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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 25 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.


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