What is digital transformation?
Digital Transformation is the use of new, fast and frequently changing digital technology like the Internet of Things (IoT) and AI to solve operational and societal challenges. Commonly faced challenges include everything from climate change, energy transition and population growth to process improvement, supply chain optimisation and “what if” scenario analysis.
What is (digital) asset management?
Digital asset management
applies a systematic approach to the governance and realisation of value from assets over their whole life cycles with the help of digital technologies like industrial IoT, asset management systems and artificial intelligence.
What are opex and capex?
An operating expenditure (opex) is an ongoing cost for running a product, business, or system. A capital expenditure (capex), is the cost of developing or providing non-consumable parts for the product or system. Asset and process knowledge and digital technologies need to be combined to optimise capex and opex.
What is (digital) supply chain engineering?
Digital supply chain engineering
is engineering for the planning, design and operation of supply chains. Digital technologies like process simulation, IoT and AI are used to improve visibility, identify bottlenecks and optimise supply chains intelligently.
What is AI in industry?
Artificial intelligence (AI) enables manufacturers and plant owners to address industrial pain-points, create more value, innovate business models and improve productivity through the proactive generation of deep industrial insights. It does this by bringing data together from across the plant and supply chain, then processing it to uncover valuable information.
What is IoT?
The Internet of Things is a system of discrete interrelated computing devices with unique identifiers and the ability to transfer data over a network automatically – often deployed inside essential processes and assets. Applying IoT can generate big data to feed AI-based solutions that help automate and optimise industrial operations.
What is risk management?
Risk management is the identification, evaluation, and prioritisation of risks followed by coordinated and economical application of resources to minimise, monitor, and control the probability or impact of negative events. Good risk management takes a broad perspective on identifying the risks that could cause a company to fail to meet its strategies and objectives.
What is industry 4.0?
The fourth industrial revolution primarily focuses on the use of Machine-to-Machine (M2M) and Internet of Things (IoT) deployments to support automation, improved communication and monitoring. Together, these technologies enable business model transformation, supply chain optimisation and performance-based, real-time digital asset management.
What is preventive maintenance?
Preventive maintenance is a pattern of routine maintenance inspections, with the goal of identifying small issues and fixing them before they threaten productivity or efficiency. The primary benefits of preventive maintenance are extending the productive life of assets and reducing critical equipment breakdown.
What is predictive maintenance?
Predictive maintenance is the continuous evaluation of equipment condition and status using IoT devices and smart machines while the equipment is still in-service and operational. Predictive maintenance is enabled by industry 4.0 technologies such as AI, smart sensors and cloud computing.
What are digital twins?
are digital representations of assets, processes or systems, created using data capture from their physical counterparts. These digital models are used to test the operational impact of potential digital, product or market changes, so organisations can make informed transformation choices and prepare for scenarios before they happen.
What is process simulation?
Process simulation is the modelling of plant processes, like production lines and waste management processes, to simulate potential changes across them. This is useful for assessing the impacts of new digital transformation projects, or forecasting for potential supply chain disruption.