A single sensor that now costs less than 30 cents can report 63 million readings per year, accurately and in real time. The challenge is to store all of that data, contextualize it, analyze it and use it to improve operations.
“The Internet was to change everything, and it’s changed a lot–-first by connecting computers, then by connecting people. Now it’s connecting everything,” said Hart.
And Hart believes that the way to gain the most value from the enormous amount of data being generated by these connections hinges on a robust APM.
“Data is doubling every two years,” Hart said. “We generated more new data in 2012 than in all of the previous 5,000 years.”
"Data from LNS Research’s APM Study shows 90% of companies view the pursuit of Operational Excellence as one of the Top 3 strategic objectives driving their investments in Asset Performance Management,” said Dan Miklovic, principal analyst, LNS Research. “The challenge many of them face, however, is they don’t have an integrated APM technology platform upon which to craft the processes that their people need to employ to achieve world-class performance.” They need to embrace the IIoT, Cloud and mobile technologies, as well as invest in scalable solutions built on those technologies, if they want to leverage smart connected assets to pursue operational excellence.
At the conference, Meridium described their new APM v4, which is immediately available in Beta 3, with the official version to release in July.
“With the increased accuracy and volume of data from all the different sensors and systems collecting information about highly complex assets and groups of assets, our clients worked with us to create the next generation APM platform. This platform enables intelligent asset strategies to leverage all of this new data to predict and prevent failures,” explained Hart.
For more information on the Meridium APM v4, see the Meridium website and Paul Studebaker’s full news article, “Meridium Enterprise APM v4 predicts and prevents plant failures,” on the Control website.