November 25, 2024 Data-Driven Asset Management in Europe’s Industries

Europe is in the new era of electrification.

By: Alberto Carini, Global Product Manager, Electrification Service, ABB

Europe is in the new era of electrification. With electricity consumption expected to more than double by 2050, as estimated by the European Commission, companies are under pressure to optimize their operations and minimize emissions. At the same time, Europe is also where we’re seeing some of the most innovative digital solutions.  Industries must evolve to meet the increasing demands for efficiency, reliability, and sustainability. Data-driven asset management is key to this transformation.

Enhancing Performance Through Data

Data is the new gold. The rapid proliferation of data has made it such that real-time insights and predictive analytics are not only beneficial but have come to be both essential and expected.

Asset management systems today are harnessing the power of the Internet of Things (IoT) to collect and build extensive data sets from a myriad of devices, and transforming them into actionable insights, when integrated with cloud-based analytics platforms. This advancement allows organizations to closely monitor systems and key parameters, providing the clarity and understanding necessary to optimize efficiency, productivity, and profitability.

Through data-driven decision-making, companies can enhance reliability and performance by predicting asset behavior to implement the best maintenance strategies across multiple sites. As digital technologies rapidly progress, IoT and cloud-based solutions are becoming more versatile and affordable, and hence should be adopted more prevalently by industries.

For example, imagine an IoT and cloud-based solution for managing electrical assets. This solution could integrate a dashboard with a range of low- and medium-voltage products and systems to achieve efficient management. This would include the indication of an asset’s health status, active alarms, and all of the information coming from the devices. Safety could be further enhanced with arc fault detectors, providing critical protection against electrical hazards while minimizing the need for on-site human intervention, owing to the use of remote monitoring.

By incorporating solutions such as low- and medium-voltage breakers, switchgear, and transformers, we can optimize the overall performance and reliability of the power distribution network, all while doing so in real time.

Transforming Data into Action

Our “Better Decisions” report revealed a surprising trend among industrial leaders: while 96% of decision-makers acknowledge the essential role of digitalization, only 35% have effectively scaled their industrial IoT implementations. The first step is to take the leap of faith in technology and implement a digitalization plan. Yet, even with a digital infrastructure in place, that may not be enough.

While the data and analysis enabled by industrial-grade Internet of Things (IoT) implementation can enhance knowledge and facilitate predictive decision-making, these benefits are rendered meaningless without decisive action. To drive operational gains and deliver direct value to customers, organizations need to take the data a step further.

Providing remote access to data and analytics for service experts is crucial in closing the loop on continuous improvement. The online availability of support from device or process specialists ensures swift resolutions to unexpected challenges. By coupling remote access with emerging technologies, companies can achieve earlier detection, improved diagnostics, and expedited service, ultimately leading to better planning and increased efficiency. In this way, the real potential of data analysis is unlocked, which can drive meaningful advancements in operational performance.

One could do this via a mobile app that empowers customers to take concrete action, either to self-serve or obtain remote assistance for electrification products, which enhances productivity and operational efficiency. By integrating a virtual assistant, the app would be able to offer voice control and intent recognition to streamline access to augmented reality guides, facilitating a more intuitive user experience. This innovative approach would allow users to easily schedule on-site or remote service appointments and consolidate essential documentation, all within a single, cohesive digital platform.

As organizations increasingly seek to optimize their operations, this service assist app exemplifies how technology can transform service delivery, making it more accessible and efficient while empowering facility managers and engineers to take control of their electrification needs.

The Future is Now

The numbers speak for themselves: a smart asset management system can deliver up to 40% of savings in maintenance costs and 30% in operational costs, as well as an extension of equipment lifetime.

The integration of advanced technologies in industrial management is not a futuristic concept but a present-day reality. Data-driven asset management systems are already transforming how industries operate, offering enhanced efficiency, reliability, and sustainability. Europe, with its robust technological infrastructure and commitment to innovation, is well-positioned to lead this transformation.

By embracing data-driven asset management, European industries can navigate the complexities of modern operations with confidence. The synergy between IoT, cloud services, and the right expertise provides a holistic solution that addresses both current challenges and future demands.

Europe has the opportunity to set a global standard by adopting data-driven asset management practices that optimize performance. As we move forward, the continuous evolution of these technologies will undoubtedly play a critical role in shaping a resilient and efficient industrial infrastructure, ensuring that Europe remains at the cutting edge of the digital revolution.

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