Intelligent Assets Need Intelligent Strategies

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Industry Trends
Intelligent assets and lots of them are the foundation of IIoT. ARC believes that to effectively manage intelligent assets as well as the myriad of data they produce requires intelligent asset strategies (IAS).  By leveraging all asset-related data to provide a clear picture of overall asset health, IAS offer a risk-based approach to safely reduce risk while optimizing expenses.  In his opening remarks at Meridium Conference 2016, CEO and founder, Bonz Hart, stated, “Intelligent asset strategies provide companies with a true, value-driven plan for managing asset performance”.

In addition to machine and health sensor data, a holistic view of asset health requires access to engineering, operations, maintenance, inspection, geolocation, and compliance data. Heterogeneous platforms such as Meridium APM provide a bridge to connect these disparate information systems to provide a real-time view of how people, systems, and physical assets perform and, more importantly, the impact they have on the business.  IAS embedded in the platform provides a common methodology to balance equipment risk profiles, production goals, resources, and costs to reduce unplanned repairs and lost production.  It also enables capture of the tribal knowledge residing in the heads of the workforce for consideration in the decision-making process.  By placing assets at the core of business activities, IAS enables users to enhance operations, increase profitability, and establish competitive advantage.

Intelligent asset strategies apply both analytical and comparative analyses to provide a platform to integrate existing as well as new data sources to convert data into actionable information to predict when and how an asset will fail, and make recommendations to prevent the failure. Integration with other systems enriches data context to identify exceptions and trends; provide system reliability, ensure regulatory compliance; benchmark assets; and dynamically adjust asset strategies as needed.  IAS adds value to tribal knowledge by making it useful and transferrable.

Asset-centric solutions such as Meridium Enterprise APM with intelligent asset strategies offer a risk-based approach to making sense of all the asset-related data that IIoT devices will produce. Intelligent strategies are the instruments that can help organizations drive improved asset performance and reliability, reduce operational risk, and optimize costs.  Additional data feeds back into the same strategy to create a continuous improvement loop required to gain competitive advantage.

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