Asset Performance Management
Automate and scale your ability to monitor, detect, predict, and address asset and process performance
Lack of insight into the causes and magnitude of lost production and hidden underperformance are expensive problems for major industries today. For example, the cost of avoidable expenses and lost energy in the renewable energy industry is estimated to exceed $32B next year.
SparkCognition’s AI-powered asset performance management solutions help you scale digital transformation, achieve end-to-end visibility, and leverage predictive and prescriptive insights to increase throughput and lower your operations and maintenance (O&M) costs.
What is asset performance management?
Asset performance management (APM) is a holistic approach to managing physical assets and connected processes across an industrial setting to make them as reliable, predictable, sustainable, and efficiently utilized as possible.
Asset performance management in manufacturing
Widespread industry challenges like labor loss, supply-chain issues, and regulatory compliance make it harder than ever—yet more important than ever—to address underperformance and availability issues in manufacturing. An effective asset performance management system relieves this burden with data-driven efficiency gains.
Asset performance management in renewable energy
Asset performance management in power and utilities
The power and utilities industry is under pressure to keep up with expanding renewable energy competition and extreme weather events threatening their assets. Investing in a data-driven APM system to optimize asset behavior within the contextual environment is a winning strategy to maximize profitability and enable safer and more resilient operations.
How does AI enable asset performance management?
A full-spectrum AI-enabled asset performance management system, combining best in class artificial intelligence and human domain engineering expertise, empowers you to achieve critical KPIs, minimize asset downtime, improve yield and quality, and boost productivity in a scalable, automated, and cost-effective way to accelerate your digital transformation.
Gain end-to-end visibility with custom dashboards, monitoring, and automated reporting
- Observe current site environmental conditions, production, capacity factor, and revenue.
- Monitor both time- and energy-based availability, downtime, and lost energy events by frequency and duration.
- Keep watch over assets and components at risk of failure and examine parts usage and maintenance cost trends.
Prevent slowdowns, micro-stoppages, and unplanned downtime with predictive and prescriptive insights
- Reduce CAPEX costs by optimizing maintenance schedules, reducing spare inventory, and maximizing the useful life of your assets.
- Get more accurate outage predictions with fewer false positives and avoid alert fatigue.
- Contextualize historical data with maintenance notes and SME input to discover patterns, improve models, and reduce the time to resolution with more efficient root-cause analysis.
Turn data into valuable insights with self-service analytics that drive operational excellence
- Extract data from unstructured sources to capture tribal knowledge that improves analytics and prescriptive insights.
- Generate time domain, scatter, fault, and downtime visualization plots, and heatmaps.
- Plot and compare multiple assets or components to identify anomalies quickly.
AI-powered asset performance management across industries
Using AI to improve asset performance in manufacturing
By reducing complexity and unlocking predictive insights, SparkCognition Manufacturing Suite accelerates digital transformation in manufacturing—helping data-rich, but insight-poor operators cut through the noise to find actionable insights.
Our AI-powered asset performance management system for manufacturing delivered a 5% production efficiency increase for a Top 50 beverage company.
AI-powered asset performance management for offshore oil and gas platforms
- Monitor the performance and health of your assets and processes.
- Use interactive visualizations to interpret normal vs. anomalous behavior.
- Manage events, alerts, and notifications in one place.
Renewable energy asset performance management
SparkCognition Renewable Suite was built from the ground up by renewable energy industry experts to provide a single AI-powered tool for the management of multiple asset types—solar, wind, hydro, and energy storage—with proven ability to increase annual energy production up to 5% and decrease O&M costs by 10%.
Combining predictive maintenance and asset performance management for industry 4.0
Its patented predictive machine learning models notify your SMEs when assets are acting anomalously, so they can take action aided by prescriptive insights and rich visualizations.
How SparkCognition optimizes wind energy production with AI-powered asset performance management
When a wind turbine isn’t pointing directly into the wind, the turbine produces less energy, therefore less revenue. The turbine also experiences increased loads from the misalignment—increasing its O&M expenses and the likelihood of failure.
Learn how SparkCognition’s asset performance management system for renewables increased visibility into yaw misalignment issues and delivered a 96% accurate predictive solution to help optimize wind turbine production.
Step 1: Deploying the model
SparkCognition Renewable Suite only needed two months of our customer’s historical data to train our machine learning model to detect when yaw misalignment of five degrees or more is present, with 96% accuracy.
Step 2: Providing prescriptive insights
Renewable Suite monitored the model 24/7, automatically notifying the customer’s analyst whenever yaw misalignment was detected—including key insights into the magnitude and direction of misalignment so that the issue could be corrected remotely.
Step 3: Restoring optimal production
By detecting and notifying our customer of the issue with full visibility into the corrective actions to take, our customer restored optimal production quickly, resulting in an annual revenue increase of $45,000 for the project.