ROANOKE, Va., Nov. 12, 2020 /PRNewswire/ — Itus Digital today announced the availability of its new Asset Performance Management (APM) solution purpose-built to simplify how asset operators monitor equipment failure risk.
The solution includes an extensible Asset Strategy and Digital Twin Library covering 200 of the most common equipment types that enables asset operators and maintainers to rapidly deploy models to support foundational asset performance management use cases such as condition-based maintenance, failure prediction and operational risk identification.
Offered as a subscription with on-premises and cloud deployment options, the Itus solution provides a structured process to manage asset strategies, monitor asset health, address advisories, and ensure continuous learning of asset management processes and practices.
A unique aspect of the solution is the limited investment risk to get started. A simple pay as you go model allows Itus customers to speed time-to-value by starting with a very small number of assets and incrementally grow optimization initiatives as value is created.
“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 solution and approach.”
“The APM basics have been lost in the hype surrounding machine learning and analytics, according to Paula Hollywood, Sr. Analyst at ARC Advisory Group. “Asset strategy management is the foundation of APM. 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 is key to balancing risk and cost with performance.”
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. For more information visit www.itusdigital.com.
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