Big Data Analytics / IIoT

Collect the right data for the right reason

What’s the real reason why we do asset monitoring?

By Paul Studebaker, Control

Everybody wants to join the connected world by using existing sensors and adding new ones to industrial equipment, but before diving in, it’s important to ask why. “What’s the real reason why we do asset monitoring—what is the challenge we’re trying to address?” asked Louise Pattison, product manager, APM Health, Meridium, of her Smart Industry 2015 session attendees. “It’s not just to gather lots of data.”

According to Pattison, there are four good reasons to monitor assets: to improve reliability, to raise productivity, to reduce risk, and to allow profitable growth by increasing production using existing assets. The reasons will vary in priority and importance at different facilities.

“Define your strategy, don’t just take all the data from all the equipment,” Pattison said. Use an intelligent asset strategy (IAS)—a logical framework for building an asset maintenance and monitoring program that addresses risk and delivers return on investment. The four steps in an IAS are to define operating context, assess risk of asset failure, define risk mitigation, and only then implement programs. Remember that asset monitoring is a key risk mitigation strategy, not the only one, she said. Consider it in the context of others, including planned maintenance and backup equipment.

To learn more about asset monitoring, read “Monitoring is only part of an intelligent asset strategy” from Smart Industry.