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AVEVA participated as a Global Sponsor at the virtual ARC Industry Forum Asia titled Accelerating Digital Transformation in a Post-COVID World, from July 13-15, 2021. AVEVA delivers industrial software and intelligence that inspires people to shape a sustainable future. The company works with its customers to harness the power of its ecosystem to deliver solutions and expertise to optimize engineering, operations, and performance across industries, transforming opportunity to business value.
Praveen Jadhav, Director, South Asia Regional Development, AVEVA, shared his experiences of working with various power generation customers and their successful digital journeys to improve asset reliability and reduce downtime. This blog captures the highlights of Mr. Jadhav’s presentation video (Day 3, Session 2), which will be available at the vFairs platform for the next three months: ARC Asia Forum 2021 (vfairs.com). The documents and video link are also available at AVEVA’s booth.
Driving Sustainable Business Value
“Let’s start with data,” said Mr. Jadhav. The more data you have, the more inputs you can feed into high-quality analytics to drive better predictions. The breadth and depth of AI is important for more complete, accurate, and insightful information to drive efficiency, cut operating cost, and evaluate performance. Comprehensive and best-of-breed solutions unify engineering and operations data and analytics to shape a sustainable future and enhance:
- Engineering efficiency
- Operational agility
- Asset reliability
- Remote collaboration
- Sustainability
AVEVA and OSIsoft
Two captains of industry, AVEVA and OSIsoft, have come together to define a new market category that brings a unique and meaningful opportunity to its customers – Performance Intelligence. Performance Intelligence connects the power of information and artificial intelligence with human insight to enable operational efficiency. Executives all over the world are under pressure to reduce CapEx and manage remote operations efficiently. Performance Intelligence helps customers unlock highly lucrative value streams by combining rich industrial asset data with predictive analytics to improve reliability and optimize performance, through a digital thread of people, process, and technology.
Challenges of the Power Sector
The challenges of the power sector are low carbon electricity production, regulations/compliance, and half the workforce will be retiring in seven years. To remain flexible and competitive in a changing business landscape, digitalization is imperative. In uncertain economic situations, it becomes vital to extract more value from assets. Hence, companies have started treating their assets as their customers to reduce downtime and optimize performance. Eighty-five percent of organizations plan to invest in AI and digital twins in the next three years, said Mr. Jadhav. In this context, he spoke about AVEVA’s Predictive Asset Analytics.
Predictive Asset Analytics
Profits are hit by unscheduled downtime, inconsistent work execution, and over and under maintenance, explained Mr. Jadhav. AVEVA’s Predictive Asset Analytics takes the rich data available in the PI server and turns it into actionable insights to prevent equipment failures. Operational inefficiency in the energy sector causes losses of about $200 billion annually. Mentioning a few statistics:
- 82 percent of asset failures are random. Hence the ability to predict future asset issues or failures is crucial in ensuring reliability and optimal performance.
- $260,000 is the average cost of industrial asset downtime. This must be reduced or eliminated.
- 70+ percent of operators are unaware of when to replace/upgrade or maintain assets. This impacts profitability and sustainability.
- Failure to address major hazards leads to injury and loss of profits and reputation. Robust processes must be in place for risk assessment and safe execution.
Asset Performance Management
Next, Mr. Jadhav spoke about how AVEVA’s asset performance management (APM) connects asset strategy to corporate objectives. AVEVA’s Asset Strategy Optimization interfaces seamlessly with existing enterprise asset management (EAM) systems, to enable users to get the most out of existing investments and speed up installation, implementation, and deployment. He spoke about how from reactive maintenance companies have now moved to predictive/prescriptive and risk-based maintenance.
APM strategy unlocks the value of increased reliability, performance, and operational excellence. By combining the capabilities of OSIsoft’s PI System with AVEVA’s software portfolio, the people managing essential processes benefit from rich, reliable data that allows them to better measure and visualize the entire industrial lifecycle. This enables the connected worker to operate in a prescribed, repeatable, and optimized manner, empowering them to make faster and more precise decisions. This unique approach has been created by AVEVA and OSIsoft to help companies on their digital transformation journeys.
Case Studies Showcasing the Deployment of the Combined Offering
Duke Energy: Leverages IIoT and Predictive Analytics to reduce failures.
Benefits: Empowering people with early warning of equipment failures; improving operations with contextualized insights; optimizing assets with low- cost sensors and connectivity for high-fidelity data access for predictive maintenance.
Southern Company: Achieving uninterrupted service with Predictive Analytics.
Benefits: Achieved performance efficiencies as a result of a single early detection.
eDF: Fleet-wide monitoring with Predictive Analytics.
Benefits: Avoidance of downtime due to equipment failure.
American Electric Power: Avoiding forced outages with Predictive Analytics.
Benefits: 8-week unplanned outage avoided; harness real-time information for better collaboration; savings from reactive repairs and unplanned downtime.
ENEL: Centralized monitoring of power generation assets.
Benefits: Prescriptive maintenance reduced time to action and remote O&M control center reduced on-site crew.