Industrial Asset Optimization
Generating Industrial Manufacturing Impact
Even a single hour of unscheduled asset downtime in industries like power generation, oil and gas, or aviation can cost millions to end-customers and damage reputation of OEMs.
Genpact' s industrial asset optimization solutions integrate assets and data sources on a common analytics platform to derive actionable insights through remote monitoring, diagnostics, and prognostics to enhance service revenues, drives field service management, reduce asset downtime and manage risk.
Insufficient machine-to-machine connectivity, remote monitoring and analytics hampers timely insights and proactive maintenance of mission critical assets leading to unscheduled asset downtime, high unplanned service costs, and regulatory compliance and data security risks.
Genpact's unique Connect, Collect, Compute and Control methodology enables the following offerings in industrial asset optimization:
- Asset service optimization including pre-contract analytics, contract setup and execution, contract appraisal analytics and contract portfolio risk analytics
- Asset performance optimization including assessment of current remaining useful life of assets, prognostics proof of concept, pilot and enterprise scale up, and continuous execution improvement.
- Asset risk analytics to proactively identify and mitigate risks for customers related to asset performance and compliance through appraisal analytics and portfolio risk analytics
Our Smart Enterprise Processes (SEPSM) proprietary framework helps companies reimagine their industrial asset optimization operations by integrating effective Systems of EngagementTM, core IT, and Data-to-Action AnalyticsSM, enabling tangible business outcomes such as service cost reductions (up to 20%), revenue enhancement (up to 15%), and improvement in asset uptime (up to 15%).
An international energy company improved asset uptime by 9% and ensure and 90% accuracy in component failure detection through integrated reliability solution and performance engineering improvement.
A global aviation company identified US$43 million for reconciliation against a deferred balance of US$368 million, by conducting a contract cost comparison against existing company financials.
A global transportation leader reduced overall spare parts consumption by 43% due to improved failure forecasting and predictive maintenance.
An international aviation company achieved US$15 million bottom-line impact through improved material and repair sourcing through cost-benefit analyses involving new materials and the repair mix.