ABB and Ventyx find problems before they happen
New tool designed to demonstrate that prevention is better than cure.
Ventyx, an ABB company, has developed a new business tool called the Asset Health Center Value Model, which is designed to demonstrate that prevention is better than cure.
The value model brings together ABB’s domain knowledge in power and automation technologies and the expertise of Ventyx, ABB’s enterprise software business. Ventyx, which worked with Deloitte to evaluate the capabilities of the new business tool, believes it will demonstrate the value of an enterprise-wide, proactive asset health management program.
Simulations using real-world data demonstrated millions of dollars in potential savings across areas such as reduced planned and unplanned downtime, lower operations and maintenance costs (e.g., labor and inventory holding) and reduced capital expenditure by extending the life of current assets. The model has initially been designed to serve the power sector, across the value chain of generation, transmission and distribution and the mining industry.
“Asset-intensive industries are under constant pressure to be more productive and profitable with limited resources. This calls for the increasing deployment of predictive maintenance for managing aging critical assets,” said Jens Birgersson, Business Unit Manager Network Management at ABB.
“The Asset Health Center Value Model will enable real-time monitoring and proactive maintenance of these assets, providing an advance view of the value that a more predictive asset management program can deliver, before investing in the technology required to get there.”
The recently introduced Asset Health Center solution integrates equipment-based operational technology (OT) capabilities and domain knowledge from ABB’s traditional businesses and enterprise information technology (IT) expertise from Ventyx to gain visibility into the condition of critical assets, prioritize maintenance activities and support repair, refurbish and renew decisions across the fleet.
“For organizations that manage operational assets, the asset health approach can better organize and prioritize critical tasks that align with overall business goals,” said Jim Thomson, principal, Deloitte Consulting LLP.
“By providing real time data coupled with smart business analytics, organizations across multiple industries will get a competitive advantage by being able to gain insight into their mission critical assets.”
Ventyx, an ABB company, is a supplier of Industrial Enterprise Software for essential industries such as energy, mining and public infrastructure.