Analytics

An example of the Asseti Paradigm in action is following an extreme weather event.

Live weather data streaming combined with live IoT site feeds would inform immediate status reporting and real-time monitoring of the asset and asset network. Were an asset to degrade significantly or go offline, notifications would transmit and preconfigured workflow sequences would enact. The Asseti Paradigm means that the system’s ongoing asset and network analysis would continue to deliver real-time updates to condition, repair work progress or new incident.

Client sites without live asset monitoring on their assets would derive highly significant insight from the Asseti Paradigm in the case of emergencies such as extreme weather events.

Asseti Paradigm would utilise feeds available combined with historic insight to assess, categorise and alert asset managers of statistically likely outcomes. The manager would be notified that a specific incident type is underway or has occurred, and the asset condition based on available information. In this way Asset would leverage the power of its extensive records and computing power to assist asset managers to make informed immediate decisions during events.

An increasing body of research, including that of McKinsey, has correlated biased decision making with lower return on asset management investment and underperforming portfolios. In addition to asset acquisitions, bias is routinely seen in strategic MRO and lifecycle management decision making.

Asseti is able to debias decision making by providing objective recommendations – effectively playing the role of McKinsey’s recommended ‘devil’s advocate.’ This same processes, conducted through a more costly human-only approach, was found to eliminate bias in more than 35% of asset management decisions and an annualised 150bps degradation for one global asset management company. Asseti streamlines the solution to deliver a better and easier technology-enabled result.

Decisions can only be made with the information available at hand. Best practice asset performance management scholars therefore recommends a multidimensional data repository to integrate vital in-house and external third-party data sources - which is Asseti. 

Asseti is built for ingestion of data from disparate sources to aid decision-making, to provide deep analysis and streamlined strategic planning. Improved and diversified data sources are increasingly used for asset performance management – for example, a REIT investment manager integrated additional non-traditional data sources to elevate their 3-year rent projects from 65% accuracy to 95+% accuracy. Asseti's deep analytical foundation is naturally designed to facilitate this type of innovation. 

Most asset networks cross some boundary, be it national borders, regulatory regions or language zones. Multiregional and multijurisdictional operations carry specific challenges which are, individually, manageable but become extremely challenging at scale.

Asseti simplifies understanding and reporting by adding multiregional insights to its analysis to improve asset performance at scale. Asseti also simplifies uniformity in reporting and enables immediate status reports so that leaders can understand their entire network without individual adjustment and consideration of regional differences.

M&A are quite common in the asset management world, and asset managers are therefore routinely required to integrate information from separate systems to deliver unified coherent reports.

Asseti works alongside business systems including enterprise asset management EAM solutions to provide an integrated top-layer for all assets and managers. Dashboards easily integrate information from new and older parts of the network, to provide robust analytical insight. 

A significant part of getting the most value from an asset network is reducing downtime. It can be difficult to calculate the network cost of asset downtime, but there are some industry standards such as vehicle assets costing USD$1,000 per day, and USD$180,000 per day for unplanned mining downtime. Intangible costs are even greater, with opportunity cost and lost consumer satisfaction causing long term harm.

Asseti analytics incorporates dashboards devoted to understanding uptime and the long term consequences of MRO scheduling to enable asset performance optimisation in a short and long term context.

A study conducted by the independent British Standards Institute found that the most significant risks facing asset management organisations were, in priority order:

• Incorrect understanding of assets – including unregistered assets, and incorrectly registered assets
• Over and under maintenance
• Improper management
• Improper risk management
• Suboptimal asset management information systems

Asseti resolves each of these risks with smart dashboards, recommendations, defensible and auditable record management and the capacity to combine data from multiple information systems including EAMs. Asseti enables asset managers to avoid these very common issues and deliver a better result and ROI.