Lloyd’s Register, the company that has been helping industry address risk for over 250 years, recently updated ARC Advisory Group analysts on its progress in enriching its AllAssets APM software platform and library. LR’s AllAssets Content Library provides digitized subject matter expertise based on its rich history of asset failure data, risk mitigation recommendations, and industrial operation best practices to manage asset risk and performance. Such built-in, digitized subject matter expertise enables users who are digitally transforming themselves to speed time to value by adding context to data.
Key findings include:
- To enable identification of asset failures, the AllAssets Content Library currently includes 49 base models to cover the most common equipment types including pumps, motors, and compressors with new models and content being added with each release
- To quantify the risk and consequence of failure, the library includes 502 failure modes associated for these model equipment types alleviating users from the burden of performing failure mode and effect analyses
- To speed time to insight, users can elect to employ or modify templates prepopulated with LR recommendations or create models based on its own enterprise operating environment and context
Digitized Subject Matter Expertise
Digitizing subject matter expertise, digital knowledge, is critical for companies that want to implement prescriptive, agile operational processes, such as predictive maintenance (PdM). Digital knowledge is the discipline of encoding human subject matter expertise and data from across silos, digitizing these insights, and then driving them into relevant decision flows.
To remain competitive and thrive, users must integrate subject matter expertise into their digital transformation strategy. Given the astronomical numbers of SMEs expected to retire, the need to capture this knowledge has reached critical levels. While many users continue to struggle to apply their data to their digital transformation, innovative suppliers are providing alternatives based on in-house subject matter expertise. In the case of Lloyd’s Register, it embeds 250 years of this mission-critical expertise into AllAssets to help customers better man-age asset risk and performance.
Technology has broken many of the barriers that have stranded data in silos making this wealth of existing data more accessible as well as the potential for sharing it. It is the human expertise that drives the value within the data and ensures benefits are achieved in a timely manner and are continually realized. By providing the necessary context, subject matter expertise such as found in the LR AllAssets Content Library enables users to apply insight specifically to achieve desired outcomes.
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Keywords: Asset Performance Management (APM), Failure Mode, Predictive Maintenance (PdM), Preventive Maintenance (PM), Subject Matter Expertise, ARC Advisory Group.