Prescriptive AI and Asset Performance Management: Unlocking peak performance and efficiency
Posted: September 25, 2024
Hello, I'm Joe McMullen, Energy Transition Marketing Director at AVEVA. For my contribution, I’d like to delve into prescriptive AI and Asset Performance Management—and how they guarantee improved performance, operational efficiency, and optimized asset maintenance strategies. By harnessing prescriptive AI, industrial companies can bolster their bottom line, achieve near-perfect asset reliability, and optimize their enterprise and sustainability strategies.
What is prescriptive AI? Why does it matter now more than ever?
Prescriptive AI goes beyond merely predicting failures. It suggests actionable insights to optimize operations and maintenance. As industry approaches a skilled labor cliff and the war to attract and retain top talent rages on, it’s hard to overstate how impactful this technology can be, especially when it comes to empowering your operators, helping you build operational agility and resilience, and meeting your business and ESG goals.
AVEVA’s balanced AI modeling offers a comprehensive approach to operational risk assessment. Our prescriptive industrial AI solutions drive root cause analysis and remediation, ensuring that maintenance strategies are not only proactive but also highly effective. Combining different AI models for a thorough operational risk assessment provides a more holistic view of potential issues and solutions.
Your goal, after all, is to find the right blend of maintenance strategies; not every type of asset needs the most advanced AI-enhanced analytics. This strategy lets your organization balance performance, cost, sustainability outcomes, and risk effectively.
Case study: SCG Chemicals achieves 100% plant reliability
I like the approach Petra took in part three of this series. I agree with her assessment wholeheartedly—with so much buzz around AI (and so many young software providers selling “revolutionary” technology), it can be difficult to distinguish between real solutions that deliver real results and empty promises.
With that in mind, I wanted to share a stunning real-world example of what can happen when you layer AI-enhanced analytics overtop a data management platform that gives you high-quality, reliable data.
SCG Chemicals implemented prescriptive AI to optimize its maintenance strategies, resulting in almost 100% plant reliability. Does it get any more optimized than 100% reliability? Here’s how SCG did it.
SCG Chemicals wanted to gain real-time visibility into its plant performance across its team to visualize data and track KPIs, as well as leverage performance improvements from analytics-based decision support. SCG’s leadership developed a “zero unplanned downtime” vision—and got to work building a single platform that would provide integrated, real-time visibility into its operations.
With AVEVA™ PI System™ in place, SCG used AI-enhanced smart analytics and cloud to drive decision support, streamline operations, and visualize operational information and KPIs to coordinate its asset performance management.
The results are astounding. SCG increased its plant reliability from 98% to 100%. Six months after deployment, it had achieved a 9x ROI. Now, its Digital Reliability Platform provides end-to-end visibility of plant operations. Its teams have access to trusted, real-time data blended with analytics, enabling them to predict equipment health, monitor performance, and drive further optimizations.
Key takeaways:
- Find the right blend of AI: Combine different AI models for a thorough operational risk assessment.
- Align operational, business, and sustainability goals: Use prescriptive AI to identify risks and opportunities enterprise-wide.
- Reliable data + AI-enhanced analytics: See the results for yourself. Companies like SCG Chemicals demonstrate the real-world impact of prescriptive AI—100% plant reliability.
Stay tuned for our next discussion, where Jeremy Wilbert will explore how to future-proof your operations with the help of generative AI.
