Itus Digital Speeds Up Time To Value And Enhances Collaboration For Industrial Firms With Its Asset Twin Builder And Marketplace Offerings
In May 2021, Itus Digital, the US-headquartered asset performance management (APM) software provider launched its Asset Twin Marketplace and Asset Twin Builder solutions to help industrial firms quickly as well as easily implement APM software and optimize their asset maintenance strategies.
The Asset Twin Builder leverages Itus Digital’s extensive asset twin library covering 181 equipment classes, 1,396 failure modes, 845 maintenance activity and 1514 condition-based protections to rapidly create equipment-level twins that map failure modes with corrective actions or protections. These twin models can then be used to establish thresholds and critical indicators as well as proactively monitor asset health, while suggesting preventative actions to be taken in case of an anomaly.
The Asset Twin Marketplace provides an environment for equipment OEMs, service providers and asset owners to collaborate and exchange best practice strategies to enhance operations and maintenance activities by accessing the asset twin models. OEMs bring to the table their engineering design expertise, while service providers offer a view into maintenance best practices and asset owners have the domain expertise. Breaking down of silos between these three different stakeholder groups by leveraging the asset twin models helps enhance the value proposition in terms of lowering the risk of unplanned downtime along with optimization of maintenance costs and boosting asset performance. Itus Digital worked with an equipment OEM to design and implement its Asset Twin for the OEM’s fleet of equipment. The Asset Twin enabled the OEM to remotely monitor its fleet of equipment in real-time and offer this as a managed service to its customer, creating a new revenue stream for the OEM along with providing useful insight for enhancing product development in terms of design and performance in the future.
Several factors are driving demand for APM software, which is forecasted to increase from $2.7 billion in 2021 to $4.4 billion in 2025. However, firms must contend with challenges especially around ease of use, scalability (from few equipment to hundreds to enterprise-wide), fragmented IT systems and long APM software project implementations with unclear ROI. Itus Digital with its Asset Twin Builder and Marketplace offerings seeks to address most of these challenges.
For more information on asset performance management software market, visit the Verdantix Operational Excellence research website.