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
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.