From blogs to case studies to news, we love sharing our tips and tricks for asset management, cloud, IoT and smarter operations.

by | Apr 10, 2019

Asset Investment Optimisation

Strategic Assessment

With only a small amount of information on Asset conditions, an organisation can commence making well-informed decisions on forward planning. This has significant benefits for setting expectations around future budget requirements to maintain levels of service.
There are 3 areas that are strategic to make this assessment:

  1. The condition rating of assets or for the facility;
  2. Degradation curves to predict the future;
  3. Analysis tools to visualise the data, optimise an approach and conduct “what-if” scenarios.

~ 3 areas that make up Strategic Assessment ~

Emerging Technologies: IoT and AI Increases Access and Speed to Data

The collection and creation of a condition rating is not a new concept, however the use of the Internet of Things (IoT) and Artificial Intelligence (AI) has created increased access and speed of getting the data as well as removing the subjective nature of people.
Traditionally, organisations would send an inspector around with a checklist and a rating card. Today, mobility and the adoption of technologies such as drones with cameras and sensors on equipment can all provide this feedback in real-time with far less human intervention. AI can then interpret this data and provide the classification.
When approached from the Top Down, then simple computational methods around providing a rating based on current maintenance spend compared to Asset replacement value is sufficient.

~ Top Down Approach ~

When approaching the condition rating from the Bottom Up then algorithms assign weightings based on the influence of the Asset or reading to overall health are easily established.

~ Bottom up Approach ~

Maximo Asset Health Insights (MAHI) uses this approach and delivers this on the Reliability Engineer’s dashboard. This helps with the management of critical Assets and ensuring potential issues are dealt with early.

~ IBM Waston IoT, Maximo Asset Health Insights ~

Armed with a current state condition rating and applying an appropriate degradation curve, you can now forecast periods of future intervention. Specific industries often provide guidance on degradation rates otherwise with a couple of data points there are calculators available to use a line of best fit approach.
The development of APIs and the integration between applications these days means that data can flow seamlessly from the collection point to the analytics engine.

How PowerPlan Can Help

The PowerPlan Asset Investment Optimisation (AIO) application easily shows the current state based on the as-is future maintenance plan. Often this does not align with the Asset owners requirements to maintain a minimum condition level.
Part of the AIO process is then to understand what is the resource requirement to maintain an acceptable condition level for the least acceptable risk. By overlaying your constraints, often budget and labour, you are able to quickly see the best way to schedule your future projects in the most optimal way. Once this is agreed by the business and through an integration to your works management system you are able to easily update asset management plans and works management systems.

MaxiCloud Brings You All of This

~ MaxiCloud ~

BPD’s MaxiCloud platform has all these elements fully integrated to IBM’s Maximo and fully managed on a flexible and scalable platform. Our approach is to bring the best of breed products together to extend our client’s Enterprise Asset Management capability. Learn more about BPD’s Global Cloud solutions.

Mark Michael

Mark Michael

With over 20 years of Asset Management experience, Mark Michael is responsible for BPD Zenith in Australia and New Zealand. Mark is particularly interested in using data to help the Manager optimise the life and operation of assets. Most recently, he has been working with IBM’s Maximo Asset Management and Internet of Things (IoT) products along with web based tools to enhance the experience for users of the information.


Custom servlet in Maximo

Custom servlet in Maximo

What is a servlet? Servlets are Java classes which service HTTP requests and implement the ‘javax. servlet. HttpServlet’, an abstract class that implements the servlet interface and is specially designed to handle HTTP requests. A  servlet accepts the request,...

9 Recommendations For A Successful SAP & IBM Maximo EAM Interface

9 Recommendations For A Successful SAP & IBM Maximo EAM Interface

Integration is often a key component for getting the most out of your critical IT applications. Modern Enterprise Asset Management systems such as IBM Maximo are designed for integration which can expand their capabilities and allow the flexibility that the industry...

Reinvent the Wheel with BPD Zenith’s Maximo Accelerators

Reinvent the Wheel with BPD Zenith’s Maximo Accelerators

I was recently involved in preparing a business case for a Maximo implementation, and as a part of process I spent considerable time analyzing and evaluating the best approach. In essence, I was trying to find the optimum balance between minimizing the length of the...

Defence Seaworthiness – A session from AMPEAK 2021

Defence Seaworthiness – A session from AMPEAK 2021

I recently got the opportunity to attend Asset Management Council of Australia’s AMPEAK conference. It has been a great experience interacting directly with the true practitioners of Asset Management, and understanding some of the technology challenges that they are...

Sign up to our free newsletter to explore emerging technologies, industry events and Maximo best practice.

Come with BPD Zenith to the future of Asset Management

Partner Ecosystem

BPD Zenith partners with a diverse array of the world’s top Technology, Business and Solution Integration leaders.