Proving the Business Case for the Internet of Things

IBM AI monitor tracks high-value assets

Steve Rogerson
December 3, 2019



IBM has announced the Maximo Asset Monitor, an AI-powered monitor designed to help maintenance and operations companies better understand and improve the performance of their high-value physical assets.
 
An extension of IBM Maximo capabilities, this should help unlock insights with AI-powered anomaly detection and provide enterprise-wide visibility into critical equipment performance. The result could be faster problem identification that could inform better decisions and reduce downtime.
 
According to a 2016 report by analyst firm Aberdeen Research, unplanned downtime can cost a company as much as $260,000 an hour. A comprehensive view of asset performance across operations may help reduce downtime, but that visibility has been difficult to achieve due to fragmented legacy systems, data silos and geographic barriers.
 
With Maximo Asset Monitor, organisations can aggregate data from across the enterprise and combine it with predictive analytics and AI to identify operational patterns. Capabilities such as AI-powered anomaly detection can help organisations identify the most important alerts among the hundreds generated daily from critical assets. This can help teams respond quickly to the most critical anomalies and gain greater insights into root cause variables that lead to asset failure.
 
"As critical assets become more connected, intelligent and complex, the model for operating and maintaining them must evolve," said Kareem Yusuf, general manager for IBM IoT. “Organisations must move faster to spot patterns and react to maintenance issues quickly, accurately and safely. With the launch of Maximo Asset Monitor, IBM is helping organisations better understand their data and automate workflows with preventative, predictive and prescriptive maintenance actions to help extend asset life and improve operations.”
 
According to IDC, monitoring performance and scheduling repairs with predictive maintenance can reduce maintenance costs by 15 to 20%, improve asset availability by 20%, and extend the lives of machines by years.
 
Novate is an industrial technology and engineering services firm in California that is collaborating with IBM to develop a scalable, remote monitoring and support service for industrial manufacturers. The application of IBM Maximo Asset Monitor leverages existing infrastructure collected from scada systems to detect anomalies to predict system failures.
 
The analysis of data by engineering professionals at Novate's support operations centre provides insights into the root cause of an anomaly and its process implications. These experts can identify events that may warrant immediate proactive intervention, which enables maintenance and engineering support teams to take action before the control system is designed to react. The ultimate goal of Novate is to improve production reliability and reduce costly unplanned downtime. 
 
"Our goal is to revolutionise how industrial manufacturers utilise data and technology to improve production metrics by providing a scalable service that virtually every manufacturer can afford," said Rob Mora, executive vice president at Novate. “We are collaborating with IBM to enable this transformation by leveraging AI technology with IoT data and analytics. The ability to recognise anomalies in real time and proactively make changes to operations can have a tremendous impact on increasing plant reliability and driving continuous improvement for manufacturers of any size."