Lloyd’s Register expands AllAssets’ Content Library

Source: press release, 3 February 2020

AllAssets’ Content Library – helping customers focus their maintenance efforts on the right equipment at the right time
AllAssets’ Content Library – helping customers focus their maintenance efforts on the right equipment at the right time (illustration: Lloyd’s Register)

Lloyd’s Register (LR), a professional services company specializing in engineering and technology solutions, has announced the latest release of the LR AllAssets™ Asset Performance Management (APM) software platform, with significant operational best practices added to its AllAssets Content Library. These additions will help users more easily transform data into actionable insights to find efficiencies in maintenance and operation strategies. LR made the announcement on the opening day of the 24th Annual ARC Advisory Group Industry Forum, where LR is participating in the Asset Performance Management track of this year’s analyst conference.

Leveraging LR’s deep engineering expertise, the Content Library now contains 49 base models for the most common and high priority equipment types (including pumps, motors and compressors) enabling users to easily identify potential asset failures and quantify risk and consequence of failure with 502 Failure Modes and 193 Preventative Maintenance (PM) activities. When combined with variations in system configuration and installation types, the Content Library delivers 2,132 LR Certified Model variations with 16,297 Failure Modes and 5,174 PM activities.

The AllAssets Content Library enables customers to focus their maintenance efforts on the right equipment at the right time. When complemented with LR’s Maintenance Optimization methodologies, they can also optimize their maintenance programs to the right intervals. This saves them hundreds of resource hours, increases productivity and reliability, and enables them to spend opex where it really counts. Furthermore, it enables users to configure models to easily replicate specific operating conditions for all equipment types without the need for software coding. LR can also provide this expertise to customers through their engineering services.

LR is capturing maintenance and reliability subject matter expertise, along with years of asset failure data and risk analysis as part of an ongoing digital transformation project. The project will result in continual additions to the AllAssets Content Library as new equipment models are created, Failure Mode Effect Analysis (FMEA) Templates are generated, and PM recommendations are validated.

Jim Stuart, Senior Vice President, Software, Lloyd’s Register says, “Our vision for the AllAssets Content Library is to foster an environment for innovation which is underpinned by deep sector expertise and knowledge. With this tool, customers, partners and LR can work together to create value by continually adding models, which ultimately means the industry as a whole will benefit from improved reliability, safety and performance.”

Commenting on the announcement, Paula Hollywood, Senior Analyst, ARC Advisory Group says, “LR’s AllAssets Content Library provides digitized subject matter expertise based on 250 years of asset failure data, risk mitigation recommendations, and industrial operation best practices to manage asset risk and performance.”