AVEVA Adds Prescriptive Analytics To Asset Performance Management
AVEVA’s Artificial Intelligence (AI) infused technology to drive action across engineering, operations and maintenance.
AVEVA, a global player in industrial software, has announced a significant enhancement to its Asset Performance Management (APM) portfolio with the launch of AVEVA APM Assessment, AVEVA Asset Strategy Optimisation and AVEVA Asset Strategy Library.
According to the company, adding to its comprehensive preventive, condition-based and predictive software capabilities, the integrated solutions enable the workforce with prescriptive guidance, resulting in improved efficiency, safety and reliability.
“We have seen customer demand evolve from just asset failure prediction to the need for integrated guidance and prescriptive actions. AVEVA is the first vendor on the market to offer the portfolio breadth and domain expertise to help customers to fully realise untapped value, gain control of their asset strategy and prescribe the most efficient action,” said Kim Custeau, Vice President of Asset Performance AVEVA, “With this set of capabilities, we are redefining the scope of Asset Performance Management to deliver improved business outcomes for our customers.”
The company’s APM Assessment benchmarks a company’s current practices against best in class performance and builds a comprehensive roadmap encompassing people, processes and technology. These metrics are then used in AVEVA Asset Strategy Optimisation to balance risk, cost and performance, which determines asset criticality. This enables organisations to prioritise maintenance investments and apply the most effective strategy.
From reactive to proactive, AVEVA’s AI-infused software coupled with a rich asset library, provides the unique ability to empower customers beyond anomaly detection with prescriptive analytics to guide actions and drive targeted outcomes.
By deploying these solutions from the firm, organisations can predict asset failure and then prescribe the most economically advantageous action to take to remediate potential asset failures. For company directors, these tools mean doubling production output resulting in a safer, more reliable environment for the workforce.
ADNOC Gas Processing is working with AVEVA using the predictive AI technology with prescriptive maintenance. “We value our strategic partnership with AVEVA, they set a very good example for what a good collaboration is, and the results that come from this are a game-changer for long-term equipment management and optimisation,” said Ahmed Mohamed Al Abri, Vice President, Engineering & Technical Services ADNOC Gas Processing.
A core component of AVEVA’s APM portfolio is tight alignment with customers to determine portfolio innovations and deliver proven business outcomes. The Frost & Sullivan assessment of the Global Asset Performance Management market positions AVEVA as the market leader in the $1.2B space, driven by the 4th Industrial Revolution and digitalisation trends.