Monitoring the assets or prognostics analytics seems to be very widely used technique, which has been accepted across many Oil and Gas industry. When we say “Monitoring”, a direct implication could be – Monitoring the process parameters or the important KPIs for the Assets.
One big challenge that pops-up when we are trying to solve the process related asset is that no single parameter dictate the behavior of the entire process, instead it’s the combination of multiple parameters. This arises due to the fact that there are multiple unit processes going on in the equipment, which attributes to large variability in the system. So a key insight from such process is that, there lies a significant possibility of having a multiple operating conditions(combination of them) where your process may diverge or converge.
Read More here: https://dataanalytics.tridiagonal.com/when-why-how-you-should-monitor-the-assets/
When Monitoring?
Asset Monitoring becomes a prominent approach when we are looking into the real-time variability analysis, but what signal to monitor, comes either from SMEs or through applying advanced ML/AI models. Advanced ML (supervised or unsupervised) helps us to identify the important KPIs depending upon the behavior of the data. The signals that these model predict are also known as ‘Soft-Sensors’, which is derived using the unified approach of data-driven techniques and science. One observation with the Assets, which are “industry enabler’s” is that they have established itself to the point where we know the KPIs with a strong conviction. Which means that, monitoring these specific parameters will be sufficient enough to estimate its performance. But there are assets for which the performance is heavily governed using the process reactions, mass transfer, heat transfer..etc, which makes it difficult to identify the KPIs that would dictate the process. In such cases monitoring wouldn’t help if you are bereft of the critical parameters.
Why Monitoring
Monitoring always helps you to maintain your process deviations and abnormalities in control, if you know what to monitor. In recent advances it has seen a huge potential – Increasing your ROI just by assets monitoring. But as discussed monitoring is more reliable where the undergoing process is fairly simple and we know what signal to monitor to improve your process performance. This kind of analytics is heavily used for assets such as pumps, compressors, heat exchangers, fans, blowers..etc. And since predicting the failure of such assets beforehand can surmount the production losses and inefficiencies in the downstream processes.
How Monitoring?
How monitoring of your assets can solve the business challenges? Good question, isn’t? So let’s understand first how the outcome of a data analytics use case is consumed in the industry. The operator/engineer looks for a solution which is comprehensive to him and speaks the process language, which is compilation of the entire analytics in a single screen. This is also known as a dashboard, a dynamic dashboard more precisely. There are tools and platforms available that can easily load your indicators and update it in real-time. This solution also keeps the actual environment of the analytics/code separated from the operators so that they can focus more on the consumption part, rather than focusing on how this analytics was created.
Check our recent case studies here: https://dataanalytics.tridiagonal.com/industry-case-studies/
Process Analytics Market Report presents the conceptual study and strategic analysis which provides market scope, applications, a topographical presence that drive the Process Analytics market.
Process Analytics Market Global Industry report provides the latest market statistics, industry growth, size, share, trends, as well as driving factors.
The detailed overview of the market segments, product description, Process Analytics applications is presented in this report.
Request Sample of Process Analytics Market Report @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-process-analytics-market Major Players covered in the Process Analytics Market-Fluxicon BV, Icaro Tech, KOFAX INC., Lana Labs GmbH, Worksoft, Inc., QPR Software plc, Deloitte, Signavio GmbH, SNP Schneider-Neureither & Partner SE, Software AG, FUJITSU, Broadcom, Process Analytics Factory GmbH, StereoLOGIC Inc., Celonis, Intellera, Minit, Scheer GmbH, Monkey Mining and UiPath A large-scale Process Analytics Market report delivers a comprehensive analysis of the market structure along with estimations of the various segments and sub-segments of the market.
This study also analyzes the market status, future trends, revenue generation, market share, growth rate, opportunities and challenges, sales volume, market drivers, market restraints, risks, and entry barriers.
Some of the geographies included in this study:North America (Canada, The United States, and rest of North America)Europe (France, Germany, and Rest of Europe)Asia-Pacific (India, Japan, China, and the rest of Asia-Pacific)LAMEA (Brazil, Turkey, and the rest of LAMEA) This report determines how companies' acquisition expenditures, business strategies, marketing and sales strategies, practices, and business policies are set to change in the forecast period.
