Itus Digital announced the availability of its new Asset Performance Management (APM) solution purpose-built to simplify how asset operators monitor equipment failure risk.
The solution includes an extensible Asset Strategy and Digital Twin Library covering 200 of the most common equipment types that enables asset operators and maintainers to rapidly deploy models to support foundational asset performance management use cases, such as condition-based maintenance, failure prediction, and operational risk identification.
Offered as a subscription with on-premises and cloud deployment options, the Itus solution provides a structured process to manage asset strategies, monitor asset health, address advisories, and ensure continuous learning of asset management processes and practices.
A unique aspect of the solution is the limited investment risk to get started. A simple pay as you go model allows Itus customers to speed time-to-value by starting with a very small number of assets and incrementally grow optimization initiatives as value is created.
Paula Hollywood, ARC Advisory Group, commented, “The APM basics have been lost in the hype surrounding machine learning and analytics. Asset strategy management is the foundation of APM. It is the mechanism for manufacturing organizations to define equipment failure risk, establish maintenance and monitoring plans, and ensure alignment of analytic models with engineering principles and business goals. This is key to balancing risk and cost with performance.”