Enhanced Asset Insights Drive Targeted Production Improvements

Enhanced Asset Insights Drive Targeted Production Improvements

Asset performance management joined the Industrial Internet of Things as a key topic at the 2015 ARC Forum in Orlando. Here is a release from Meridium that reflects many of the trends—data collection, analysis, configurable display, mobility.

Meridium Inc., global supplier of asset performance management (APM) software and services, announced the availability of Asset Answers V2.0. The company claims this as the only cloud-based asset performance diagnostics solution that provides comparative analytics, delivering instant visibility into asset data, and supplying organizations with the insights to drive safer, more informed, and more profitable decisions.

Asset Answers 2.0 delivers next-generation APM insights into industrial assets and their health and overall performance, an improved user interface that includes dashboards and enhanced mobility on a variety of handheld devices that provides true anywhere/anytime availability. Since the introduction of Asset Answers to the market, more than 130 sites in the Petrochemicals, Oil & Gas, Power & Utilities, and Manufacturing industries rely on Asset Answers to support continuous improvement initiatives with the ultimate goal of achieving operational excellence.

For example, Dow Chemical was able to collect and analyze reliability audit report data for 25 production units across 4 plants in less than 1 day, saving 175 man-days of effort and remain focused on cost, availability, and reliability optimization for the company. Another Asset Answers client, Profertil, reduced costs for 30 straight months and was able to readily identify and highlight savings of $900,000 and counting.

According to Roy Whitt, Senior Vice President and General Manager for Asset Answers, “For organizations in asset-intensive industries, Asset Answers 2.0 uncovers the true cost, reliability and availability of asset groups and individual pieces of equipment with the click of a mouse. Subscribers can easily view performance criteria across sites and benchmark themselves anonymously against global industry peers. Combining data mining and preconfigured metrics, reliability engineers can investigate equipment data to identify assets that represent the best opportunities for improving maintenance costs and reliability. With access to the objective truth about asset performance, management can act with confidence to intelligently cut costs while increasing production, especially in times of shrinking margins.”

Asset Answers can identify and evaluate better performing equipment manufacturers and highlight predominant failure modes for specific equipment models. With this analysis, Asset Answers also can create opportunities for equipment improvements and automatically track the savings these improvements have provided.

Whitt also added that, “Asset Answers uses comparative analytics or ‘intelligent benchmarking’ that enables organizations to conduct ‘apples to apples’ comparisons of industrial equipment in production units across multiple plants within an organization. That same information helps organizations compare the relative performance of their assets against industry peers to gain a deeper understanding and a competitive advantage, optimize total cost of ownership (TCO) for critical assets and make better asset purchasing decisions.”

This approach both improves collaboration between Reliability, Engineering & Maintenance and also enables continuous and systematic improvement of operations and production output over time. Benefits of Asset Answers 2.0 include:

  • A proven, systematic and secure approach to continuous improvement and Operational Excellence
  • Improved plant and operator safety
  • Mitigated operational and financial risk
  • Improved insight into non-financial performance
  • Lower asset total cost of ownership (TCO)