Industrial Asset Optimization
Generating Smart Asset Optimization Impact
Capital-intensive assets, such as those typically deployed for power generation and in oil and gas, involve quick and high return-on-asset expectations from businesses. Even a single hour of unscheduled asset downtime can cost millions to end-customers, in addition to damaging an OEM’s credentials. In the current “internet-of-things” era, insufficient machine-to-machine (M2M) connectivity, remote monitoring, or analytics can lead to the suboptimal utilization of asset performance data. This means that large OEMs are not realizing potential service cost reductions of up to 20%, revenue enhancement of 10-15%, and 10-15% in asset uptime improvement.
The need for an end-to-end industrial asset optimization offering that can plug these gaps is critical. A solution is needed that designs and implements the right target operating model for OEMs, encompassing aftermarket service processes, IT, and specialized analytics.
Genpact leverages a 4C framework to build an optimized industrial asset optimization function:
- Multi modal remote asset connectivity
- Effective L0 and L1 connectivity monitoring
- Alert automation
- Robust data acquisition and harmonization
- Quality control
- Remote monitoring
- Prognostics for asset health management
- Failure forecasting
Better insights into customer business and outcomes through:
- Proactive maintenance
- Improved installed base management
- Better field service and parts planning
- Service contract management
- Operational optimization
Industries we serve: Aerospace, Oil and Gas, Power Generation, Medical Equipment and other Industrial Equipment Manufacturers
Genpact enables a quick transformation to an optimized industrial asset optimization function through:
- Smarter Processes: With the data acquisition and processing steam-lined, repeatable and reproducible business processes can be run off-shore
- Smarter Analytics: Big Data analytics combined with data mining and predictive modeling provides prognostics which aids maximization of asset uptime and minimization of service cost
- Smarter Technology: Data strategy including timely data availability, quality, storage and retrieval to propel analytics. Platform and technology tool selection optimizes the implementation cycle
- Smart Enterprise Processes (SEP) for asset optimization: Business transformation through a structured methodology and usage of benchmarks
What can OEMs achieve?
- 15-20% improvement in service revenue through increased installed base coverage (upto 100%)
- 10-15% improvement in service contract profitability through correct pricing and accurate contract risk forecasting
- 8-10% reduction in overall service cost through remote diagnostics and planned service scheduling; service fulfillment cost reduction of upto 15%
- 10-15% increase in end-customer asset uptime
How Genpact is different
Genpact’s Industrial Asset Optimization services provide the right target operating model for OEMs with the help of:
- Unique set of skills combining specialized consulting, focused technology and in depth analytics to defend and increase service/part revenues, reducing operational cost across industrial machinery e.g. aerospace, power gen, oil & gas verticals
- Analysis done by engineering experts with significant machine context, not just data scientists
Genpact has delivered best-in-class industrial asset optimization programs that have significant business impact and drive competitive differentiation for OEMs.
A major gas turbine manufacturer did not have the appropriate skillset and trained resources for monitoring the health of its gas turbine and control systems, which led to unscheduled maintenance and low uptime and efficiency. Genpact provided a seamless remote monitoring infrastructure setup and preventive and ongoing maintenance support. Asset uptime was improved by up to 10%, and gas turbine efficiency also increased, leading to higher end-customer satisfaction.
A global aerospace OEM wanted to develop a contract pricing mechanism to plug a revenue leak resulting from incorrect contract pricing, and also lacked a technical solution for failure prediction. Genpact developed a system for capturing historical data and used statistical methods to arrive at the right contact pricing, as well as conducting a reliability life data analysis for failure distribution generation, using the Weibull++ software tool. This resulted in US$10 billion in service contract pricing for all long-term contracts being delivered to the client.
A leading power generation OEM was challenged to identify opportunities to reduce its cost of maintenance during service contract lifecycle. Genpact instituted a service contract process to identify and categorize possible failure types and deployed analytics to minimize cost of maintenance. The client was able to reduce maintenance costs by 10% and accurately predict failure events.
A global energy OEM was facing poor installed base monitoring and alert automation, leading to lower asset uptime. Genpact deployed a comprehensive reliability engineering solution by integrating remote connectivity with big data analytics. This led to higher installed base asset uptime and a stable control and monitoring framework.