Leverage the Industrial Internet of Things (IIoT) for Improved Profitability and Integrity Management
Owner operators of asset-intensive corporations are starting to realize the operational and profit potential of harnessing new technologies, namely the Industrial Internet of Things (IIoT). IIoT refers to the phenomenon of utilizing technology to connect a series of physical assets to measure and/or enhance industrial processes. Essentially, it equates to digitalization. In the world of asset integrity management (AIM), this means intelligent analytics to modernize the plant to an asset-control environment. Adopting IIoT helps owner operators to automate, improve and transform their processes for increased profitability, enhanced safety, and reduced loss of containment.
Integrity Manuals: The Most Significant Factor in Avoiding Asset Failure
By now, the benefits of utilizing a comprehensive Asset Integrity Management (AIM) software have been firmly established. Yet, an AIM product is only as good as the sum of its parts. One of the key elements of any AIM software – indeed, the building block from which it is formed – is one of the least discussed. Namely: Integrity Manuals (IM).
Asset Performance Management vs Asset Integrity Management: What’s the Difference? (Part 1)
Two “buzz terms” have been floating around in the world of asset management recently: Asset Performance Management (APM) and Asset Integrity Management (AIM). Semantically, they appear to be very similar. Indeed, that has led to a lot of confusion throughout the industry. Professionals from asset-intensive organizations are often asking: What are these terms? Do they mean the same thing? If not, what’s the difference? Why should I care?
Harness Asset Integrity Management to Maximize LNG Liquefaction Expansion
The LNG industry is expanding rapidly, growing 4-6% annually. In fact, LNG now accounts for 12% of all gas demand. This is in large part due to new technologies that have surfaced in the industry in recent years – namely offshore facilities like Floating Storage Regasification Units (FSRUs) and Floating Liquefaction – that are increasing the market’s reach and encouraging global liquefaction development.
Best Practices for Implementing a Risk Based Inspection (RBI) Program
The immediate cost saving advantages of adopting a Risk Based Inspection (RBI) approach to asset integrity management are gaining momentum. More and more corporations are realizing that RBI, with its ability to intelligently analyze equipment’s probability of failure (POF) vs consequence of failure (COF), is the more prudent approach to managing their critical assets. It assures that a structured, systematic, and technically defensible approach is used to make decisions. After all, it drastically reduces instances of equipment failure and more than halves the likelihood of unplanned shutdowns.