Twintelligence: The changing face of asset management

Asset management may not be the first element that comes to mind in terms of corporate profitability, but it has always been a key focus of organizations’ senior and executive management. Sometimes confused with asset integrity management (AIM), which assures assets are being run safely and effectively, asset management is all about return on investment (ROI).

This means finding the optimum balance between integrity assurance and performance assurance. Get it right, and your ROI is optimized. If you overemphasize integrity you risk reduced profitability, but if you stress performance too much, you risk integrity breach – and all the negative consequences that implies.

Automotive, aerospace, F1, medical and defense industries have both pioneered and embraced the digital revolution’s exponential pace of change. Digitalization has now come to the marine and offshore industry, too. From supply chain optimization to spares management, through maintenance and the reduction of onboard personnel, huge benefits are in the offing.

With this digital wave comes a changing of the guard, as a younger generation move into more senior positions and is poised to embrace this technology. The days of PowerPoint presentations and Excel spreadsheets and being chained to a desk are gone.

We have machines now who can do the grunt work for us, processing and analyzing the masses of data that is collected on each asset. This frees up asset management professionals to concentrate on value-added tasks. We can use the data to concentrate our efforts on the real problems, and find better solutions. We can choose to collect and analyze more - or less - data to meet our specific needs for that asset. Whereas we used to only use around a quarter of the inspection and maintenance data we collected, now we can use 100% of it, rationalizing collated data and uncovering which data actually adds value.

Digitalization enables us more easily to maintain asset integrity and performance. From an OPEX perspective, it is possible to achieve cost savings of around 25% (in the form of maintenance and replacement of parts, resource management, planning and scheduling). CAPEX can see similar savings if implemented from the detailed design stage. 

Veristar AIM^3D: How Twintelligence is changing the asset management game

Bureau Veritas Solutions – Marine & Offshore’s new-generation Asset Life Management solution, Veristar AIM^3D creates a digital twin of an asset, empowering users to visualize and analyze data at any level. With the inclusion of comprehensive condition monitoring, RCM, CBM and other maintenance techniques, Veristar AIM^3D enables better and faster maintenance and repair decisions, therefore saving time and money.

Veristar AIM^3D has been used to date to generate seven digital twins—all floating units (FPSOs, FSUs, FSRUs)—in the marketplace across four clients. One client has already calculated a 25% operating cost reduction over a five-year period. The revolution is here!

While adopting digitalization in the maritime industry will be an adjustment, technology like Veristar AIM^3D  is here and ready to go. It’s just a matter of using it right.