Recently, at Maximo World, I delivered a presentation to more than 1,000 asset management professionals on digital transformation. Specifically, I discussed things to consider when adding advanced capabilities such as digital twins, machine learning, and artificial intelligence (AI) to a comprehensive asset performance management (APM) program in the pursuit of enhancing failure elimination, identifying and mitigating risk, and improving safety.
In this new digital world, advanced methods are being used to better understand asset health in real time, predict failures, and (using AI) prescribe required corrective actions. By using new risk and reliability methodologies, failure data libraries, modeling tools, and advanced analytics to process vast amounts of inspection and maintenance data, modern facilities are obtaining actionable insights that pinpoint risk and enhance asset and plant performance and reliability.
It’s about results at the end of the day, and through industry collaborations with their digital partners, operators I have observed have realized up to 20% gains in overall production using these technologies with failure risk reduced by 80% and cost savings of up to 50% achieved. More important, all of these projects across multiple industries continually add to the ever-growing knowledge base and library of failure and risk data.