Innovation that will drive efficiency & reduce operational costs while managing risk and maintaining safety.
Unscheduled downtime or outages can cost asset owners and managers Millions $ per day. More than half of such incidents are due to various types of mechanical failures. On top of this, poor information management is a hidden cost that accounts for up to 20% of operational budgets.
Overhead like this puts the viability of an asset in constant jeopardy, especially if operating an asset on low operational margins.
The answer to help mitigate this type of risk and enhance asset information management lies within predictive analytics and leveraging the concept of a ‘Digital Twin.’
Simulation and Algorithms – In our work, the highest fidelity form of the digital twin is the simulation model.
Insights are gained from very large amounts of data, which have far-reaching impact on how large, complex assets are managed. Might industries such as shipping, oil/gas production, and oil/gas process, storage, and delivery represent a promising frontier of big data and predictive analytics.
Where to begin?
The basic idea is to create a digital representation of the physical system under study, and then use the digital counterpart to understand and subsequently control the physical system.
Leveraging a faithful and behavioral replica of the physical system, gives us the ability to indicate how the system would function under a variety of conditions, both real and hypothetical.
At UNEE, we help owners and/or operates create a virtual, digital image of their assets providing powerful business insights and asset diagnostics.
Contact Us to get our Digital Twin Primer document today!