Hitachi Energy launches the Next Generation of its Asset Performance Management Solution, Lumada APM

Hitachi Energy, a global technology leader advancing a sustainable energy future for all, announced the next generation of its asset performance management (APM) software solution, Lumada APM. The release builds on the strength of its proven asset health prediction offering and expands with two additional APM modules – Lumada APM reliability and Lumada APM optimization. Hitachi Energy’s Luma-da APM solution now further advances sustainability, safety, and operational excellence initiatives, equipping asset-intensive organizations with a unified view of their assets and asset systems. With that insight, they can further maximize asset uptime, minimize unplanned downtime, prioritize maintenance spend, extend asset life, and reduce total cost of ownership.

Lumada APM empowers engineers to take a strategic and proactive approach to a reliability-centered asset maintenance strategy. The solution delivers prescriptive, data-based insights and recommendations for proactive maintenance and planning utilizing a broad range of physics-, statistical-, artificial intelligence-, and hybrid-based modeling methodologies, so organizations can maximize their time and budgets. Additionally, Lumada APM provides a single pane of glass for evaluating system and fleet risks of potential asset failures before they occur, simulate intervention strategies, and optimize portfolio resources to balance desired asset performance, risk, and cost.

Recommended AI News: Riding on the Generative AI Hype, CDP Needs a New Definition in 2024

Hitachi Energy’s APM modules include:

• Lumada APM health: Allows operators to monitor the condition and predict the failure of their critical assets, early enough to take actions using data-driven modeling and artificial intelligence-powered prognostics, and make timely, proactive maintenance decisions.
• Lumada APM reliability: Enables users to implement system reliability engineering methodologies to drive safe, reliable, and compliant operations. Dynamically assesses risks and simulates various asset intervention scenarios so that engineers can drive risk-based, reliability-centered maintenance and prioritize overall maintenance spend.
• Lumada APM optimization: Provides asset managers with an optimized list of asset intervention projects based on identified constraints to deliver financially optimized, long-term asset in-vestment planning strategies.

Recommended AI News: Scienaptic AI Partners With DigiFi to Provide Advanced Credit Scoring

“For organizations in asset-intensive industries, the availability and reliability of capital assets are constant concerns that create significant data management and operational challenges,” said Bryan Friehauf, SVP Enterprise Software Solutions, Hitachi Energy. “The newest generation of Lumada APM provides users with expanded critical decision support to be more proactive, anticipate trends, pinpoint system risks, and prioritize capex and opex budget and resources to maximize asset reliability and availability.”

“The expansion of Lumada APM reflects our commitment to bring to market two new APM modules designed for advanced and complete decision making across individual assets and entire asset system footprints.”

Hitachi Energy’s move to expand its APM solution coincides with the APM market’s rapid growth as asset-intensive organizations take on digital transformation initiatives to meet global energy transition goals.

Research indicates that the APM market is expected to grow more than 120 percent worldwide to US$47 billion from 2023 to 20301. In the mining industry, for example, nearly half of organizations plan to adopt APM platforms by the end of 2023, an increase of 25 percent from 20212.

Data-driven, advanced APM solutions quantify hidden expenses and uncover insights about asset stressors and system bottlenecks where asset downtime or failure could have greater downstream im-pacts.

“Digital transformation has propelled APM solutions in new and exciting directions. Analytics, cloud, Industrial IoT, and advanced technologies are reshaping how assets are managed,” said Inderpreet Shoker, Director of Research at ARC Advisory Group. “The increased volume of data required for effective asset management, along with the greater variety generated by countless new devices, will materialize as data that must be aggregated and analyzed to be useful. Solutions that gather information to help end-users make informed decisions are key to be successful with APM initiatives.”

Recommended AI News: OPENLANE Launches Visual Boost AI to Pinpoint Vehicle Damage

Drawing on Hitachi Energy’s rich heritage and domain expertise, the company has built its asset management portfolio to optimize every stage of the asset value chain, supporting critical operations and decisions from the field to the boardroom. Built on the Lumada architecture, the software portfolio is managed in a single pane of glass and combines APM, enterprise asset management (EAM), and field service management (FSM) solutions in one composable, high-performing asset management offering.

The expansion of Lumada APM in the Hitachi Energy portfolio demonstrates accelerated traction on the company’s 2030 strategic growth plan. Hitachi Energy is continuously strengthening not only its electrical systems and equipment business, but also its support for asset intensive industries toward a more sustainable, flexible, and secure energy system.

[To share your insights with us, please write to sghosh@martechseries.com]