03/08/2024 | News release | Distributed by Public on 03/08/2024 12:37
Asset-intensive industries are grappling with heightened complexities when maintaining the reliability and peak performance of their assets, due to multiple pressures arising from decarbonization initiatives and regulations, aging assets and skilled workforce shortages. In response to these multifaceted challenges, asset performance management (APM) solutions have emerged as indispensable tools. Leveraging advanced capabilities in condition monitoring, predictive analytics, and asset reliability management, APM software empowers organizations to proactively address issues, optimize maintenance strategies, extend the operational life of critical assets, and minimize environmental impact. In the 2023 Verdantix global corporate operational excellence survey, 65% of the 304 executives in operations, maintenance, engineering and process safety roles mentioned plans to increase spend on initiatives that improve asset uptime, reliability and integrity over the next 12 months.
A key component underpinning the success of any APM deployment is robust and reliable data. However, in many organizations today, data related to asset performance - such as maintenance records, sensor data and historical data - are siloed across various systems, departments and formats. Managing and analysing this information can be a complex, time-consuming task, leading to inefficiencies in decision-making and hampering efforts to optimize performance.
Organizations have therefore identified a need to establish a unified, single source of truth - a central repository - for all available asset data. This entails a strong focus on data consistency, quality and efficiency. In the Verdantix 2023 survey, 92% of the 304 executives stated that integrating data from multiple sources was a significant data management challenge for their firms, while 71% mentioned the establishment of a single source of truth as a challenge.
In response to these needs, and the growing market, industrial software and DataOps providers have developed data management solutionsthat aggregate data from disparate sources, effortlessly contextualise and maintain data, and deliver insights through data analysis and visualization. The benefits of such solutions include:
As operations teams in heavy asset firms continue to look for new ways to deploy analytics to improve asset performance and reliability, the need for data management solutions will increasingly be considered a foundational layer. In conjunction with this, Verdantix has witnessed APM software vendors enhancing their APM offerings and developing their competitive edge with data management solutions, through either organic or inorganic developments. For example, AspenTech - which achieved the highest score amongst all the vendors in the Verdantix Green Quadrant benchmarkfor asset failure prediction - has integrated Inmation with its APM solution, Aspen Mtell, allowing for seamless data transfer and the enhanced optimization of failure predictions, reliability analysis, environmental performance and production.