VIEWPOINT
HOW ADVANCED ANALYTICS ARE POWERING THE NEXT INDUSTRIAL REVOLUTION INDUSTRIAL COMPANIES OF THE FUTURE ARE LEVERAGING DATA TO ELIMINATE DOWNTIME AND BOOST EFFICIENCIES, WRITES MATT NEWTON, DIRECTOR, ARTIFICIAL INTELLIGENCE AND OPTIMISATION, AVEVA
T
he industrial sector is in the midst of its biggest disruption in decades. Across the globe, organisations are facing major pressures to become more reliable and productive while reducing costs. Amid the rapid changes that are happening in the market, businesses can no longer afford to continue to operate in a reactive environment. It’s critical for organisations to reduce production loss while extending equipment life – 12
CXO INSIGHT ME
APRIL 2022
efficiencies that can help businesses achieve operational excellence. But how can this be achieved? The answer lies in Asset Performance Management (APM) – a set of technologies and practices that can monitor assets to identify, diagnose, and prioritise impending equipment problems – continuously and in real time. Well-executed APM empowers organisations to reduce unscheduled downtime, prevent equipment
failures, reduce maintenance costs, improve asset utilisation, and identify underperforming assets to support overall business objectives. At the heart of APM is the concept of maximising profitability by balancing risk, cost, and performance of the plant, of the assets, and of the people that are operating all those things. In the last two years, many companies have undergone digital transformation to foster corporate agility and resilience
