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Schneider Electric, a leading energy management and automation technology player, announced a partnership with MaxGrip, the Asset Performance Management consulting company, to drive forward its industrial asset management portfolio and deliver additional value to customers.
Maintenance related issues like unplanned downtime, product losses, and energy inefficiency cost major industrial companies at least $864 billion annually, or $532,000 each hour. Simultaneously, 63 percent of maintenance efforts are unnecessary and could be avoided. With the typical asset lifespan in heavy industries being 30 to 40 years, and an increasing focus on ESG, there is an increasing pressure to improve asset management strategies. These serve as a foundation for companies adopting digital asset management, enhancing overall equipment effectiveness (OEE), and lowering total cost of ownership (TCO).
Leveraging MaxGrip’s Asset Improvement Program (AIP), Schneider Electric will further support customers in their digital transformation journey by providing a comprehensive asset lifecycle management program. The program is designed to eliminate internal silos by providing in-depth analysis of asset reliability and performance improvement opportunities. It also identifies the conditions necessary for the successful adoption of new technologies and accelerates deployment through extensive asset libraries and hands-on experience.
Inderpreet Shoker, ARC Advisory Group, commented, "Asset management continues to be a challenge for end users across different industries. With the emergence of new technologies aiming to enhance the digital transformation of asset performance management initiatives, Schneider Electric and MaxGrip are well-positioned to collaborate and leverage each other's expertise to assist users in their transformation journey.”
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