Lloyd's Register releases new asset performance management platform

7/2/2019

LONDON -- Lloyd’s Register (LR) has announced the latest release of LR AllAssets. This release adds significant new functionality to the AllAssets Asset Performance Management (APM) platform with the addition of a Maintenance Optimization module, which includes RCM, FMEA, FMECA and Maintenance Optimization capabilities and libraries.

Jim Stuart, SVP Software, Lloyd’s Register stated, “The release of the AllAssets Maintenance Optimization module comes at a pertinent time for our customers. Many assets operate with a maintenance strategy and plan which is a legacy of a past economic era, and have typically remained constant over the asset life, irrespective of changing production and commercial realities. Original Equipment Manufacturer (OEM) recommendations can go unchallenged resulting in unnecessary maintenance burdens which place significant pressure on asset teams and operational budgets.”

LR’s approach to APM brings together facility-specific asset data and engineering expertise with industry best practice. The platform’s sophisticated, risk-based algorithms, and library of extensive engineering knowledge across reliability and maintenance optimization, enable customers to determine the most effective maintenance strategies.

LR’s unique optimization technologies have been market proven over a 10-year period with AllAssets’ predecessor, RTAMO. Customers can continuously tune their maintenance program based on changing asset conditions, equipment reliability criteria, and production demands to determine the optimum intervals for planned maintenance. The results speak for themselves. “The majority of our customers are able to reduce maintenance costs by up to 30%,” said Stuart.

The AllAssets platform uses advanced analytics to help customers mitigate business risk and optimize plant performance. Preconfigured risk and reliability models and a unique model builder tool enable customers to easily configure the templates for their own environment without the need for software coding – reducing costs and providing faster time to insight. A secure, cloud-based solution, AllAssets frees your workforce from spreadsheets and allows a systematic approach to capturing human knowledge and best practices, all in one place and accessible across the organisation. The platform includes a module for Risk Based Inspection (RBI) as well as extensive best practice and failure history libraries.

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