Analytics is the computational analysis of a set of data. The field of analytics has evolved over a period of time. It used to be descriptive in nature and used historical data to analyze situations and actions. Later, descriptive analytics was further refined to diagnostic analytics, which provided reasoning for actions. With further advancements in computational technology, the approach of predictive and prescriptive analytics came into existence. Predictive analytics helps decision makers to mathematically predict the future. On the other hand, prescriptive analytics helps decision makers to take action regarding future events.
Prescriptive analytics and maintenance are computing tools that use modern technologies such as artificial intelligence, machine learning, as well as pattern recognition to create efficient decision making for asset management. They are used to monitor equipment performance at the premises and also predict performance expectations. Anyone responsible for asset management can reap the benefits of prescriptive analytics. Original equipment manufacturers (OEM), maintenance organizations, or any third party service providers can use prescriptive analytics to efficiently manage assets.
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Prescriptive analytics draws data from business intelligence, enterprise asset management (EAM), enterprise resource planning (ERP), and other enterprise information systems. Using these data, the solution frames ‘what if’ conditions of all the possible results. Each option is critically evaluated in order to arrive at the optimal course of action. Prescriptive analytics saves time and significantly reduces human error since the outcome is created by the combination of predictive modelling, machine learning, and statistical algorithms.
Prescriptive maintenance continuously monitors the asset and immediately identifies any asset failure. It is not limited to predicting failure like predictive analytics. It has a larger canvas. Prescriptive analytics helps in strategic decision making for the maintenance of the asset throughout its life cycle.
Therefore, the prescriptive approach to asset management has several benefits. It helps in providing real-time data analysis and improves asset performance by significantly reducing downtime.
Prescriptive Asset Management Solutions Market – Drivers & Restraints
Vendors operating in the prescriptive asset management solutions market are offering comprehensive asset performance management software suites that use various advanced technologies, including Big Data analytics, process modelling, and machine learning. Vendors are prioritizing the need of asset-intensive companies in order to develop robust software suites. They are combining the features of predictive analytics with prescriptive analytics to provide a holistic solution for complete asset lifecycle management.
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The prescriptive asset management solutions market is largely driven by benefits of prescriptive analytics to asset intensive companies. Maintaining assets is one of the most critical tasks, and any human error can lead to significant loss in terms of money and time. In order to avoid such challenges, companies are deploying prescriptive asset management solutions. Low level of awareness about prescriptive asset management solutions is the key barrier in the adoption of these solutions. However, vendors operating in the market are taking significant efforts to create awareness about the solutions though trade shows and conferences.
Prescriptive Asset Management Solutions Market – Segmentation
The prescriptive asset management solutions market can be segmented based on industry vertical, deployment, and region. Based on industry vertical, the prescriptive asset management solutions market can be categorized into oil & gas, chemicals, water & wastewater, and power generation. In terms of deployment, the prescriptive asset management solutions market can be classified into on- premise and cloud-based. Based on industry vertical, the prescriptive asset management solutions market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Prescriptive Asset Management Solutions Market – Key Players
Some of the key players operating in the prescriptive asset management solutions market are AspenTech, ABB Ltd., Argility, SEAMS Ltd., PlantVision, Aricent Inc., IBM Corporation, Dexcent Inc., Rockwell Automation, and SAP SE.
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