The Asset Performance Management Process and Predictions for 2018
The performance management process is always evolving.
The ability to manage assets improve alongside technology at a rapid pace. Trends for 2018 are already emerging that will save companies millions of dollars.
Many of these trends are the culmination of years of advancements.
Here are our predictions for 2018 and how our services are capable of handling them.
Predictions For Performance Management
The Improvement Of Predictive Results
Information is only as valuable as its ability to produce practical results.
Instead of adding new sensors to assets to gather more information, much of the focus in 2018 will be the interpreting data.
How can we use the information gathered? How do we produce better real-world results?
Information gathering allows companies to identify present and future problems. The future lies in using data from all aspects of a business to suggest a proper course.
Pointing out areas of concern is no longer good enough. The performance management process of the future provides a data-driven solution.
Mashup applications enable the combination of data from all aspects of a business. This data will go into ever-evolving algorithms that adjust to meet the needs of clients.
This prediction is one that will take a few years to come to fruition. There are signs that great strides towards automation are coming in 2018.
First, technology in other predictive fields is advancing every day. Many financial firms are creating software to predict the stock market with relative accuracy.
Stocks and the performance management process are different, but the idea behind the two technologies are similar.
Both require advanced algorithms able to make adjustments based on unforeseen events. Both of these techs are also data-driven.
These algorithms will become smart enough to make independent decisions that protect assets. What seemed impossible a decade ago is now on the cusp of happening.
The Performance Management Process Will Incorporate Outside Influences
Contributions from other industries will create an increase in technological abilities this year.
The IT field is making advancements that apply to the performance management process. Remote monitoring has already, and will continue to, benefit from IT advancements.
Diagnostics is another area in which outside influences will drive innovation. If a piece of equipment experiences more downtime than expected, we will be able to pinpoint the exact problem causing it.
Companies will save money on repairs and labor, getting more use out of their equipment. Production will improve, saving our clients money in the short and long term.
We also expect there to be advancements in fields that we cannot predict. Unpredictable innovation happens with all technology and data-driven industries.
Increased miniaturization will improve the ability of sensors to detect problems and store information. The healthcare industry has led the charge of figuring out how to get more out of less, and this has helped other industries.
Our industry is no different. Many of the sensors performance management companies develop use technology from health care.
For our clients, this means fewer sensors for projects, and those will provide more info. By lowering the number of sensors needed, it will cost less for better results.
Anything that involves computers has the potential of online hackers getting to it. Cyber-security is always an issue, but the miniaturization of tech makes sensors safer.
New security measures are being developed to fight off potential security breaches. These measures will make the performance management process safer than ever.
Clients must trust the information gathered during the performance management process. Otherwise, none of these predictions will come to fruition.
Only the best data collection and analysis will do. With over 75 engineers and the best technicians in the industry, we deliver like no other.
Our 3D models give customers a realistic view of their assets and enable quick assessment of potential trouble areas.
We link the models to CMMS systems such as Meridium and Oracle. This allows clients to see their plant component and operational information in one application. This arrangement saves customers time and money.
Corrosion loops, maintenance plans, and other operational information are viewable in real-time. Both intelligent and non-intelligent 3D models are available, depending upon the needs of the client.
Internet of Things
We provide real-time data and analytics through a recurrent fee per data point visualized in a 3D model.
This setup allows stakeholders to invest time and money into solutions, not information gathering. The info allows dynamic decision making based on data. Higher productivity and lower downtime are the results.
This data remains updated and maintained so that decision makers can access it 24 hours a day. Out-of-date and inaccurate information will be a thing of the past.
The information gathered, thanks to advancements in technology, is staggering. Not only is this data easy to access, but we have designed our vital signs reports to be understandable as well.
Our reverse engineering procedure provides information for components that show their as-built condition.
Through this method, technicians enjoy an accurate diagnosis of problems and easier prioritization of repairs.
New drawings of industrial settings don't take this information into account. Without up-to-date information, conflicting information that is of no help and asset damage become more likely.
Our scanning process shows an accurate picture of structural integrity and underground structures. Companies can build accurate models and spot trouble areas before they become a problem.
Technicians can take proactive actions to work on potential problems before they slow down production. Scanning adds efficiency, saves money, and keeps everything running at optimal levels.
Let Us Improve Your Productivity
Predictions are uncertain.
What isn't uncertain is that data drives smart decision making.
The best data comes from a multitude of sources and provides opportunities for improvements. At Edoxx, we take pride in knowing that we provide the tools necessary for companies to perform at their best.
If you have a project you need help with, contact us today!