Cost-effective Remote Asset Monitoring Deployed by LTTS for Construction Company Client

By Sharada Prahladrao

Category:
Project Success Story

Customer Background: Asset heavy industries face a massive challenge of managing high value equipment spread across different global locations. Monitoring the asset’s lifecycle to mitigate the risk of unexpected downtime is equally critical. Hence, it is important to have a cost-effective remote asset Cost-effective Remote Asset Monitoringmanagement solution to collect disparate data and convert it into actionable metrics for faster decisions. The client, a leading construction company, wanted a solution to provide its operations team data visibility to manage a mixed fleet of assets in a cost-efficient way. The solution was to be aimed at remotely tracking asset utilization and health monitoring. LTTS’ Integrated Asset Management practice has a bankable experience of executing similar projects for other asset heavy industries. Further, LTTS’ expertise at leveraging cross-industry experience was well known to the client.

Challenges: The challenges that LTTS had to address include:

  • Monitor and manage ~30,000 heavy industry assets and at least 500 different asset types spread across locations
  • Increase productivity by addressing unscheduled downtime and on-time asset availability across diverse projects and locations
  • Reduce operations and maintenance expenditures

Solutions Deployed: LTTS’ comprehensive solution included:

  • An analytics and data visualization tool for tracking the mixed fleet of moveable and non-moveable assets on the field
  • Integration with machinery/asset OEMs for capturing telemetry data and presenting it to the end user
  • Role-based KPIs/dashboard and user preferences with a holistic view of assets and equipment
  • The Association of Equipment Management Professionals (AEMP) standard-based user-friendly interface, with alerts and push notifications to site supervisors
  • Geo-localization of application

Business Value: The client was satisfied with the improvement in asset uptime and utilization.  Benefits of deploying the solution:  

  • >30 percent improvement in asset uptime
  • 12 percent improved asset utilization 
  • Cost savings of up to ~$20K per year through a managed services model (requiring no upfront investment) and improved asset uptime
  • Increased productivity by enabling easy tracking of various assets assigned to different crew members
  • Unified platform for predictive analytics that assimilates data from different data sources and enhances system efficiency

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