What is an Asset Life Model for Condition Based Maintenance
Today, asset health is becoming increasingly critical and condition-based maintenance (CBM) is becoming mainstream. A typical CBM solution monitors the health of assets using real-time data and predicts potential failures up to days in advance. It’s like having a baby monitor for your mission-critical assets, you’ll be immediately alerted if any abnormal behavior occurs so you can ensure everything is alright.
Asset Life Model (ALM) is a new type of CBM solution. Instead of predicting failures right before they happen, ALM tracks the behavior of your asset over its lifetime. In other words, ALM models the behavior of your asset from day-one of service to end-of-life. Using a similar analogy, ALM watches your child starting on the day they were born and tracks their behavior as they grow up.
Why does ALM offer better performance than the typical CMB solution? It allows you not only to predict potential anomalies, but it also allows you to understand asset performance as a whole. For example, below are some of the features ALM offers:
Asset Life Tracking: You can track how much life is left in the assets from day-one.
Failure Forecasting: you can predict how many assets will fail in 6-months and how much you need to budget for repair.
Performance Normalization: You can compare asset quality across different operating conditions because ALM allows you to normalize the varying operating conditions.
Vendor Comparison: You can compare performance from different vendors and enhance your negotiation power
Root Cause Analysis: You can find root causes of performance issues and defects.
ALM requires using all the operational data across the lifetime of the asset to build the model. This can include sensor data, control data, maintenance data, and more. In the past, this was not possible due to the sheer volume of data. With the advent of modern data science and compute capability, this is not only possible but has become cost effective. For the first time in our history, we can gain a complete understanding of our assets.
Click here to learn more about our digital twin solutions using Asset Life Models.