How should organizations prepare?
Identify what data is necessary
Not all data is equally valuable when it comes to predicting the failure of assets, so it’s important to identify the data required for predictive asset management. Data used by advanced analytical engines to predict failure is largely data from operational technology (OT); that is, the time series production, equipment condition and event data that is used to control and monitor physical processes.
Predicting equipment failure does not always require data from the equipment itself, however. It’s sometimes possible to infer failure from seemingly extraneous data, such as production data, ambient temperature and data from peripheral equipment. Regardless, some form of OT data is required to effectively apply advanced analytics to predict equipment failure.
Invest in data science and analytics skills
Investing in data science and advanced analytics skills with a focus on predictive asset management will help support continuous improvement efforts for IT organisations, regardless of the status of current investments by the business. IT can then help ensure each project is successful and, more importantly, build the capability to deliver similar projects enterprise-wide.
Identify opportunities across the business
Most predictive asset management projects are initiated and executed at a local level. The end result may very well be a successful project, but it will be a successful local project, and the benefits will not extend throughout the enterprise. This is fundamentally the difference between how IT is managed (centrally) as opposed to OT (distributed).
IT should develop a strategy to identify existing projects and potential opportunities to deploy advanced analytics in support of predictive asset management, and offer to work with the business to achieve the desired results.
Given the advances in analytical tools to predict equipment failure, it's inevitable that organizations with mission-critical assets will invest in advanced analytics to help ensure safe and reliable operations. IT should be proactive in identifying opportunities, building the expertise and developing a business plan.