An asset lifecycle is the series of stages involved in the management of an asset. It starts with the planning stages when the need for an asset is identified and continues all the way through its useful life and eventual disposal. The basic premise of asset lifecycle management is to extend your assets’ usability as far as you can, without losing any functionality, thereby decreasing total lifetime costs and increasing the economic value-add of the asset. For example, when maintenance is neglected, companies have to struggle with the resulting unexpected breakdowns, long delays, and costly emergency maintenance. Proper asset lifecycle management can improve the process of maintaining and managing valuable assets.
Coco Cola Swaziland, South Africa would like to find a solution that would enable the following results: - Reduce energy consumption by 20% in one year. - Formulate a series of strategic initiatives that would enlist the commitment of corporate management and create employee awareness while helping meet departmental targets and investing in tools that assist with energy management. - Formulate a series of tactical initiatives that would optimize energy usage on the shop floor. These would include charging forklifts and running cold rooms only during off-peak periods, running the dust extractors only during working hours and basing lights and air-conditioning on someone’s presence. - Increase visibility into the factory and other processes. - Enable limited, non-intrusive control functions for certain processes.
Water pumping, treatment and conveyance are among the largest energy and cost outlays for many local and regional municipalities. Electricity time-of-use rates and peak pricing tariffs are driving those costs even higher. This case study describes how Monterey Regional Water Pollution Control Agency (MRWPCA) implemented a process data monitoring and control solution in order to analyze and optimize energy use, reduce deployment costs and save operational expenses.
A recent study on maturity of Asset Efficiency from Infosys and the Institute for Industrial Management (FIR) at Aachen University revealed that 85 percent of manufacturing companies globally are aware of asset efficiency, but only 15 percent have implemented it at a systematic level. Current challenges include lack of instrumentation of the assets, missing real-time data analytics, lack of context due to missing information from other systems, and lack of a holistic focus with other aspects of efficiency like energy, utilization, operations, and serviceability.GOALTo collect asset information efficiently and accurately in real-time and run analytics to make the right decisions
The Application Lifecycle Management (ALM) market is expected to grow from USD 2.58 Billion in 2017 to USD 3.63 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period.