softwareThe company empowers its customers to connect, unify, and predict the business outcomes related to the assets and solve the asset disruption issues. TIBCO ActiveMatrix considers Business Process Management (BPM) and Service-Oriented Architecture (SOA) applications to record and distribute asset data.
Insource solutionsIt simplifies the environment of manufacturing industries with its digitalized solutions that align with asset management and maintenance practices. As a result, the mission of the company is to build a strong community of manufacturing units across the globe by empowering their asset performance.

Final Words

Predictive Asset Maintenance Analytics is the full-fledged solution to track, monitor, identify, and maintain the life of the asset. Moreover, its core focus on reducing the sudden outages has brought it into the limelight and led to its wider adoption, Being in the motion for a decade and more this advanced analytics field has created a positive impact on the day-to-day business operations. As a result of which the business enterprises can focus on their core competencies rather than bothering about the asset downtime and disruptions.   

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