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For more than three decades, ARC has been recognized globally for our detailed market analysis and unrivaled accuracy. ARC analysts monitor the key technologies, vertical industries, and regional trends impacting the global business environment on an ongoing basis. A case in point is the market for Asset Reliability Software & Services.
Asset Reliability Software
Reliability refers to the ability of a system or component to perform its required function under stated conditions for a specified period. Asset reliability software is a subset of asset performance management (APM) and is defined as software for the purpose of maintenance strategy development and optimization of maintenance activities.
For example, asset reliability solutions complement condition monitoring solutions, as well as enterprise asset management (EAM) and/or computerized maintenance management systems (CMMS). Condition monitoring solutions monitor asset health while reliability solutions identify bad actors and failure modes to enable appropriate modifications to operational processes and maintenance strategies to prevent future failures under similar operating modes. CMMS plans, schedules, and allocates resources for work execution as determined by the reliability solution.
Fewer asset failures can significantly reduce spares inventory requirements. Inventory cost savings can pay for the entrance fee to enterprise reliability initiatives alone. Reliability solutions provide a path for users to deploy best practices in technology, processes, and people.
The increased amount and complexity of automation equipment currently employed in manufacturing plants requires a higher order approach to asset management, making it increasingly difficult for managers to strike a balance between operating performance and costs. The value of reliability solutions is in the ability to evaluate risk to strike the optimum balance.
The influence of analytics on asset management and predictive maintenance is being formulated as the Industrial Internet of Things (Industrial IoT) phenomenon begins to take shape. The increased volume of data required for effective asset reliability, along with the greater variety generated by countless new devices will materialize as Big Data that must be analyzed for it to be useful. Information to help make informed decisions is the lifeblood of asset reliability, and as a result, analytics are quickly becoming an indispensable tool in the practice of ensuring an asset’s reliability by applying sophisticated algorithms to asset data to identify trends or patterns that are invisible to the naked eye.
In this video, ARC’s Business Development Manager, Lucas Martin, interviews Inderpreet Shoker, ARC’s Director of Research and Author responsible for the Asset Reliability Software & Services Market Update.
Watch this video and learn more about the Asset Reliability Software & Services Market.
During the interview, you will hear more about:
Scope of this market analysis
Key Growth or Success Factors
Growth Inhibiting Factors
Strategies recommended to a buyer of this system
Other key trends
Benefit of buying this study report
There is an Asset Integrity Management Software Selection Guide that is designed to help industrial manufacturers select the best Asset Integrity Management Software and supplier for their organization’s unique business requirements.