Changing the game of Maintenance Optimisation

Source: press release, 2 July 2019

AllAssets – delivering operational efficiencies and reducing costs is now a reality for industry
AllAssets – delivering operational efficiencies and reducing costs is now a reality for industry (illustration: Lloyd’s Register)

Lloyd’s Register (LR), a professional services company specialising in engineering and technology solutions, has announced the latest release of LR AllAssets™. This release adds significant new functionality to the AllAssets Asset Performance Management (APM) platform with the addition of a Maintenance Optimisation module, which includes RCM, FMEA, FMECA, and Maintenance Optimisation capabilities and libraries.

Jim Stuart, SVP Software, Lloyd’s Register states, “The release of the AllAssets Maintenance Optimisation module comes at a pertinent time for our customers. Many assets operate with a maintenance strategy and plan which is a legacy of a past economic era, and have typically remained constant over the asset life, irrespective of changing production and commercial realities. Original Equipment Manufacturer (OEM) recommendations can go unchallenged resulting in unnecessary maintenance burdens which place significant pressure on asset teams and operational budgets.”

LR’s approach to APM brings together facility-specific asset data and engineering expertise with industry best practice. The platform’s sophisticated, risk-based algorithms, and library of extensive engineering knowledge across reliability and maintenance optimisation, enable customers to determine the most effective maintenance strategies.

LR’s unique optimisation technologies have been market proven over a 10-year period with AllAssets’ predecessor, RTAMO™. Customers can continuously tune their maintenance programme based on changing asset conditions, equipment reliability criteria, and production demands to determine the optimum intervals for planned maintenance. The results speak for themselves. “The majority of our customers are able to reduce maintenance costs by up to 30%,” says Stuart.

The AllAssets platform uses advanced analytics to help customers mitigate business risk and optimise plant performance. Preconfigured risk and reliability models and a unique model builder tool enable customers to easily configure the templates for their own environment without the need for software coding – reducing costs and providing faster time to insight. A secure, cloud-based solution, AllAssets frees customers’ workforce from spreadsheets and allows a systematic approach to capturing human knowledge and best practices, all in one place and accessible across the organisation. The platform includes a module for Risk Based Inspection (RBI) as well as extensive best practice and failure history libraries.