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The Crucial Role Of Data Management In Asset Performance Management

31 May

In the realm of Asset Performance Management (APM), where the effective utilisation of data can significantly impact operational efficiency and business growth, the importance of robust data management practices cannot be overstated. Data management forms the backbone of APM, encompassing processes, policies, and technologies aimed at ensuring data accuracy, accessibility, security, and usability. Inadequate data management in APM poses multifaceted challenges, ranging from compromised data integrity to increased costs and resource consumption.

In this article, we discuss the Data challenges in heavy industries, from mining to energy and utilities, and our cutting-edge solutions to help address them.

Challenges in Data Management

  1. Data’s underutilisation: A survey showed that around 71% of respondents ranked data management as an issue of high critical importance [1]. However, many companies struggle to unlock the full potential of their data due to various barriers.
  2. Data Inaccuracy and Inconsistency: One in four respondents [1] admitted that they lack the necessary information to make data-driven decisions. Poor data management leads to inaccurate, incomplete, or inconsistent data, undermining the reliability of insights and decision-making.

  3. Data Silos: Fragmented data across different departments or systems hinder integration and holistic analysis, impeding effective APM efforts.

  4. Poor Data Quality: Without proper data cleansing and quality assurance, organisations struggle with low-quality data, leading to flawed analysis and unreliable reporting.

  5. Limited Data Accessibility: Inefficient data management restricts data accessibility, 36% of respondents agree that inaccessibility to the best quality versions of data hinder collaboration, decision-making processes, and proactive maintenance efforts.

  6. Data Security Risks: Inadequate data management may expose organisations to data security risks and unauthorised access.

  7. Difficulty in Scalability: As APM generates larger data volumes, scalability becomes challenging without proper infrastructure and tools, leading to performance bottlenecks. Cloud-based infrastructure allows for increased scalability of data management, but around 35% of high-level executives had the opinion that costs were the main challenge of implementing a cloud-based solution [1].

  8. Increased Costs and Resource Consumption: Poor data management practices result in unnecessary expenses and manual efforts, impacting the overall efficiency of APM initiatives.

AIE solutions for Data Management

AIE understands the importance of data management and the impact of data-driven decisions on improving a plant’s overall asset performance.

Veracity Suite:

Our proprietary software suite, veracity, has significantly helped operators digitise their operations and manage their data effectively.

Veracity watchkeeping has transformed the field-data capture process, shifting away from traditional pen-and-paper forms to a seamless tablet-based solution. Veracity APM has provided a comprehensive Information and Asset Management platform that transforms both operational and executive decision-support processes by breaking down data silos and integrating the entire operations of an enterprise under one ecosystem.

Veracity is a cloud-based, web-based software suite, which enables easy access to all your data from anywhere, any time.

To learn more about veracity, click here.

Data science capabilities:

Data science is essential for analysing complex datasets in heavy industry facilitating informed decision-making processes. Our services focus on enhancing operational efficiency, safety, and sustainability by combining data and decision science. This approach provides a comprehensive analytical capability that enables forecasting trends, predicting equipment failures, and optimising resource use.

Click here to read more about our data science services or get in touch with our experts today.

References

[1] Seequent, Geoprofessionals Data Management Report (6th Edition)



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