When considering the steep cost of asset downtime, it becomes clear how vital AI-enabled asset performance management systems are for industrial companies today,
With the right combination of integration and proactive tools, organizations can take advantage of the dynamic relationship between the daily deluge of data produced by industrial operations and AI technologies like machine learning, natural language processing, and generative AI.
AI is a pain reliever for industrial companies searching for ways to address critical challenges, from equipment reliability to improving workforce responsiveness. With anything less, they leave themselves exposed to costly problems. For example, in the oil and gas industry, offshore operators rack up 27 days of downtime per year, on average. Downtime—i.e., not producing oil and gas because production equipment is offline due to failure or maintenance—is the opposite of what they want to be doing. All told it leads to a $38 million cost for the industry.
Meanwhile, four out of ten offshore oil and gas facilities are over 15 years old. Obviously, older equipment tends to need more attention to ensure efficient performance than newer equipment, but a secondary problem comes into play along with that. In the O&G industry, 50% of the workforce plans to retire in the next five to ten years. As they move on, there’s a real concern across the industry about the institutional knowledge and subject matter expertise they will take with them. So equipment is getting older, and the experts that know how to keep critical assets operating at peak performance are aging out of the workforce. That establishes an even greater risk for asset downtime.
The good news is that technology is advancing rapidly to offset these problems, and the proof is mounting that predictive analytics to identify mounting equipment issues and prevent asset downtime really works. In fact, 36% of industrial asset operators realized savings on unplanned asset downtime by using predictive maintenance approaches.
Having put the above in perspective, SparkCognition’s Andrea Schmidt, Director of Solution Architecture, and Jim Eskew, Senior Director of Product Management, kicked off an illuminating webinar, Unleashing the Power: AI-Driven Asset Performance in the Oil & Gas Industry, available now in our on-demand library now. Schmidt and Eskew stepped through the ways in which large organizations like oil and gas producers can harness the opportunity of AI and machine learning to reduce cost and increase efficiency in maintaining their assets. And that it’s actually a lot easier than ever with SparkCognition’s patented and proven tools.
As Eskew put it: “Ultimately, we’re focused on helping our customers leverage AI. There’s been a lot of promise and potential with AI for large organizations to take the next step. And so we are really engaged with our end-user community to hear their pain points, where we are getting traction and adoption, and use that as feedback loops.”
Schmidt followed on by listing the common questions customers ask as they confront the topic of asset downtime. “How can we reduce the number of days that equipment is offline? How can we take advantage of some of that savings potential? How can we fortify the new workforce that’s coming in with the information that they need to perform at the same levels as the senior workforce? And [regarding] older equipment that still works and is still in good condition—and without the capital expenditure or replacing equipment—how can we squeeze as much life as we can out of that installed equipment that’s out there producing?”
This webinar reveals new and improved capabilities that SparkCognition is offering to organizations that rely on continuously available critical assets running at peak performance. SparkCognition Industrial AI Suite brings together—in one easy-to-use and highly configurable platform—our award-winning AI technology, deep domain expertise, and product engineering vision perfected over ten years of real-world engagements serving the largest brands in oil & gas, manufacturing, transportation, and utilities. The patented technology inside Industrial AI Suite has yielded successful outcomes in past deployments, including:
- 10x ROI improving O&G production efficiency across multibillion-dollar operations investments
- Averting more than $100K in potential asset downtime costs per predicted failure event for an O&G supermajor
- Delivering a 5% production efficiency gain for a top 50 beverage manufacturer
- Avoiding over $1M in maintenance costs in a single plant deployment for a global food & bev manufacturer
Eskew explains how SparkCognition’s products like Maintenance Advisor and Manufacturing Suite evolved “from concentrating on specific problems in isolation like identification of problems forming with critical assets, all the way through to how do you resolve those issues and looking broadly at what are the artifacts along the way, And also training and delivering AI models in the process. So with all of these different capabilities, we have gotten a really strong reception from the market to bring these capabilities together in one packaging.”
Unleashing the Power: AI-Driven Asset Performance in the Oil & Gas Industry delivers a deep dive into Industrial AI Suite’s innovative combination of high-ROI solutions for industrial producers to predict, prescribe, monitor, plan, and view their operations and fight back against asset downtime. Don’t miss it!
