Prescriptive Asset Intelligence
Decision intelligence with data driven analytics for your enterprise assets
What has happened?
Why did it happen?
What will happen next?
What should I do?
The ultimate objective of traditional or smartasset management is to help reduce / minimize/ optimize asset lifecycle costs across all phases,from asset investment planning, network design, procurement, installation and commissioning, operation and maintenance through decommissioning and disposal/replacement.
Optimizing the costs associated with each of these lifecycle phases remains among the key objectives of an asset-intensive utility organization.Sadly, preventive maintenance schedules prescribed by manufacturers haven’t really helped utilities to avoid asset failures. Many utilities have realized that avoiding unexpected outages, managing asset risks and maintaining assets before failure strikes are critical goals to improve customer satisfaction.
Predictive analytics is a process of using statistical and data mining techniques to analyze historic and current data sets, create rules and predictive models and predict future events. How organizations can effectively apply predictive analytics to smart asset management to realize asset lifecycle cost reduction and improve the accuracy of their decision-making.
Benefits of Prescriptive Asset Analytics
Improved customer satisfaction
Some critical goals to enhance customer satisfaction include managing asset risks, avoiding unexpected outages, and maintaining critical assets before failure strikes. Consumers expect to be notified about planned outages well in advance to plan their utility consumption. However, it is not possible to notify them when it comes to unexpected equipment failure. Adding predictive intelligence capabilities to the existing systems can help Utilities to control & avoid asset failures, outages, and penalties. Therefore, planning & prioritizing asset maintenance activities and informing customers about it will help achieve improved customer satisfaction.
Reduced asset maintenance costs
Predictive intelligence system provides an accurate prediction of failures, events & outcomes. This would help avoid significant unexpected failure costs including lost revenue, expense of field asset in service, disposal of damaged utility asset, collateral damage cost, regulatory penalty, intangible costs, etc. Thus, eliminating the overhead of unplanned asset maintenance and reducing fixed costs in millions of dollars.