Itus Digital Announces Asset Twin Marketplace
Enables equipment failure protection in minutes
Roanoke, Va. – May 19th, 2021 – Itus Digital announced the availability of new capabilities that 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. Best of all, it does so without the cost and complexity required of traditional processes.
The Asset Twin Marketplace provides Itus subscribers with direct access to Asset Twins that model the failure modes, preventative maintenance activities, analytical protections, and prescriptive actions for the most common industrial equipment types. Further, it provides a platform for the secure collaboration and sharing of asset strategies across industrial stakeholders. The Marketplace solves the current challenges associated with fragmented and proprietary libraries that are difficult to leverage and implement.
“We have seeded the Marketplace with our Asset Strategy Library. Any subscriber can 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.”
Asset Twin Builder
Itus is also introducing the Asset Twin builder, which directly accesses the Marketplace and allows Asset Twin activation in minutes. The builder provides a simple process to apply, connect, tune, and activate twins. And it monitors assets and quickly mitigates 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 operating or maintaining equipment to reduce asset operating costs and improve availability.”
Malavika Tohani, Research Director at 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 provides the ability to quickly replicate the failure modes and protections across hundreds of assets. Simultaneously, the Asset Twin Marketplace offers an environment for equipment OEMs, service providers, and asset owners to exchange best practice APM strategies.”
About Itus Digital
We are industry veterans maniacally focused on practical asset performance management. Our approach focuses on increasing profit margins while improving asset safety and reliability. By leveraging digital asset twin technology, we help companies define their asset strategy, detect emerging threats, mitigate asset risk, and extend the asset lifecycle. And our mission is to protect people, the planet, and profits.