Key insights on driving profit in Asset Intensive Industries
There is a journey taking place in boardrooms and plant floors across the globe. Regardless of industry if you have assets, you have data, and optimizing operations means optimizing the way you leverage real-time insights from your data to drive production and lower costs.
According to Gartner, CIO, CEO, and business unit leaders in asset-intensive sectors, “must coordinate to ensure alignment of IT investments with business outcomes like product excellence, operational excellence, customer engagement or risk avoidance.”
At the same time, government agencies are also pressuring these same leaders and companies to create a more sustainable impact for our environment. For C-levels, the aim is to convert revenue into profit by reducing operational costs, in many ways by prolonging asset lifespan - and enhancing production output. The achievement of these objectives is contingent upon an organization’s capacity to drive asset performance management and reach operational excellence.
For asset-intensive industries aiming to maximize efficiency, minimize downtime, and optimize production, focusing on operational efficiency through Next-Gen Asset Performance Management is paramount. This involves leveraging immediate strategies to do more with less - and targeting areas ripe for improvement and quick acceleration.
So, what happens now?
Achieving the goal of Next-Gen Asset Performance Management, however, it is easier said than done.
Staying afloat depends on:
Achieving a deep exploration of the challenges and obstacles encountered at each stage, along with identifying best practices and solutions that enhance overall asset performance.
Diving into the key solutions that impact asset performance management and effective data integration.
Navigating the currents and tides to pull out your sunken data – rescuing profits and delivering a safer and more sustainable operating environment throughout your lifecycle.
You need an operational lifeguard.
Lifeguard On Duty
Radix helps asset-intensive companies achieve a comprehensive asset management system. We ensure all aspects of asset performance, including maintenance schedules, inventory management, and workforce planning to streamline operations and improve overall efficiency.
By centralizing information and automating manual processes, we help companies remove siloes and reduce the risk of human error. We help ensure that assets are running at peak performance, despite the ever-increasing demands and complexities in any asset intensive industry. We also make sure companies adopt innovative technologies and strategies that bolster reliability and performance.
Through the utilization of technology, data analytics, and best practices, companies scale and extend the lifespan of their assets, boost productivity, and cut costs.
Predicting Rough Waters
One of the biggest challenges that Radix helps asset-intensive companies with is overcoming aging infrastructure. As equipment and assets age, they are more prone to breakdowns and failures, leading to costly downtime, maintenance issues, and often, mishaps.
A crucial aspect of asset performance management is data analytics. With the vast amount of data generated by sensors, equipment, and production processes, companies can utilize artificial intelligence (AI), advanced analytics, and machine learning algorithms to gain intelligence to make data-driven decisions to optimize operations.
Employing a data-driven approach empowers asset-intensive companies to anticipate failures before they occur, proactively addressing issues and avoiding costly downtime.
The Rising Tide that Optimizes all Operations
Radix recently facilitated the digitalization journey of a global, U.S.-based company by spearheading an initiative that involved transitioning the company from manual tools and spreadsheets to a digital platform.
As part of the reengineering endeavors, Radix developed AI programs aimed at enhancing processes, accelerating their digital journey in a way that was tailored to optimize their entire operations. In addition, working with our customers, in collaboration with strategically employing Generative AI, Radix was able to orchestrate solutions that help streamline overall operations.
Recognizing the significance of global, digital transformation initiatives, Radix also developed a Citizen Development Program focused on training, fostering digital adoption, and enhancing utilization rates.
As a result, our customer achieved:
Over 99% accuracy in forecast production and tracking.
A 25% decrease in operational inefficiency.
Millions from annual cost savings, which includes savings from equipment uptime improvements.
A better, real-time forecasting of energy usage for reducing waste.
Do not sink in these waters. Swim with a team you can trust to help you scale. Get started on your journey by visiting www.radixeng.com
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