Asset management analytics enable companies to significantly improve a number of key business results such as costs, performance, and compliance related to assets. It does so by analyzing and visualizing asset lifespan and risk, calculating the chance of success or failure and simulating the impact of various scenarios.
These projections give companies like utilities and logistics businesses the confidence and ability to prioritize maintenance, allocate capital spending, and increase their reliability. But those benefits don’t come with every analytics application. You need five key features to get the biggest benefits.
5 Essential Features of Asset Management Analytics
1. Predictive Analytics
Asset management analytics creates risk scores and survival curves across multiple classes of conducting and non-conducting assets. The analytics predict when assets will fail and the effect it will have on businesses
How Predictive Analytics Affect Business Results
With predictive analytics, companies can make more accurate long-term planning decisions that take into account the expected risk and expected lifetime of assets. They can then enable predictive maintenance that extends asset lifespan, reduces downtime, and improves performance.
All assets and asset classes within your portfolio are modeled and analyzed to provide clearer assessments of risk. Using these models, companies can make simpler, data-driven decisions when it comes to investment.
How Modeling Affect Business Performance
Optimizing your asset investment strategy with models based on historical and real-time performance data can ensure that every dollar you spend has the highest possible ROI. That can decrease long-term costs and improve asset performance.
3. EAM Integrations
If your asset management analytics platform is to be effective, it needs to seamlessly integrate with your enterprise asset management system. A strong integration helps data flow between each system so your analytics platform is creating its models and predictions based on the most accurate and up-to-date information.
How EAM Integrations Affect Business Results
Integrations increase data quality, resulting in more accurate analytics and thus more accurate data-based business decisions. They also reduce silos and improve your staff efficiency, since employees won’t have to manually transfer information between systems.
You can’t use the data that comes with asset management analytics if you can’t understand what the data is telling you. That’s why top platforms come with easy-to-understand dashboards with real-time and historical views. Most analytics platforms will also allow you to customize dashboard information so the highest priority information is highlighted.
How Dashboards Affect Business Results
With current and previous data laid out in a clear format, decisions can be made faster and more accurately to improve safety, reliability, and regulatory compliance.
5. Investment Analysis
At the end of the day, asset-based companies can’t grow if they aren’t reinvesting in assets. Investment analysis, including analysis on sustained capital, allows companies to review their investment strategy and how effective (or not) it has been in the past. They can then optimize based on that information.
How Investment Analysis Affects Business Results
Asset management analytics allows utilities and transportation companies to align their risk tolerances and capital investment planning to deliver optimum performance. Many companies also use investment analysis to justify spending with data.
Optimize New and Legacy Assets
Asset management analytics works with the latest IoT technology as well as legacy assets, and is particularly beneficial for companies dealing with large fleets of assets. Analytics applications take the large quantities of data that come from assets and process it to highlight the most important information for your business. Companies that use that information to improve performance, spending, and maintenance often see significant improvement in business results.