Today’s oil, gas, power and water organizations are in a predicament. Infrastructures are sprawling, assets are more diverse and many teams lack the resources to adequately collect, analyze and leverage unprecedented amounts of data. As a result, plant managers are starting to ask themselves, “Is there a better way for us to manage our assets?” That’s a question Frost & Sullivan seeks to answer in their new report, Optimize Asset and Infrastructure Life Cycle.
Go Deeper into the Report
The answer is “yes.” There is a better way to manage assets, and Matt Kirchner, Atonix’s Director of Product Management and Customer Success, says many organizations are already starting to ante up.
“Every day, new mathematical techniques are being developed to make analytics more automated, efficient, accurate and actionable. Industries with the most data have the most to gain from mature analytics solutions because efficient asset management is directly proportional to profitability,” Kirchner explains. “This is why we’re seeing so much investment in technologies like predictive analytics across utilities—but there’s still so much potential for growth.”
Despite this momentum, some organizations are a little more hesitant to transform their asset management approaches. In fact, Frost & Sullivan reveals a whopping 50% are hesitant to adopt digital data analytics solutions altogether.
Here are more quick facts from the report:
- Did you know: On average, less than 5% of industrial data that’s collected is acted upon?
- Did you know: The average asset age across industrial facilities is 30+ years old?
Bottom line: The industrial asset landscape is leaning toward innovation, and opportunities for industries to create more predictive, cost-effective asset management models are everywhere.
Stay tuned for our next recap of Frost & Sullivan’s report where we take a closer look at the asset management challenges preventing many organizations from innovating.