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.
In 2013, LumenData found itself in need of adding new real-time predictive analytics capabilities to its suite of services. To meet this need, LumenData acquired a state-of-the-art streaming data, capture and real-time predictive analytics company. This solved the pure predictive analytics end, but left LumenData with a need to be able to build IoT-targeted services.From an IoT perspective, LumenData was still missing the means to create suitable applications and dashboards that would make it easy for its customers to effortlessly make sense of whatever predictive analysis they might require.
AEMO needed to modernize of the Gas FRC Hub a B2B platform for the gas retail markets throughout Australia and provide a reliable B2B platform that could scale to support the adoption of B2B procedures in New South Wales (NSW).
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.