By: Rachel K. Carson, MarCom Intern for Process Industries
How many times in your life have you wished that you could go back and redo a moment in time? We think to ourselves, if we knew then what we know now, how much better of a decision we could have made! Unfortunately, in our own lives, there is no way of predicting the future. However, that’s not true in operations. With Asset Performance Management, predictive analytics give you the chance to predict future failures, successes, etc. within your mining operations. Software asset solutions suddenly make predicting the future of your mine a possible feat.
Making the Smarter Choice
The prediction of potential equipment failures and digitalization of procedures and predictive maintenance activities is of utmost importance nowadays. As digitalization breeds a new era for mining, the opportunity of new chances and growth arise. Mines are quickly realizing the importance and increased benefits of asset performance management for the maximum growth and overall health of their operations. These include:
- Condition monitoring decision support
- Improved asset health
- Enhanced OEE
- Less downtime through data collection, aggregation and analytics
- Better strategy development
- Predictive analytics to manage overall uptime and performance
Applications of Asset Performance Management
The two main applications of asset performance management are predictive analytics and decision management. Both play critical roles in assessing future situations.
- Predictive Analytics. Apply advanced predictive algorithms to identify changes in system behavior. These are often early warning signs of equipment health and performance problems.
- Decision Management. Knowledgeable base f past process/asset anomalies and “cause-action” relationships. This drives digital accountability and collaboration. Smarter and better decisions can be made faster through readily available information
Both solutions allow mining professionals to build associations between downtime events and actions that have taken in the past, to close the loop and resolve events through leveraging work flow.
Ready to learn more about asset performance management solutions? Watch our on-demand recording…
On August 30th, Doug Warren outlined the importance of asset performance management in Digital Mining Transformation Webinar. He explains how asset performance management provides predictive analytics and decision management solutions for mining professionals to handle critical situations and make appropriate decisions in a fast, timely, and efficient manner. He also explains how asset performance management plays an important part of one of the four pillars to the digital mining transformation. Watch the webcast now.