Improving the Monitoring of Asset Output With Data Analytics

Improving the Monitoring of Asset Output With Data Analytics

Industries that are historically asset-heavy, such as utilities, face an additional challenge: constantly undertaking efficient asset performance control to ensure that those assets produce revenue, not costing money because of underperformance or an unforeseen stoppage.

Industries that are historically asset-heavy, such as utilities, face an additional challenge: constantly undertaking efficient asset performance control to ensure that those assets produce revenue, not costing money because of underperformance or an unforeseen stoppage. Although data analytics is doing a lot these days, maybe one of its most important strengths is the ability to keep the current assets running at the most profitable level possible.

Maximizing returns from investments by data analytics

Assets owned by a corporation are, by their design, not passive. It may seem like such assets exist to serve the needs of internal operations, such as buildings and installed equipment, but a deeper investigation shows the interconnectedness of all your assets. You will soon understand, along this line of reasoning, that no asset is independent of the rest of your activities. Downtime for one piece of equipment, whether it is instantly viewed or not, also causes a negative ripple effect across the entire operation.

These facts point to the need at any stage of the operation for proper and effective asset performance management. Fortunately, for asset-heavy and asset-dependent companies, the advent of the Industrial Internet of Things ( IIoT) comes at the most important moment. In ways you didn’t think existed, combining IIoT with data analytics will empower your business. You will also begin to see and appreciate how all your assets are interrelated and interdependent, with the opportunity to obtain a comprehensive and clear overview of your asset operations. This allows you to predict interferences and interruptions better, which in turn gives you the ability to intercept and prevent unwanted downtimes and crashes of equipment.

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