Predictive Analytics | Optimizing Asset Performance
LCM is a solution for enterprise asset management (EAM) that combines Big Data, Discrete Event Simulation software and years of expertise resulting in a platform that helps asset managers increase their assets’ availability, utilization, and billions worth of cost savings and profitability.
LCM provides asset managers with a single platform to view and manage the life cycle of their capital intensive assets. The platform collects, cleans and categorizes critical asset performance data and uses high fidelity predictive analytics to determine the best method and time to order parts and perform maintenance activities. Comprehensive reporting related to asset performance, uptime, utilization and ROI is provided. In addition, LCM gives customers the ability to complete what-if analysis of various operating scenarios critical for extending the life of the asset, reducing risk of disruptive failure, and minimizing the possibility of asset damage.
LCM simplifies the data management process by constantly updating operating data, insuring maintenance strategies and other key performance indicators are always up to date. Unlike traditional forecasting methods that make predictions by trending historical generic procurement data, with no references to cause and reason, LCM enables planning based on the current condition of individual assets, their planned usage, intended operating environment, logistics network and other support systems. This root-cause driven planning coupled with near reality modeling of assets and support infrastructures enables an unparalleled level of accuracy twenty-five years or more into the future.
By creating unique models of an asset, plant or fleet to determine performance requirements, and maintenance labor requirements, customers model their repair parts logistics, maintenance, and supply infrastructure to quantify the cost and system performance impacts of varied scenarios. The simulation engine provides high-fidelity predictions of the asset’s performance over time, the cost of that performance, and the variables that contribute most to understanding risks.