IT Brief Australia logo
Technology news for Australia's largest enterprises
Story image

Asset management: moving to a smarter, data-driven future

By Contributor
Thu 19 Dec 2019
FYI, this story is more than a year old

Article by Denodo senior vice president Ravi Shankar

Monitoring and managing ageing assets cost-effectively and in a timely manner are challenging organisations to identify more effective and efficient processes using intelligent, connected devices—and to do so with high safety, reliability and compliance.

Traditional and smart asset management have a common objective—aid in the reduction, minimisation and optimisation of asset lifecycle costs across all phases, from asset investment planning, all the way to operation and maintenance.

Optimising the costs associated with each phase will remain among the key objectives of an asset-intensive modern organisation.

At present, preventative maintenance schedules suggested by manufacturers are not enough to help companies avoid critical asset failures.

In order to improve customer satisfaction, organisations need to work towards avoiding unexpected downtime, managing asset risks and maintaining assets before failure strikes.

Reducing outages and shortening restoration times are among the most significant challenges faced across industries such as mining and resources, energy sourcing and distribution, and manufacturing - with facility and operations managers recognising the need for a mechanism to predict equipment failure.

The role of predictive analytics and virtualisation

More than ever before, facilities are leaning towards predictive analytics to extend the life of their assets, as well as to bring greater predictability to performance and organisational health.

By applying predictive analytics for smart asset management, organisations can realise asset lifecycle cost reduction while improving the accuracy of their decision-making, allowing them to plan and prioritise maintenance activities.

Industrial organisations these days employ a huge variety of data-driven, connected devices such as sensors, nodes, cameras, and access points which are constantly producing data.

As the organisation ingests this data, it can be either used for real-time reporting or stored for future use.

However, data that is stored away becomes less productive almost as soon as it reaches a data center – the more current the data, the more benefit can be derived from it. 

But this is just part of the overall dataset required for this exercise.

In order to accurately predict equipment breakdown, companies need to combine this streaming data with operational data such as service life records, warranty data, and other information.

The streaming data coming in from sensors and connected devices and the operational data are of different types and reside in different source systems, further complicating the process of data integration and transformation.

Therefore, organisations who are looking to predictive maintenance for proactive field maintenance and optimising asset performance need to leverage data streams as soon as the data is available, in order to maximise its use.

Traditional data integration methods such as ETL often fall short, because bulk or batch data transfer is both slow and expensive, and also they replicate data into yet another repository to perform transformations.

Data virtualisation provides an excellent means of achieving this predictive maintenance, as it combines the streaming data with operational data to deliver meaningful information to business users in real-time, through interactive dashboards and reporting tools that sit on top of the data access layer.

Enterprise data does not get trapped in siloes, and individual departments can continue to maintain control over their portion of the company’s data without affecting access to it for advanced analytics purposes.

By working proactively to virtually access and combine historic and current information to create predictive models for future events, organisations can:

· Improve customer satisfaction through uninterrupted operations: Customer satisfaction and the reliability of equipment are intrinsically linked.

 · Prioritise maintenance activities and reduce TCO: Each asset has multiple associated costs, mainly in terms of procurement, installation, operations and maintenance, as well as failure and decommissioning. Unexpected failure cost is the leading expense component of any asset. These costs include the expense of the asset in service, collateral damage cost, regulatory penalty, disposal of a damaged asset, lost revenues and intangible costs.

By preventing key equipment failure, organisations can save a sizeable amount of money. Accurate modelling techniques utilise historical data from multiple sources, enabling the generation of predictions and risk scores. They also produce interpretable information to allow the understanding of implications of events, thus enabling the right response to be implemented,

· Optimise field crews with better route planning: A comprehensive understanding of asset health can serve organisations well in terms of work planning, prioritisation and scheduling. Unexpected equipment failure often requires reallocation of crews from other work locations to restore the outage, hiring of extra labour and often, an entire rescheduling of other planned maintenance activities.

· Improve overall safety and compliance: Predictive asset analytics pro-actively addresses potential safety risks by integrating data from multiple sources—SCADA (supervisory control and data acquisition), EAM-GIS (Enterprise Asset Management — Geographic Information System), online monitoring systems, weather channels along with nonoperational data, and so on. They enable organisations to identify safety risks and deploy suitable operational actions to mitigate these risks in a shorter span of time.

Alignment with business objectives is key

As organisations venture forward on their predictive analytics journey, the need to ensure that a predictive maintenance solution fits into the overall organisational strategy and future business requirements is vital.

Clearly define the immediate objectives of the solution; understand future business requirements and assess the scalability prerequisites to support additional applications.

Once these aspects are established, the data and analytics platform and statistical computational method for the solution will naturally flow.

Leveraging data virtualisation, companies can easily enable predictive analytics by combining the widest range of streaming and operational data and delivering it in real-time, making it the ideal logical data integration and delivery layer to feed visualisation and predictive analytical tools.  

With these key technologies, manufacturing companies can boost their revenue with uninterrupted operations and improve their profit margins by saving on unintended downtime of key capital assets.

Related stories
Top stories
Story image
Tech job moves - Forcepoint, Malwarebytes, SolarWinds & VMware
We round up all job appointments from May 13-20, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Let’s clear the cloud visibility haze with app awareness
Increasingly, organisations are heading for the cloud, initiating new born-in-the-cloud architectures and migrating existing applications via ‘lift and shift’ or refactoring.
Story image
Remote Working
Successful digital transformation in the hybrid work era is about embracing shifting goalposts
As organisations embraced remote working, many discovered they lacked the infrastructure needed to support history’s first global load test of remote work capabilities.
Story image
Vectra AI
Understanding the weight on security leader’s shoulders, and how to shift it
Millions of dollars of government funding and internal budgets are being funnelled into cybersecurity to build resilience against sophisticated threats, indicating how serious this issue has become.
Story image
Data Protection
Barracuda launches new capabilities for API Protection
"Every business needs this type of critical protection against API vulnerabilities and automated bot attacks," Barracuda says.
Story image
Artificial Intelligence
SAS announces new products amid cloud portfolio success
Analytics and AI company SAS is deepening its broad industry portfolio with offerings that support life sciences, energy, and martech.
Story image
Nozomi Networks
Nozomi Networks, Siemens reveal software integration
Nozomi Networks and Siemens have extended their partnership by embedding Nozomi Networks’ software into the Siemens Scalance LPE local processing engine.
Story image
Alarming surge in Conti Ransomware Group activity - report
A new report has identified a 7.6 per cent increase in the number of vulnerabilities tied to ransomware in Q1 2022.
Story image
Apple previews new features for users with disabilities
Apple says new software features that offer users with disabilities new tools for navigation, health and communication, are set to come out later this year.
Story image
Nutanix study reveals financial services sector lagging with multicloud adoption
Nutanix has released new research that reveals the financial services sector is lagging behind when it comes to multicloud adoption.
Story image
Rubrik Security Cloud marks 'next frontier' in cybersecurity
"The next frontier in cybersecurity pairs the investments in infrastructure security with data security giving companies security from the point of data."
Story image
Artificial Intelligence
AI-based email security platform Abnormal Security valued at $4B
"A new breed of cybersecurity solutions that leverage AI is required to change the game and stop the rising threat of sophisticated and targeted email attacks."
Story image
Data and analytics could be key to higher selling prices in APAC
Sisense's latest report has found that almost half of data professionals in APAC think customised data and analytics can create better selling prices for their products.
Story image
More than 40% of banks worried about cloud security - report
Publicis Sapient's new report finds security and the lack of cloud skills and internal understanding of business benefits are big obstacles for banks moving to the cloud.
Story image
Customer experience
Gartner recognises Okta for abilities in Access Management
Okta has announced it has been recognised as a Customers' Choice for the fourth time in a row in the Gartner Peer Insights "Voice of the Customer" report.
Story image
Grasping the opportunity to rethink the metrics of a sustainable data centre
A data centre traditionally has two distinct operations teams: the Facility Operations team, and the IT Operations team. Collaboration between them is the key to defining, measuring, and delivering long-term efficiency and sustainability improvements.
Story image
Cybersecurity starts with education
In 2021, 80% of Australian organisations responding to the Sophos State of Ransomware study reported being hit by ransomware. 
Story image
Airwallex launches new bank feed integration with NetSuite
Airwallex has launched a new bank feed integration with NetSuite, developed in partnership with NetSuite solution partner, Onlineone.
Story image
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Story image
Application Security
What are the DDoS attack trend predictions for 2022?
Mitigation and recovery are vital to ensuring brand reputation remains solid in the face of a Distributed Denial of Service (DDoS) attack and that business growth and innovation can continue.
Threat actors are exploiting weaknesses in interconnected IT/OT ecosystems. Darktrace illuminates your entire business and takes targeted action to stop emerging attacks.
Link image
Story image
Digital Transformation
Trading up: It's time to swap core systems for flexible digital applications
This year will see more oranisations planning and commencing high tech renovations that will shake up the way they operate.
Story image
Could your Excel practices be harming your business?
While Excel has been the de-facto standard for budgeting, planning, and forecasting, is it alone, enough to support organisations in the global marketplace that’s facing rapid changes due to digital transformation?
Story image
Revenue operations is taking centre stage
As the business world continues to evolve, new demands need to be met to keep up with the ever-changing landscape. 
Story image
Digital Transformation
The impact of COVID-19 on healthcare environments and care delivery
The COVID-19 pandemic has revolutionised the healthcare industry while overcoming staff shortages, social distancing requirements, and lockdowns.
Story image
Power at the edge: the role of data centers in sustainability
The Singaporean moratorium on new data center projects was recently lifted, with one of the conditions being an increased focus on power efficiency and sustainability.
Story image
New vulnerabilities found in Nuspire’s Q1 2022 Threat Report
“Threat actors are quickly adjusting their tactics and these exploits tend to get industry attention, but the threat posed by older and attacks still persists."
Story image
A10 Networks finds over 15 million DDoS weapons in 2021
A10 Networks notes that in the 2H 2021 reporting period, its security research team tracked more than 15.4 million Distributed Denial-of-Service (DDoS) weapons.
Story image
Amazon Web Services / AWS
RedShield leverages AWS to scale cybersecurity services
"Working with AWS gives RedShield the ability to mitigate significant application layer DDoS attacks, helping leaders adopt best practices and security architectures."
Story image
Qualys updates Cloud Platform solution with rapid remediation
The new update is designed to enable organisations to fix asset misconfigurations, patch OS and third-party applications, and deploy custom software.
Story image
Data Center
Preventing downtime costs and damage with Distributed Infrastructure Management
Distributed Infrastructure Management (DIM) can often be a lifeline for many enterprises that work with highly critical ICT infrastructure and power sources.
Story image
Zendesk announces new conversational CRM solutions
“The last few years have made it obvious that digital is the front door, convenience is paramount and relationships are anchored in conversations."
Story image
9/10 Aussies to stop spending if personal data compromised
"Based on the patterns we are seeing among Australian consumers, it is evident that trust in a brand is exceptionally important."
Story image
HINDSITE wins Aerospace Xelerated Pitch Challenge with solution to support Boeing
Brisbane-based startup HINDSITE was the winner of the first ever Pitch Challenge organised by Aerospace Xelerated in partnership with Queensland XR Hub. 
Find out how a behavioural analytics-driven approach can transform security operations with the new Exabeam commissioned Forrester study.
Link image
Story image
ChildFund launches new campaign to protect children online
ChildFund says WEB Safe & Wise aims to protect children from sexual exploitation and abuse online while also empowering them to become digitally savvy. 
Story image
Telstra enters into new RSP agreement with Opticomm
Telstra has entered into an RSP agreement with Opticomm (A Uniti Group Limited subsidiary) to provide network fibre services to customers.
Story image
Remote Working
Australia’s remote workers face connectivity and security issues
SOTI's new report finds better video conferencing technology and improved security measures are top concerns for remote workers in Australia.
Story image
Artificial Intelligence
CFOs using digital workers and AI to prevent unnecessary loss
New technology is now allowing CFOs to use digital workers to automate their accounting processes, making it easier for them to avoid unnecessary losses.
Story image
Infoblox's State of Security Report spotlights Australian remote work hazards
Attackers exploit weak WiFi, remote endpoints, and the cloud, costing 50% of organisations over $1.3 million in breach damages.
Story image
Lightspeed launches all-in-one marketing platform in A/NZ
ECommerce provider, Lightspeed has launched a new all-in-one marketing solution, Lightspeed Marketing & Loyalty in Australia and New Zealand.
For every 10PB of storage run on HyperDrive vs. comparable alternatives, an estimated 6,656 tonnes of CO₂ are saved by reduced energy consumption alone over its lifespan. That’s the equivalent of taking nearly 1,500 cars off the road for a year.
Link image
Story image
Data backup plans inadequate, data still at risk - study
The Apricorn 2022 Global IT Security Survey revealed that while the majority organisations have data backup plans in place, data for many are at risk.
Story image
Cradlepoint expands its Cellular Intelligence capabilities
Cradlepoint has announced additional Cellular Intelligence capabilities with its NetCloud service.