Industries that are historically asset-heavy, such as utilities, face an additional challenge: constantly undertaking efficient asset performance control to ensure that those assets produce revenue, not costing money because of underperformance or an unforeseen stoppage. Although data analytics is doing a lot these days, maybe one of its most important strengths is the ability to keep the current assets running at the most profitable level possible.
Maximizing returns from investments by data analytics
Assets owned by a corporation are, by their design, not passive. It may seem like such assets exist to serve the needs of internal operations, such as buildings and installed equipment, but a deeper investigation shows the interconnectedness of all your assets. You will soon understand, along this line of reasoning, that no asset is independent of the rest of your activities. Downtime for one piece of equipment, whether it is instantly viewed or not, also causes a negative ripple effect across the entire operation.
These facts point to the need at any stage of the operation for proper and effective asset performance management. Fortunately, for asset-heavy and asset-dependent companies, the advent of the Industrial Internet of Things ( IIoT) comes at the most important moment. In ways you didn’t think existed, combining IIoT with data analytics will empower your business. You will also begin to see and appreciate how all your assets are interrelated and interdependent, with the opportunity to obtain a comprehensive and clear overview of your asset operations. This allows you to predict interferences and interruptions better, which in turn gives you the ability to intercept and prevent unwanted downtimes and crashes of equipment.
Forecasting and managing needs for asset performance
We all know about schedule equipment and maintenance of assets: preventive maintenance management initially seems to be a fairly automatic mechanism that can be entered, placed on a count loop or dependent on timed use of a calendar. Interestingly, however, only about 18 percent of equipment failures are resolved by this seemingly significant method, while a whopping 82 percent of failures are attributed to random incidents that have no visible trend on the surface.
Thus, while there is value in the success of preventive maintenance, it becomes crystal clear that even a quarter of possible asset failures that can haunt a company are not expected by this method, keeping it running below optimum performance levels. Clearly, once data analytics will come to the forefront to predict and avoid unforeseen asset failures, there is a demand to cover the majority of asset failures.
Predictive Maintenance employed
For this significant method, there is a term: predictive maintenance. The fact that up to 82 percent of traditional asset failures can theoretically catch and stop this makes it a mechanism whose time has clearly arrived.
Predictive maintenance uses condition tracking that aims to provide advance warning of probable or certain failure. This in turn helps the technical staff to alert the maintenance team so that before a malfunction happens, they can plan and execute ad hoc maintenance tasks. It is possible to break down the three most common methods of deploying condition monitoring as follows:
1. Trends and estimates: This includes tracking trend charts and using statistical calculations to use true data values to get a suitable snapshot of your business properties.
2. Inspections and evaluations: Infrared, ultrasonic, corrosion, or oil analysis should be used to inspect and test stationary plant machinery (i.e. boilers, piping, heat exchangers) on a frequent basis to determine its present state and possible issues.
3. Sensor installations: Equipment that rotates or conducts other daily movements may have attached sensors that can track and report any unusual actions or processes so that it is ready to sound the necessary alarm to avoid an asset failure proactively.
Growing importance through unified cooperation
It takes coordination across divisions to build an efficient asset performance management process. This includes integrating multiple teams into one unified entity, going beyond collaboration, and heading into a collaborative environment. This is a culture that you really want to foster, dissolving the boundaries and walls that divide different departments so that your workers see each other as equally important and necessary extensions of the same company and making it simpler and clearer to align goals.
It is a great reflection of people working to operate together in the sea of humanity to view your business holistically; the importance of each individual component increases as more people come together to work as one entity. There is nothing quite so magical as uniting as one and raising intuitive communications and interactions to completely new levels; people working in tandem appear to value their own efforts and the efforts of their participating colleagues. When this happens, you watch a team of like-minded and driven associates achieve optimum success as a collective, an uncommon occurrence in most industries, but one that can be nurtured by fostering and practicing cohesive teamwork to become a routine event for your operations.
Finally, taking a macro view of this strategy shows a deeper, more basic truth: the organization is only one asset, consisting of a number of smaller assets in the form of physical equipment, buildings, and machinery. In addition to your inanimate properties, never forget your living properties, the team of players that embody your company’s heart and lifeblood.
You are making the most of your people‘s assets by creating a community that lives and breathes a collaborative spirit. Effective asset performance management can involve processes that preserve the assets of the employees predictively and positively, predicting and intercepting the breakdowns that often occur between team players and divisions of the organization. This ensures that all your assets, inanimate and breathing, perform at their peak level, delivering your stockholders with full returns.
My advice to you is to be open-minded and think outside of the box while you are looking for a career in data science. It will give you a competitive edge in your career in data science.
Bio: Shaik Sameeruddin I help businesses drive growth using Analytics & Data Science | Public speaker | Uplifting students in the field of tech and personal growth | Pursuing b-tech 3rd year in Computer Science and Engineering(Specialisation in Data Analytics) from “VELLORE INSTITUTE OF TECHNOLOGY(V.I.T)”