Digitization of fixed asset management

The thread that joins the entire Energy Ecosystem is digital technology. By leveraging the latest software, data analytics, or Big Data and connected machines, companies are gaining power to reduce costs, increase efficiency, reduce emissions, and improve business outcomes.

For example, motors and power machines now provide information and are connected to the industrial internet thanks to the Predix platform,so if there is a problem we can see what is happening and fix it at the moment.

Customers also now have the power to inspect each of their fixed assets from a smartphone.

For companies, they can now apply these ideas with the help of physics-based models called Digital Twins, which are virtual equivalents to real-world assets. Digital twins are created for each individual asset, and then all those digital twins can be synthesized across the asset network, allowing companies to optimize their machines, processes and business capabilities.

Industry 4.0 and the energy transition

Industry 4.0 refers to the way in which the means of production are organized in companies whose objective is to achieve the concept of intelligent factory capable of adapting much better to the needs and processes of production, as well as pursuing efficiency in the use of resources, managing the availability and use of their fixed assets; which results in a new industrial revolution,hence this concept is designated as the fourth industrial revolution, cyber industry of the future or intelligent industry. But one thing must be clear, Industry 4.0 expresses the idea that we are at the gates of the fourth industrial revolution, so perhaps it cannot be considered an industrial revolution, but something that favors or drives it.

What is the contribution of Industry 4.0 to the energy sector and the energy transition?

The energy sector is a key and vital part of the economy, it is an indispensable supplier of the rest of the economic sectors, hence it is so important to adapt to market trends to boost the competitiveness of any country.

Digital management of fixed assets

Enterprise asset management is the discipline that seeks to manage the entire lifecycle of an organization’s physical assets in order to maximize their value. It covers processes such as the design, construction, operation, maintenance and replacement of assets and infrastructures. “Enterprise” refers to asset management even though they are located in different departments, locations, facilities, and in some cases, even different business units. Asset management can improve your performance, reduce costs, extend your lifespan, and improve asset return on investment. Enterprise asset management is a business paradigm that integrates strategic planning with capital operations, maintenance, and investment decisions. At the operations level, business asset management appeals to the efficiency of all assets, including inventories, regulatory compliance, and human resources by combining investment, maintenance, repair, and operating management goals. Similarly, enterprise asset management includes challenges including improved productivity, efficiency,lifecycle maximisation, total cost minimisation, and supply chain support. Currently, fixed asset management models have become tools that facilitate the achievement of strategic objectives in organizations; therefore, analyzing their behavior, reducing their costs and optimizing their investments are processes that are of great importance when producing value.