Proving the business case for digital analytics
Written by Petra Nieuwenhuizen, Senior Product Marketing Manager, Asset Performance Management at AVEVA
AVEVA™ Asset Strategy Optimization shows you where to invest first to get the biggest return in the shortest time from new technology.
I often speak with customers who are struggling with how to get started making a business case to implement predictive analytics. Executives want to see immediate return on investment—even though digital transformation is a long-term endeavor, which shows the biggest returns as it continues to scale and improve over time. So, customers want to prove just how valuable digital analytics can be by starting their digital journey where it will give the biggest improvements in the shortest time.
But, how do you know where to invest first for the quickest return? It’s likely that all your plants or operating lines could improve with more powerful analytics—and every operator has a compelling case why they should be first. You need some way of weighing competing interests against your company goals.
One reason why AVEVA™ Asset Strategy Optimization is the perfect software for starting a digital transformation journey is that it gives you exactly that: a clear overview of your assets that shows you where you’ll get the biggest return from investing in new technologies. That way, you can demonstrate quickly your anticipated return on investment from implementing technologies like predictive analytics.
What I like most about AVEVA Asset Strategy Optimization is that you can tailor it to maximize outcomes that are unique to your current business strategy. For example, if you have an initiative to increase HSE compliance, you can see just which asset strategy and/or technology will maximize that goal. Or, if you have HSE under control and want to focus on reducing costs or enhancing productivity, it will help you create and optimize an asset strategy that will do that instead.
AVEVA Asset Strategy Optimization’s ability to tailor strategies to each company’s unique situation is proving very helpful for dealing with the current supply change challenges. With the recent supply disruptions, a spare part that was previously easy to replace might become more scarce, more expensive and take longer to deliver. Now, maintaining the asset that relies on that part becomes much more critical than it was before. AVEVA Asset Strategy Optimization can keep you up to date on which of your assets are becoming more or less critical to maintain and adjust your overall strategy in light of changing conditions. That way, it will show you how to best shield yourself from continuing supply chain disruptions.
All that being said, we know that scalability of fault detection is where the real value is. Scaling your analytics and continuing to improve your digital thread is how you capture efficiency gains. AVEVA Asset Strategy Optimization will continue to optimize your asset strategy as you grow your investments in digital technology such as predictive analytics—but right from the start it will prove just how valuable growing those analytics can be.