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Why are Simulation Technology and Predictive Technology The Best Technology Combo for Asset-heavy Enterprises?

Why are Simulation Technology and Predictive Technology The Best Technology Combo for Asset-heavy Enterprises?

Asset decisions play a critical role in asset-heavy enterprises because a single deviation in making proper decisions can cause expensive and dangerous outcomes. Hence, most asset-dependent industrial players worldwide keep investing valuable time, spending and effort in modern technologies every day to keep their assets in the best conditions. Understanding the best technologies and strategies of optimally gaining uses from assets can help most asset custodians make cost-efficient and success-guaranteed asset decisions.

However, understanding the best technologies out of disruptive technologies that change the trends of asset management is not an easy task. Technology keeps transforming the efforts of asset managers and replacing old technological trends with more modernised approaches. There are many new-age technologies defined by Industry 4.0 used in asset management like Digital Twin, IIoT, Big Data, AI, BlockChain and many more. Out of these technologies, simulation technology and predictive technology have gained significant recognition by most asset practitioners. Today we are bracing ourselves to help the reader grasp a comprehensive understanding of how and why simulation technology and predictive technology play an indispensable role in asset management. After reading this article, you can learn why your organisation should not miss out on the latest contributions of these two main technological upgrades when harnessing the best out of your critical assets.

Understanding Simulation and Predictive Analytics in Simple Words

Most asset-intensive industries are challenged in optimising the yield of the functionality of their assets amidst limited financial investments and poor analytical visibilities. This is why the convergence of simulation and predictive technologies is a strategic necessity for all asset-centric companies. This technological combo has assisted technology-driven asset managers in overcoming challenging limitations like allocating scarce capital amongst assets in an optimal manner, optimising the impact of asset investment decisions to the strategic objectives of the company, gaining real-time condition-based insights of asset potentials and criticalities and more.
Simulation Technology
In an asset management context, simulation technology refers to the imitation of asset operations over time. For example, this technology can allow the asset manager to imitate several environmental conditions of a critical asset in the virtual world and gain knowledge of the asset impacts in a traceable, searchable and consistent format. This way, the manager can take necessary actions to mitigate the detrimental effects during peculiar environmental changes by gaining insight from the computer-generated simulation model of the asset.
Predictive Technology

It is important to note that predictive technology, as fascinating as it is, is a preemptive technology that is derived from legacy analytical technologies. Technologies like reactive, corrective, preventive maintenance were furthered with modern technologies like IoT and Digital Twin to model the framework for predictive technologies. It provides the needful insight for asset practitioners to execute “just-in-time” asset diagnostic services, maintenance initiatives and component replacement actions. This technology is recognised for overcoming most other alternative technologies because it does not only dispel impending failures but also extends the lifetime of assets by expelling unscheduled maintenance programs.
On the other hand, predictive technology refers to the utilisation of predictive analytics to scientifically anticipate and track impending patterns of asset data based on past and present data trends to forecast the future behaviour of assets. It dispels behavioural bias and allows asset experts to make smarter decisions to welcome more profit with less asset fatigue and risks. This technology plays an essential role in meeting target asset service demands, mitigating maintenance costs, improving the safety and compliance of critical assets, optimising field force and more.

Thus, both these technologies uniquely facilitate premium asset management services for asset-heavy enterprises at different points of the globe. But when these technologies are used together, the advantages of asset management exemplifies paramountly.

Digital Twin- The Confluence of Simulation and Prediction Technological Capabilities

The Digital Twin Technology is where the simulation technologies and predictive diagnostic capabilities meet. Digital Twin is a modern technology that has been profoundly recognised and capitalised in asset-intensive industrial establishments. This technology allows asset practitioners to build virtual replicas of assets to collect data, simulate different asset scenarios (based on operation strategies and impactful parametric changes), build digital twins of assets and predict risks, functionalities and investment scenarios of the future. Digital Twins can represent virtual replicas of:

  • A new asset design or modification,
  • Subcomponents and corresponding lineage of a set of assets, or
  • An “as maintained” asset in the production floor or industrial site.
These virtual representations allow the user to exploit robust and real-time visualisation of asset conditions and operations, troubleshoot asset drawbacks remotely, manage complexities in asset deployment and utilisation, promote asset functionality and traceability by seamlessly connecting the asset networks.

Practical usages of Simulation and Prediction using Digital Twins

Digital Twins are co-creations between engineers, science experts, data scientists and technology specialists. It is the ultimate tool for asset managers to harness the power of modern technologies to gain luxurious and effortless asset management capabilities. This is how the Simulation and Prediction Technologies are practically used by equipping Digital Twin.
Predictive Usages of the Digital Twin Technology
The Digital Twin Technology poised the digitisation of companies and enabled asset managers to explore predictive maintenance opportunities. The Digital Twin can be advanced with smart AI and Ml models, risk modelling protocols, budget forecasting tools and prescription analysis capacities by embedding the power of predictive analytics. This allows the user to use interactive dashboards to gain consolidated views of the anticipatory asset performances, decay rates, risk and failures, financial feasibility and other important data to make futureproof asset decisions. For example, suppose a critical asset like a water tank is being monitored using a digital representation (or twin). In that case, the user can use predictive tools to analyse the historical and current parameters of the asset (the water tank) to learn impactful future parametric behaviours. When the tank meets its optimum capacities, the user can detect the required valve manoeuvring strategies and any other user-defined future-based insight about the tank.
Simulation Usages of the Digital Twin Technology
Digital Twins also unlock realistic imitations of scenarios to assess asset behaviours. This feature grows the sophistication and power of the digital twin by helping the user play “What If Scenarios” to gain insightful readings about operational strategies. They can also use the simulation capability of the Digital Twin to backtrack real-world conditions or anticipated events to learn how to optimise asset life cycles with less time, money and effort expenditures. The user can gain datasets based on operating scenarios, budget scenarios, asset condition scenarios to make resourceful asset decisions in various instances. These simulations can tackle the complicated analysis and generate meaningful insights to overcome asset-based challenges. This accelerates the response time to unusual scenarios and can even bring real-like analytical experiences for users if it further advances with visual technologies like AR (Augmented Reality) and VR (Virtual Reality).

Cerexio Remains to be The Best Simulation and Predictive Technology Professionals in The Asset-centric Industries

Before most technology solution providers, Cerexio has proven that the ideal utilisation of modern technologies, like simulation technologies and predictive technologies, play a prominent role in asset-dependent industrial domains. Cerexio has propelled in enabling new age technology solutions with cutting-edge digital twin technology power with accurate simulations and predictive and prescriptive technologies to help many asset-heavy enterprises manoeuvre asset spreads single-handedly. Connect with Cerexio Use Case Archives to read how Cerexio tailored a hi-tech Asset Infrastructure Management Solution for Water Main Line Systems and Water Dams for a Governmental Utility Service Provider in Australia. This solution inherited keen simulations and predictive technologies that helped this utility giant dodge risk, failures and extend system uptimes while ensuring seamless services to their target communities.

Indispensable Technology Essentials For Asset Management

As mentioned before, simulation technologies and predictive technologies are indispensable technology essentials for asset management for any asset-centric establishment. The best way to gain the fullest potentials of these two technologies is by harnessing a carefully developed, full-fledged and industry 4.0 standard-approved Digital Twin. In a world where digital transformations and asset-dependent business growth are improving hand in hand, gaining the complete reliability, control, predictability, and real-time visibility of asset operations are a luxury and an essential upgrade that any asset custodian should and will not overlook. These technologies supercharge end-to-end asset lifecycles processes and help any asset-heavy enterprise confidently move forward with streamlining operations. Therefore, they will keep advancing and remain quintessential in asset-heavy industrial domains.

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