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Asset Performance Management - Enabling Advanced Analytics

Asset Performance Management - Enabling Advanced Analytics

IMC-2017 Learning Session - 28:42
by Victor Rioli, Praxair, Inc

To compete in the global industrial markets today we must quickly navigate through the mountain of “Big Data” created by reliability, process, and financial systems into clear indicators where prescriptive actions can be taken to mitigate poor reliability before it occurs, maximizing ROI from our assets. Asset Performance Management or APM is attacking our “Big Data” challenge by systematically categorizing data that can be easily utilized by complicated algorithms and advanced analytics to drive prescriptive maintenance to optimize asset performance, and maximize OP. Advance analytics will define corrective maintenance causes, enable PM optimization, prescribe condition monitoring schedules, optimize critical spares, define TCO for proper supplier selection, and continually mitigate gaps in key performance indicators (KPI’s). Finally, even more important than competing, is winning and defining clear indicators with dispatch from your data will be your key to success.

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