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Asset performance

Do you know what your asset data is telling you?

Digital technology can help you harness your data to increase asset performance and reduce risk.

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Our client needs

With critical infrastructure being transformed by digital technologies, the ability to generate and derive insight from your asset data - from the smallest pump to a complex engine, an entire ship or a plant - to drive increased performance and reduce risk is rapidly becoming a key strategic capability for operations. Utilising the latest technologies and partnerships are key to do it effectively.

  • 1

    Minimising downtime

    Unscheduled downtime due to ineffective maintenance practices can cost global refiners on average an additional $60Bn per year in operating costs.

  • 2

    Reducing operational costs

    Use of remote monitoring for condition-based maintenance in shipping could reduce maintenance costs by up to $8Bn and downtime by 50% per year by 2025

  • 3

    Deriving value from vast amounts of data

    It is estimated that less than 1% of any organisations data is ever analysed

References: [1] Deloitte Center for Energy Solutions ; [2] McKinsey ; [3] IDC.

Capabilities we leverage

Industry 4.0 is transforming how maintenance is done today. Sensing, historical and real-time analytics plus advance modelling will be driving increased levels of automation, accurate predictions and optimisation of processes.

That's why our dedicated Industry 4.0 innovation practice, works with clients, partners and our own internal experts to take optimisation to the next stage, focussing on key capabilities that unlock new efficiencies and performance for our clients:

  • Advanced asset models, driving increased accuracy and the ability to handle complex assets and systems. This includes machine learning-based "digital twins" as well as combining first-principles risk models with the latest data-driven machine learning approaches
  • Automated and semi-automated model building and verification, specifically using AutoML approaches to enable SMEs and practitioners to develop and test rapidly advanced models based on asset data
  • Using large quantities of historical maintenance data to derive insights on failure rates, benchmarks and correlations, in particular through natural language processing
  • Sensing combined with advanced analytics to power new risk-based and predictive maintenance regimes and optimisation strategies.
Digital hand
Integrate data from any source to produce actionable insight

The approach we take

We innovate in maintenance by bringing together our asset performance and risk management expertise, best of breed technology partnerships, existing solutions, data science, innovation and rapid application development expertise.

With a design thinking approach, we start with a short feasibility study to look at your current maintenance strategy and pain points, determine your key area of improvements, design and execute a proof-of-value pilot.

We work with you to understand the challenges you are looking to solve, as well as identify new innovation opportunities. Once value is proven we can move to deployment using secure, modern technologies and platforms, providing full integration with ERP, maintenance management and other enterprise systems.

Looking to get digital ready? We can help you take the first step with our data discovery service


What we think

LR's experts regularly share their research and insights.

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