Feb 24, 2020
Seamlessly leverage predictive analytics and monitoring to maximize the asset performance
Collecting asset performance data is still very challenging
When it comes to equipment and machine leasing, the pain points of optimization and automation span from high maintenance costs and downtime rates to the hurdles of efficient performance monitoring. At the same time, the cost and high complexity associated with the implementation of efficient solutions such as preventive analytics and maintenance presents the major obstacle for companies to fully realize its benefits. Take for instance predictive maintenance that requires a certain degree of quality of the machine-generated data to deliver a meaningful analytics outcome, which is hard to implement on a large enterprise scale. Intimidated by the amount of effort needed to get started with actionable insights on asset performance and maintenance, both manufacturers and equipment renters choose to retreat.
How analyzing operations data helps to eliminate the inefficiencies and failure rates
At the same time, recent corporate use cases demonstrate that analyzing asset-generated operational data is critical to increasing their durability and reliability. BP saved $200 million in capital expenditure in reduced non-productive asset time. Irish Power implemented a comprehensive analytics platform by installing a condition-based, real-time monitoring solution featuring 141 sensors, and the integrated data from these sensors provide facility operators with a single, consolidated view of plant performance. The data is also helping Irish Power to detect operational anomalies and parts degradation before they turn into serious issues.
Making use of predictive maintenance to reduce downtime and maintenance costs is the major upside of having an integrated ops data management system in place. In Abu Dhabi, where power and water demands have increased by 7.5% year-on-year for several years, the Abu Dhabi Water and Electricity Authority (ADWEA) has transitioned to a Smart Utility. As part of that, ADWEA deployed an asset management solution that helped cut maintenance costs by 40%.
Still, there is one issue that persists — low-reliability of data drawn from sensors. Cost-efficient and easy to onboard, Taraxa solves the inefficiency of machine installed sensors by adding an extra layer of credibility by giving assets true independence from outside interference.
One of our clients is an arcade machine leasing company that had been successfully doing business with long-term trustworthy clients in Japan without facing any trust issues until they decided to scale their operations overseas — and that’s where that close circle of trust broke down. Neither did they know anything about the local distributors, factories, customers, and their business reputations, nor had any working mechanisms to check against their performance and accuracy of data reports or instances of any maleficence like misreporting income. The business environment itself was way more complex with lots of layers of business interactions they didn’t have in Japan. Ultimately, they stumbled upon the issue of tracking the operation of the assets under lease and timely documenting and archiving.
How Taraxa helped:
By using Taraxa’s hardware modules, they are now getting up-to-date and highly accurate information about the performance of machines they lease to their overseas clients. The decentralized ledger enables the trusted source of data established on the device level making it possible to continuously assess the assets under lease.
Ultimately, collecting data points from cryptographically-secured sensors into a single cloud-based platform allows having a consolidated view of all the data generated by this particular asset, which makes it possible to roll out preventive asset maintenance enterprise-wide eventually reducing the number of equipment failures.
