Itus Announces Asset Twin Marketplace
Enables equipment failure protection in minutes
Roanoke, Va. – May 19th, 2021 – Itus Digital today announced the availability of new capabilities which allow industrial organizations to implement Asset Performance Management (APM) techniques on their equipment in minutes. The approach lowers the risk of unexpected equipment failure while optimizing maintenance activities, without the cost and complexity required of traditional processes.
The Asset Twin Marketplace provides Itus subscribers with direct access to Asset Twins which model the failure modes, preventative maintenance activities, analytical protections, and prescriptive actions for the most common industrial equipment types. By providing a platform for secure collaboration and sharing of Asset Strategies across industrial stakeholders, the Marketplace solves for the current challenges associated with fragmented and proprietary libraries which are difficult to leverage and implement.
“We have seeded the Marketplace with our Asset Strategy Library and allow any subscriber to securely leverage, share and extend our models to their specific use cases,” said Joe Nichols, President, Itus Digital. “this approach expands industry coverage and use of Asset Strategies to fast track any APM initiative or solution”
Itus is also introducing the Asset Twin builder, which directly accesses the Marketplace and allows for the activation of an Asset Twin in minutes. The builder provides a simple process to apply, connect, tune, and activate twins to monitor assets and quickly mitigate failure risks.
“Many organizations see the value in APM programs but cannot justify the cost and effort associated with implementation,” said Nichols. “We have unlocked the potential for anyone that owns, operates or maintains equipment to reduce operating costs and improve availability for their key assets.”
Malavika Tohani, Research Director, Verdantix noted, “While Industrial firms are investing in APM software to improve asset reliability as well as reduce maintenance costs, they still face multiple challenges in terms of usability, scalability, siloed IT systems, and getting quick ROI. Itus Digital with its Asset Twin builder provides the ability to quickly replicate the failure modes and protections across hundreds of assets, while the Asset Twin Marketplace offers an environment for equipment OEMs, service providers and asset owners to exchange best practice APM strategies.”
About Itus Digital
Itus Digital is a team of industrial software veterans maniacally focused on optimizing the performance of industrial assets by fusing apps, industrial engineering expertise and analytics within simple to use and scalable software solutions.