Lloyd's Register (LR), a professional services company specialising in engineering and technology solutions, announces the latest release of LR AllAssets at the ARC Industry Forum analyst conference in Orlando, Florida, USA. The upcoming software release adds significant new functionality including a Maintenance module to the LR AllAssets Asset Performance Management (APM) platform, which includes FMEA, FMECA, RCM and Maintenance Optimization capabilities and libraries.
ARC's leading analyst for APM, Paula Hollywood says: "A full understanding of risk in relation to industrial assets, plant performance and reliability is a critical component of any APM strategy. LR understands how risk impacts asset performance. They have been helping customers address these issues for more than 250 years."
Hollywood highlights: "They've built that expertise into LR AllAssets, an APM software platform with the proven methodologies and advanced analytics end users in the heavy process industries need to reduce risk and optimise business operations."
Additional findings are available in the newly released ARCview report https://info.lr.org/read-allassets-arcview.
In a climate of ever increasing scrutiny of performance and risk, LR AllAssets brings asset performance assurance to business leaders. Preconfigured templates and a unique model builder tool enables customers to build bespoke models without the need to engage third-party providers, bringing a completely new approach to APM.
LR's software enables customers to easily configure risk models for their own operating environments in days or even hours without any software coding. This gives customers much shorter timescales to get the insight that is needed to make decisions and helps to dramatically cut costs.
"LR AllAssets is a secure, rapid time-to-value SaaS deployment model," says Jim Stuart, Senior Vice President of Software at LR. "A cloud-first approach and Open Integration Standards enable users to easily and securely connect to plant data sources with seamless integration in a cost-effective manner using open protocols. This allows for more accurate risk mitigation and improved asset utilisation."
Recognizing cyber security is a top concern in Board rooms and for plant management, LR acquired Nettitude in March 2018, strengthening LR's cyber defense capabilities and enabling LR to provide a complete suite of cybersecurity assurance services to identify, protect, detect, respond to and recover from cyber threats.
"Our heritage in classification and assurance means we have unparalleled technical and engineering asset expertise and knowledge - and we build that into our risk models," says Stuart.
"We've listened carefully to what our customers want and developed the LR AllAssets software to provide our customers with the confidence and assurance that they can mitigate operational risk and optimise plant performance. We're delivering this in a new way that makes it easier and faster for them to gain the insight they need to achieve this."
A spokesperson from S-Oil, a customer of LR confirmed "LR AllAssets gives us a modern, modular platform coupled with LR's asset integrity capability making it the right solution for us."
During the ARC Industry Forum in Orlando, Florida, LR also announced a robust roadmap for the next development phase of LR AllAssets that includes Industry 4.0 and IIoT capabilities that will give customers greater power in driving digital transformation and wireless connectivity.