Analytics and Data Summit 2019

Maximizing asset uptime is the main goal of large scale asset managers. To achieve that, asset managers typically adopt a maintenance program that helps them to maintain acceptable levels of performance across their assets. Maintenance programs are a double-edged sword: the cost can increase tremendously if assets are maintained too frequently or too seldom. Frequently executed maintenance causes unnecessary maintenance downtime and seldom executed maintenance results in unexpected asset failures and undesirable business disruption. Optimizing the maintenance program is one of the key business decisions an asset manager makes. In this talk, we discuss maintenance programs in large scale asset management businesses and showcase how artificial intelligence and machine learning-based optimization using assets' IoT and maintenance data help to maximize asset uptime and minimize the overall asset operational cost.