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Intelligent Asset Management requires Data

Posted by Marbenz Antonio on August 31, 2022

IT Asset Management

Real-time data-driven insights for predictive maintenance, monitoring, and management across sectors are provided by intelligent asset management.

The new way of doing business is to prepare for interruptions. Industrial businesses are depending more on operational technology (OT) and IT data integration to stay ahead in a quickly changing environment. This enables them to switch from time-based to predictive maintenance, monitoring, and management. However, gathering and drawing conclusions from data that is spread over several apps, old databases, devices, sensors, and other sources is a difficult task. In actuality, only one-third of company data has been utilized. Data is useless if companies can’t use it to create value.

IAM, or intelligent asset management, plays a role in this.

IBM’s intelligent asset management, which was unveiled today at MaximoWorld, combines strong solution suites for asset management, facilities management, and environmental intelligence in a single, integrated location. It enables the entire business to make better informed, anticipatory decisions in important operational and functional domains, from the C-suite to the frontlines and all down the supply chain. All competitors can:

  • Utilizing asset and sustainability performance management tools, monitor and assess operations for a 360-degree perspective of internal and external data to balance net income with net-zero goals.
  • Manage assets, infrastructure, and resources, including new connectors between Maximo and TRIRIGA to combine best practices across property, plant, and equipment, to optimize and prioritize operations that benefit the bottom line.
  • Improve the quality of your goods and services using artificial intelligence (AI) and cutting-edge technology to boost customer satisfaction, save costs, and improve the occupancy experience.

Through a comprehensive approach to asset management, Intelligent Asset Management needs to break the boundaries between these typically segregated data sources, software-defined to untangle their data and integrate sustainability and resiliency into their operations. Just a few instances of how clients are now using IAM are shown below.

Intelligent Asset Management is Developing a complete digital utility

The New York Power Authority is one illustration (NYPA). The NYPA wants to become the first fully digital public power utility in the country. It is presently the largest state public power organization in the US. The organization’s VISION2030 strategic plan, which offers a plan for changing the state’s energy infrastructure into a clean, dependable, resilient, and affordable system over the next ten years, includes this ambitious goal.

The NYPA went to for assistance in integrating its Fleet Department and streamlining its asset management system. The Assets, Inventory, Planning, Preventive Maintenance, and Work Order modules from Maximo are just a few of the solutions that the NYPA already employs to manage its generation and transmission operations. However, to manage its fleet, its Fleet Department continued to use standalone, independent software, which prevented cross-organizational insight into vehicle data. The Fleet Department is assisting in ensuring the best management of almost 1,600 NYPA vehicles with the use of the Maximo for Transportation solution. Utilizing this one source decreases operational downtime, lowers expenses, and increases worker productivity. It also supports the decarbonization of New York State aims of the NYPA for sustainable energy.

Utilizing weather forecasts to distribute electricity throughout India

Leading businesses are also utilizing IAM solutions to boost their ability to adapt to change and maintain business continuity. They are using resources like the IBM Environmental Intelligence Suite, which offers advanced analytics, to prepare for disruptive weather occurrences, respond to them, prevent outages, and more.

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India has made enormous progress in recent years toward guaranteeing that every organization that uses energy has access to the power they require. However, the nation had issues with the dependability and effectiveness of these programs. Government representatives had to manually calculate energy estimations using spreadsheets that could only take previous energy usage into account. This procedure allowed a lot of possibilities for waste, inefficiencies, and loss of profits. To truly understand all the factors influencing demand, officials required a new approach.

An AI-based demand forecasting system was developed in collaboration with IBM by Mercados EMI, a well-known consultancy company in Delhi that specializes in resolving issues in the energy sector. Officials were able to properly forecast when and where electricity will be consumed depending on environmental circumstances thanks to a model that combined historical demand data with weather pattern information from The Weather Company’s History on Demand data package. With the help of this information, Mercados was able to offer utilities demand projections with an accuracy rate of up to 98.2%, lowering the probability of outages while maximizing their purchasing costs. This made it possible for officials to balance supply, demand, and consumer costs more effectively overall.

AI and IoT help keep cities sustainable and safe

Making sure this lightweight infrastructure can also deliver fast insights from real-time scenario data becomes essential as the economics of employing AI and monitoring assets remotely become more advantageous than huge supervisory systems. When it comes to environmental challenges, this difficulty is especially acute because real-time understanding when connecting municipal systems and infrastructure resources can make all the difference.

Australia’s Melbourne serves as an illustration. The severity of rainfall events is increasing in Melbourne as a result of climate change. More than 50 mm (2 in) of rain poured in less than 15 minutes in 2018, causing flash floods and major power disruptions.

The city’s water management company, Melbourne Water, maintains a huge drainage system with almost 4,000 pits and grates to help give protection from flooding. The stormwater drainage system needs routine inspection and upkeep to operate correctly, which necessitates thousands of man hours annually, frequently performed in the most hazardous circumstances.

Because of this, Melbourne Water began using IBM Maximo Application Suite’s AI-driven visual inspection technology. As a result, they were able to employ cameras to gather real-time data about their stormwater system and then use AI to assess the condition and find obstructions. Crews can concentrate on the areas that pose the greatest risk to Melbourne and its residents because Maximo enables a simple connection between management, monitoring, and maintenance data and apps.

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