Lloyd’s Register and Falkonry partner to incorporate operational AI digital twins into asset performance and risk management solution

Source: press release, 27 April 2021

Clue, Falkonry’s Operational AI Digital Twin solution will be used to identify equipment conditions, providing instantaneous alerts on suspect and undesirable behaviour
Clue, Falkonry’s Operational AI Digital Twin solution will be used to identify equipment conditions, providing instantaneous alerts on suspect and undesirable behaviour (illustration: Falkonry)

Lloyd’s Register, a professional services company specialising in engineering and technology solutions, has partnered with the innovation leader in operational AI, Falkonry, to combine its predictive digital twins with asset performance and risk management solutions for heavy industry, including chemicals and oil and gas.

The technology partnership will harness Falkonry’s Operational AI Digital Twin solution, called Clue, to identify equipment conditions, providing instantaneous alerts on suspect and undesirable behaviour. Lloyd’s Register’s AllAssets will then enhance the actionability of these alerts through its risk analysis and extensive library of 10,000 recommendations. The resulting Digital Twin solution will help to generate a holistic plan for ongoing maintenance activity based on new operational conditions, optimising productivity and profit by reducing unscheduled downtime.

With this owner operators will gain a seamless view of risk and real-time conditions based on operational data creating an end-to-end improvement loop that expedites decision making, delivering the ultimate in equipment performance through modern, digital intervention.

With more than USD 1 trillion per year lost on unplanned downtime, owner operators seeking to improve uptime and reduce costs have much to gain from improved operations and maintenance strategies. Typically, companies monitor equipment behaviour based on operational data but are unable to combine that with risk to effectively prioritise their interventions – creating a compelling case for introducing greater use of artificial intelligence and machine learning capabilities combined with solid engineering expertise.

Speaking on the partnership, Dr Claus Reimers, SVP Digital Products, Lloyd’s Register says, “By using real-time data to address challenges before they occur, plant operators will have a better understanding of their asset health on a day-to-day basis, supported by a significant library of solutions to prevent downtime. With our risk and maintenance modules, combined with superior data insights from Falkonry Clue, operators can ensure that their efforts are being focused on the right equipment at the right time, reducing uncertainty and risk in decision making.”

Dr Nikunj Mehta, Founder and CEO, Falkonry says, “We are thrilled to partner with Lloyd’s Register to offer a comprehensive solution that brings asset risk management and digital technology together, providing real-time insights to plant operators to make informed decisions for asset health, integrity and performance.”