AI-powered asset performance optimization
Increase uptime of industrial plants, transportation machinery and other high-value assets while reducing maintenance costs
What is asset performance optimization?
Asset performance optimization leverages artificial intelligence (AI) to keep operations running smoothly. Using machine learning capabilities, asset performance optimization helps acquire, merge, manage and analyze Big Data and Big Content. In doing so, it helps to improve asset efficiency and reduce downtime and maintenance costs for higher operating margins.
Why asset performance optimization?
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Labor-intensive repairs and replacement of high-value assets are costly
The downtime required for repairs or replacements of assets can cost $1.3 million per hour on average. AI helps extend asset lifecycles by 20-40 percent and maximize equipment uptime to improve productivity by up to 20 percent.
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Businesses have limited visibility into asset performance
Industries relying on high-value machinery need better insight into condition and performance to prevent asset downtime. AI adds context to asset performance predictions and helps companies predict likely problems, reducing workplace incidents by up to 14 percent.
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Traditional static maintenance solutions are limited
Without the ability to draw from unstructured data, insights needed to improve asset lifetime and efficiency are limited. AI can optimize predictive maintenance to grow revenue by 15 percent.
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View the infographic (PDF)
Solution overview
By harnessing the power of AI, Asset Performance Optimization from OpenText™ delivers predictive insights derived from a holistic knowledge base, with the ability to improve those insights over time as assets are used, maintained or taken out of service. It combines the Internet of Things (IoT) with AI capabilities to acquire, merge, manage and analyze Big Data and Big Content, including data from sensors, enterprise information management systems and external sources.
Here is an example of how asset performance optimization works in a steel mill.
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Sensors stream IoT information and alert changes in conditions. For example, a problem with the rollers can cause sheets to come out too irregular for use. -
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OpenText software checks the data streams from the relevant components and compares the current condition against historical performance records and associated data. -
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Engineers view a digital model of the production line and determine how to reconfigure it. If the sensors spot a part that is about to wear out, the manager can order a replacement right away.
Featured components
Asset Performance Optimization from OpenText is based on select components of OpenText Magellan, a flexible AI data analytics platform, and OpenText™ Professional Services:
OpenText Professional Services:
Al & Analytics Services
The OpenText™ Magellan™ Professional Services team includes data scientists and experts on application machine learning, text mining and algorithms in data analytics scenarios.
They have a deep expertise with Magellan and analytics technologies and are experienced working with organizations across many industries to glean insight from their data.
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