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SolarQuarter India magazine had an interesting chat with Sameer Makhija, Account Director, Hexagon – Asset Lifecycle Intelligence division, and learned about the digitalization trends in asset-intensive enterprises and the types of challenges. He spoke at length about the importance of digitalization in maximizing power generation and reduction of costs.
What are the Digitization trends in Asset Intensive Enterprises?
Shift to SaaS: More organizations are deciding to migrate to SaaS variants with acceptance of a hybrid model of accessing applications, considering the benefits of SaaS.
Increased usage of Mobility:
There is a massive increase in the usage of mobile devices, including smartphones, tablets, and phablets, driving a “mobile-first” mentality across business and EAM.
Furthermore, solution integration has increased interest in leveraging EAM for greater insight into asset lifecycle management (ALM), asset performance management (APM), and reliability-centered maintenance (RCM). Also, there’s a next-gen solution vision with the expansion of sensor and Industrial IoT (IIoT) connectivity, as well as predictive maintenance, analytics, machine learning, and artificial intelligence (AI).
What are the Typical Enterprise Level Challenges in Asset Intensive Companies, Especially Renewable Energy?
Different Stakeholders in companies may feel a bit disconnected if:
- The finance team is more concerned with operating margin, revenue growth, capital allocation,
- The risk & governance team focuses on risk mitigation, regulatory compliance, and ESG,
- The people & technology objective is the acceleration of digitalization, safe operations, and retaining talent & knowledge.
- How does digitalization aid in maximizing generation and reducing costs?
Below is the Summary of Some Key Benefits:
- Digitization helps achieve intelligent performance insights into mission-critical assets. It allows stakeholders to make informed decisions at the right time, which is a conduit for safe operations and increased productivity.
- It reduces regulatory & operational risks with sustainable asset management identifying assets responsible for consuming higher energy, further helping achieve auditable compliant operations.
- It provides a 360-degree view of assets from the acquisition stage to withdrawal from the organization.
- It increases asset utilization and results in higher production output and increased revenue.
- It optimizes Operational Efficiency and drives effective cost control of maintaining mission-critical equipment.
- Will it lead to better predicting failures (what does this change)?
Yes, the Planned Digitization strategy indeed leads to better prediction of failure. When implemented effectively, new Gen technologies are designed to support Enterprises manage complex maintenance and supply chain processes with more maturity and greater transparency.
When it comes to the maintenance process optimization leading to cost reduction and asset availability, the enterprise can embark on a digital journey based on the maturity of resources, available investment, and the proper maintenance strategy. For example, identifying critical assets within the organization whose failure will impact an organization the most can be digitization’s first business area. If we have been tasked to implement solutions like inspections using drones or IoT sensors, the critical assets will be in the first set of asset lists where the solutions have to be deployed.
About HxGN EAM
HxGN EAM is an industry-leading asset management software to extend asset lifecycles and improve productivity. Built upon more than 30 years of experience and continuous innovation, HxGN EAM (formerly Infor EAM) is helping organizations shift their critical asset management to a prescriptive maintenance approach as they evolve from EAM to Asset Performance Management (APM). APM’s foundation includes a wide range of risk, condition, and reliability-based maintenance instruments, IoT (Internet of Things) sensors, and applied technologies such as AI (Artificial Intelligence) and ML (Machine Learning). APM can deliver trusted and accurate data, information, and strategic insights that can drive your decisions and guarantee policy compliance that aligns with your company’s investment plan.