Asset Performance refers to a requisite ability that must be perfected by any fixed asset-intensive organisation. To elaborate, it relates to the ability to control operational resources and make profitable returns by optimally deploying, maintaining, and managing machines, vehicles, equipment, mechanical fixtures, infrastructure, land and other fixed assets to coax a lucrative performance in a company. Positive asset performance indicates particular successes of a company, such as:
- Ability to oversee the establishment of fixed assets effortless disparately
- Expertly and constantly improve the efficiency and effectiveness of fixed asset utilisation
- Have a better understanding of future asset expenses and control costs productively
- Maintains transparent and comprehensive records of all fixed assets- newly deployed, retired, lost, sold, retires, suboptimal and more.
- Meet all the standards addressed in the ISO 55000 standards that enhance the performances, health and usable lifetimes of assets by parallelly mitigating time, cost and money wastages
- They are rid of threats and risks: unplanned downtimes, substandard breaches of compliances, laws, ethics and other regulatory standards, threats to social or environmental well being and more
- They have the ability to track and monitor their fixed assets in real-time
- Use LOS (Levels of Services) and ROA (Return of Assets) metrics, total investment models and other new tech tools that give consolidated yet scalable perspectives of assets’ functional, conditional and structural statistics
Do Technologies Play A Role in Fixed Asset Performances
Technologies have been any asset utiliser’s indispensable counterpart because the above successes met by asset companies that have unrivalled asset performance narrate success stories because of technologies. Any asset-centric organisation requires a roadmap that is tailored with the adoption of new-age technologies to improve asset performance.
Technologies allow asset managers to improve reliability, compliance, federal funding eligibility and promote the longevity of system integrity using technologies. After the advent of Industry 4.0, many technologies have been facilitating asset managers in improving asset performances. Asset networks are rigged with IIoT sensors and algorithms trained to narrate asset stories; thus, data is being accumulated from sensors, satellites, clouds and other data sources. All these data are put into good use by technology. The present and future of asset performance didn’t take long to make hi-tech data manipulation technologies the fundamental aspect of successful asset performance upheaval. Therefore now, no new-age technology adoption means substandard asset performances, and that’s a risk that any industrial establishment could not stand to undergo.
So here are the best technologies that are used by modern asset-dependent organisations in improving the performance of their assets in a smart, cost-effective and efficient manner.
Technologies that Facilitate in Boosting Asset Performances
Here is a quick guide to a few technologies that have created a great impact on enhancing the overall performance of fixed assets.
IIoT Systems Pumping Resources to Study Asset Performance
This technology plays a primary role in asset optimisation. IIoT offers all the needful data to help asset managers understand the physics and chemistry that affect asset performance and augment asset maintenance services to keep enormous asset networks in constant running conditions. It generates the data that powers the dashboards used by data managers to compare the real-time asset performance and ensure whether they are in line with the expected asset excellence rate or not. This technology allows the asset decision-makers to keep track of asset performances and execute appropriate and resourceful decisions to save time, money and effort watches and prologue the utilisable lifetime of fixed assets.
AI-driven Predictive Analytics Models
This technology enables visualisation models that illustrate fact-based estimations of the rate of degradation, upcoming financial obligations, risks, environmental impacts and other important parameters that dynamically influence a fixed asset’s performance. More importantly, this advantage is not limited to a single asset; this technology can be applied to city-wide assets and infrastructure to offer comprehensive consolidated views of asset performances owned by an establishment.
Prescriptive Technology Enabling Answers For Problems That Yet To Appear
This technology can improve reliability managers and stakeholders the essential insights and approaches to digitally experiment asset management and maintenance approaches without taking the risk of inefficient system downtime. Prescriptive models can be connected to simulation models for more immersive asset approach investigations. Therefore, rather than overwhelming technicians, data scientists and analysts can use the powers of prescriptive analytics to coordinate asset initiatives based on fact-based and targeted asset approaches.
Digital Twin and Simulation Enabling Immersive Perspectives to Asset Performances
These technologies are known to many as a sci-fi movie scene, but modern asset utilisers use digital twin technology to virtualise an interactive model that mimics the actual operating parameters of assets that are usually hard-to-reach or positioned in a disparate position from the asset managers. For example, if the environmental temperature of a machine in a manufacturing facility is not in a permissible range, the digital twin will alert plant managers by pinpointing the machine and its threatened part to control the temperature to upkeep the performance of the machine.
Digital Twin Models can be integrated with simulation platforms to break free from time lock-ins during asst performance visualisation. The simulation platforms have the capability to allow plant managers to use AR and VR technologies to view a simulation of asset behaviour during certain events. FOr example, a water dam infrastructure manager can use this technology to simulate an upcoming hazardous flood event to understand the resilience of the infrastructure to withstand the water pressure inflicted by the flood even before it occurs. These technologies are phenomenal in offering event-driven perspectives that guide asset managers in tailoring risk mitigation and risk management programs to ensure the performance of the dam is not dangerously impacted by the flood.
Using Earth Observation Satellite Data to Ensure Infrastructure Safety
When complemented with in-situ and airborne data (extracted by UAVs, also known as drones–), asset managers can enable a combination of insights blended with spatial resolution and temporal data. These insights provide decision-empowering information based on the utility requirements or interest of the asset organisations, thus enabling insights to ensure asset performances are unfaltering.
These technologies can offer insights into the damage suffered by assets after a natural disaster, prioritise disaster-prone assets in critical areas, supervise vegetation clearance and even offer new methods to manage assets cost-efficiently. It combines the assets health, social well beings and eco-friendliness to the insights to ensure that all assets are managed in the most optimal manner possible.
Leverage Cerexio Technologies to Meet Topnotch Asset Performance Records?
Cerexio is home to a cluster of asset performance experts, solutions, platforms and success stories that prove that we are the latest leading technology solution enablers in the market. We offer infrastructure asset performance consultancy services that guides your organisations in asking the right questions and finding solutions to get real-time resolutions. Team Cerexio is a family of technology experts, asset-dependent industrial practitioners, academic professionals and data scientists ready to diagnose the current asset performance of your organisations and prescribe technologies to reimagine your organisation’s potential in keeping your asset performances at peak level constantly.
We also offer asset performance sustaining technology solutions that use the powers of industry 4.0-defined technologies to keep your asset networks up and running seamlessly. Connect with Cerexio to learn about scalable, integrated and highly-interactive platforms that make your asset utilisation experiences hassle-free. Cerexio is known to offer asset-intensive organisations with permissive, unrestricted and untroubled asset experiences with cutting-edge tools starting from AI-driven models, ML algorithms, digital twins, simulation tools, predictive analytics models, satellite-driven remote sensing tools and more.
Future of The Bond Between Asset Performance and High-tech Solutions
Asset-centric establishment keeps evolving with technologies to demand better innovations and better ways to save time, money and costs while improving end-top-end asset performances. This keeps the healthy correlation between asset performances and high-tech solutions an old relationship but a new and insightful experience every time it changes in the future. Technology will keep re-inventing the future of asset performance technologies by reimagining data flows from quantum bits to data-heavy streams. But one fact is a clear-eyed fact: Technology is no longer a luxury for the upkeep of asset performance, instead it is the most vital imperative for successful asset performance.