IOT innovations improve better decision making based on accurate asset data
Asset-intensive companies face tighter maintenance budgets, stricter regulations and increased pressure to improve asset performance, whilst confronted with aging assets and workforce. Managing an asset with these challenges requires informed decision-making based on insight, knowledge and forecasting. Data is a powerful tool to achieve this goal.
‘Internet of things’ innovations have led to a rapid increase in the availability of technical and business data. A few years ago, techniques that were complex and expensive are now more affordable, accessible and increasingly important in order to compete in this world of rapid change.
Field data is faster and immediately available for processing, while more relevant measurements and observations of similar or better quality are leading to more reliable information for decision-making.
Examples of these technological advances being applied in the field of asset performance management include:
Digital devices: Handheld devices with an internet connection are now affordable and readily available, and can be used to capture and report measurements, observations and actions in real-time, for example, tablets equipped with maintenance software.
Smart sensor technology: A smart sensor with a microprocessor and network interface can make information about the condition of equipment readily available as a measurement value.
Global positioning: Systems that track particular locations are getting cheaper and can be used to help predict how degradation factors, such as weather, can affect an asset.
Real time monitoring: Measurements obtained by SCADA and DCS systems, together with observations in the field and the action taken, means real-time monitoring is possible. Having the right information at the right time is critical for identifying degradation and failure behaviour of resources.
Remote self-diagnostics: Equipment can self-test and indicate what actions should be taken to avoid failure.
The examples listed are only the tip of the iceberg and it’s crucial that asset owners are at the forefront of innovation. So if you need help finding your way to the optimum balance between cost, risk and performance in the digital age, please contact us for more information.
Innovative Asset Performance Management 4.0 Technology