Asset Predictive Analytics

Using analytical solvers and calculators to predict and make improvements to asset risk, cost and performance

What is asset predictive analytics?

Asset - "a useful or valuable thing or person"

Predictive- "relating to or having the effect of predicting an event or result."

Analytics - "the systematic computational analysis of data or statistics"

When combined, our definition of asset analytics is:

"The systematic computational analysis of data or statistics relating to an asset and it's future operation and performance."

What is the purpose of asset predictive analytics?

The terms "asset analytics" and "predictive analytics" are very broad, and take many forms. An analysis has a specific objective, and it's own set of requirements and constraints. The purpose of performing an analysis is usually to answer one or more questions about the asset in its business context.

Some examples of these questions could be:

  • What is the likelihood of failure into the future?
  • What is the recommended maintenance strategy for an asset?
  • What is the recommended operational strategy?
  • What is the recommended intervention strategy?
  • What what is the relationship between cost and risk profiles?
  • What is the recommended equipment for the specific application?
  • What are my most important assets?
  • How long are my assets likely to last?
  • + more...

Each of the above questions can be answered by one or more types of analysis, however we believe that they should ALL be analyzed using the same working knowledge base (See knowledge management here)

Each type of analysis can be performed using any number of methods to reach the desired answers. Some approaches utilize basic statistics, machine learning, big data, Artificial Intelligence, Causal Diagrams, or any other method currently available to achieve its purpose or answer specific questions.

What are the benefits of predictive analytics?

Asset predictive analytics is about making predictions. These predictions are data and/or assumption based, and forecast future events. These forecasts can then be used to make informed decisions around an organisations operations, and subsequent performance.

Some use cases would be:

  • Inventory management
  • Risk management
  • Performance management
  • Budgeting, etc.

The ability to see what is coming, and make strategic adjustments is what separates the reactive businesses of today, from the industry leaders tomorrow.

What types of analysis can do?

Our list of solvers and calculators is continually growing.

  • Failure Modes Effects and Criticality Analysis - FMECA
  • Maintenance strategy optimisation (Fixed Time)
  • Maintenance strategy optimisation (Time Variant)
  • Current and future risk and cost projections
  • Remaining life analysis
  • Run to failure scenarios
  • Risk-based inspections
  • + more...

Get in touch!

Want to find out more? Contact us here.