Itus Launches Asset Performance Management Solution
Roanoke, Va, – November 12th, 2020 – Itus Digital today announced the availability of its new Asset Performance Management (APM) platform purpose-built to simplify how asset operators monitor equipment failure risk.
The platform includes an extensible Asset Strategy and Digital Twin Library covering 200 of the most common equipment types. This feature enables asset operators and maintainers to rapidly deploy models to support foundational APM use cases. For instance, condition-based maintenance, failure prediction, and operational risk identification are good examples of these cases.
The Itus Digital platform is available as a subscription with on-premises and cloud deployment options. It provides a structured process to manage asset strategies, monitor asset health, and address advisories. Further, it ensures continuous learning of asset management processes and practices.
Best of all, unlike other solutions, customers experience a limited investment risk from the start. An easy pay-as-you-go model allows customers to accelerate the time-to-value. Customers begin with a small number of assets and incrementally grow optimization initiatives as they recognize the value.
“We founded Itus Digital with the mission to simplify how industrial organizations optimize asset performance, and we have spent the past year doing that,” said Joe Nichols, President, Itus Digital. “Asset Performance Management processes and solutions have become too complex and expensive. As industry veterans, we saw an opportunity to provide industrial companies of every shape and size the ability to optimize maintenance costs and minimize equipment downtime through an innovative APM platform and approach.”
“The APM basics have been lost in the hype surrounding machine learning and analytics,” according to Paula Hollywood, Senior Analyst at ARC Advisory Group. “Asset strategy management is the foundation of APM. Consequently, it is the mechanism for manufacturing organizations to define equipment failure risk, establish maintenance and monitoring plans and ensure alignment of analytic models with engineering principles and business goals. This approach is the key to balancing risk and cost with performance.”
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.