All You Need to Know About Asset Performance Management

Learn about Asset Performance Management (APM) and how it can help organizations optimize asset utilization, reduce operational costs, and improve safety. Discover how Prescinto can optimize asset utilization, reduce costs, and improve safety for renewable energy projects. Understand how you can maximize returns while minimizing losses at your renewable energy projects.
22 minutes

All You Need to Know About Asset Performance Management

Asset performance management (APM) is a powerful tool that can help organizations maximize their asset utilization and reduce operational costs. By leveraging predictive analytics, condition monitoring, and preventative maintenance, energy Asset performance management ensures energy assets are running at peak efficiency and improving safety. 

Renewable Energy Asset performance management software plays a pivotal role in bridging data gaps and employs various analytical methods to transform data into actionable insights. Additionally, it promotes collaboration and facilitates knowledge-sharing across the organization.


What is Asset Performance Management?

Asset performance management is a comprehensive, strategic approach to optimizing the performance of physical assets such as energy plants, utilities, and other infrastructure. APM solutions powered by AI and advanced data analytics can help maximize asset utilization while minimizing operational costs and increasing safety.

With advanced data analytics, businesses can predict potential problems before they cause downtime or require emergency repairs by analyzing data from sensors on equipment. Condition monitoring provides real-time feedback on how equipment is performing so that any changes can be quickly addressed. Preventative maintenance ensures that assets are working at their optimal level by scheduling regular inspections and repairs as needed.

By leveraging Asset performance management solutions tailored to renewable energy projects such as solar and wind energy, companies can ensure that their clean energy assets are running efficiently while achieving cost savings. Prescinto offers comprehensive APM solutions tailored specifically for solar and wind energy projects which help optimize peak performance while reducing operational costs and improving safety standards.

With an array of services from asset health assessment to preventative maintenance planning, Prescinto Technologies helps companies get the most out of their clean energy investments.

Benefits of APM for Renewable Energy

By leveraging Asset performance management, renewable energy companies can maximize returns on investments and minimize losses. It can help optimize portfolios with more accurate forecasting models and streamline processes to make informed decisions about asset allocation. Additionally, it provides better visibility into operations for improved decision-making as well as ensuring operational safety and protecting against potential risks from unexpected downtime or external factors. Ultimately, this helps create a superior customer experience and secure the future of clean energy solutions.

Monitoring and Data Collection

Asset performance management (APM) systems continuously collect data from sensors, devices, and other sources to monitor asset performance in real-time. This data can include information on real-time electricity generation data, inverters’ active power, string currents, and more.

Accurate performance analysis and diagnostics in renewable energy assets can be impeded by data inconsistencies, gaps, or inaccuracies. The integration of data from various equipment and systems, including SCADA, WMS, device-level monitors, data loggers, and more, can present formidable challenges for clean energy assets.

To address these issues effectively, APM should allow for meticulous data integration methodologies and synchronization processes. This involves employing diverse methods such as OPC UA/DA, MODBUS, FTP, API, and others, alongside robust data management procedures. Thus, APM solutions provide a holistic view of asset performance across the enterprise. 


Advanced Data Analytics With Asset Performance Management

Asset performance management utilizes advanced data analytics, including artificial intelligence (AI) and machine learning (ML), to analyze the data and predict when an asset may fail or require maintenance. This enables organizations to perform maintenance proactively, reducing downtime and improving reliability. Advanced analytical tools are deployed to scrutinize vast datasets from various sources, enabling predictive insights into potential asset failures or maintenance needs.

For instance, consider a wind farm equipped with multiple turbines. Through AI/ML algorithms, APM can assess real-time turbine performance data, weather conditions, and historical maintenance records. By identifying patterns and anomalies, it can forecast when a particular turbine might require maintenance, allowing the plant operators to proactively address the issue. This predictive approach not only reduces costly downtime but also enhances overall operational reliability, ensuring a consistent energy output.

Performance Optimization

Asset performance management (APM) helps organizations optimize asset performance by identifying inefficiencies, bottlenecks, and areas for improvement. It provides insights into how assets can operate more efficiently to increase production, reduce energy consumption, or extend asset lifecycles.

For example, a wind farm’s APM system detects that certain turbines are underperforming due to blade fouling. Maintenance can then be scheduled to clean the blades, restoring the component’s efficiency and increasing energy production.

Risk Management 

Asset performance management (APM) assesses the risks associated with asset performance, including safety risks and compliance issues. With effective alarm management, it helps organizations identify the issue areas. APM also helps operators prioritize maintenance and operational activities to mitigate risks effectively.

For example, in a solar power plant, if an APM system detects a significant drop in power output from a string of panels, it triggers an alarm. Effective alarm management ensures that these alerts are classified, prioritized, and delivered to the right personnel for immediate attention. Moreover, it allows work order management through auto-creation of work order for designated personnel. 

Cost Reduction

By optimizing asset performance and maintenance schedules, Asset performance management (APM) can lead to significant cost savings. Unplanned downtime is a significant cost driver for renewable energy projects. APM minimizes this by detecting performance anomalies and potential issues in real-time and alerting the maintenance team. Through automated workflow management at renewable energy plants, asset operators and managers can optimize on-ground operations and ensure effective spare parts management. 


How Prescinto Helps With APM For Clean Energy?

Prescinto provides a comprehensive, one-stop energy Asset performance management (APM) platform tailored specifically for clean energy operations. The platform helps customers increase the efficiency, reliability, and safety of their operations while reducing downtime and operational costs. With features such as remote monitoring, advanced data analytics, drone analytics, and condition-based maintenance, customers can get the most out of their APM solution.

Monitor Module

Prescinto’s Monitor module facilitates centralized monitoring of energy sources and systems, providing users with near real-time data access and device-level granularity. This empowers users to keep a vigilant eye on their renewable energy assets, observe performance trends, and identify patterns critical to decision-making.

The module also offers advanced data filtering capabilities, ensuring that users can access precise information for actionable insights. With centralized asset monitoring and a seamless, reliable user experience, Prescinto’s Monitor module enhances visibility, enabling proactive maintenance, and optimizing overall asset performance. Furthermore, Prescinto’s drone analytics capabilities provide visual inspection data for wind turbines and solar farms, enhancing safety and efficiency in maintenance operations.

Analyze Module

The Analyze Module from Prescinto is a gateway to data-driven insights and intelligent decision-making across renewable energy assets. This robust tool offers a range of essential features, including real-time data analysis, advanced trend analysis, and underperformance detection. By harnessing the capabilities of artificial intelligence (AI), the module goes beyond mere data scrutiny, providing actionable recommendations to enhance asset performance.

Prescinto’s Tahoe is purpose-built to assist solar power plants in identifying underperformance stemming from systemic issues like soiling, clipping, curtailment, and other forms of losses. Tahoe classifies these losses into 14 loss buckets and delivers immediate and practical insights directly from the platform to the plant owner, eliminating the need for tedious, error-prone manual data analysis.

Moreover, for solar, Prescinto’s platform offers advanced string analytics. It quickly identifies underperforming strings by normalizing key parameters like DC capacity, POA Irradiance, and module temperature. Then, it calculates deviation percentages from the best performer, helping plant operators find performance issues.

Prescinto’s powerful Recommendation Engine offers intelligent, data-driven recommendations. It achieves this by monitoring trends, metrics, and losses. It provides root causes of anomalies through Digital Twins and shares actionable insights to help reduce losses. Thus, Prescinto’s platform ensures that renewable energy projects consistently operate at peak efficiency, backed by a wealth of data-backed insights and real-time analysis.

Operate Module

From optimizing workflows to automatic management, Prescinto’s Operate Module streamlines every aspect of asset operation. It provides valuable insights into Mean Time to Repair (MTTR) and Mean Time Between Failures (MTBF), allowing for precise maintenance planning. Prescinto’s CMMS (Computerised Maintenance Management System) supports advanced features for the customization of work orders as per custom requirements.

Moreover, the inclusion of spare parts management ensures that the clean energy assets are equipped with the necessary components for seamless operation. With a user-friendly mobile app with SMS notifications for custom alerts and alarms, available both online and offline, asset operation teams can stay connected and efficient, even in remote locations. The module is an all-in-one solution to elevate operational efficiency and maximize the performance of renewable energy assets. 

Going Above And Beyond

By leveraging Prescinto, renewable energy asset operators and managers can reduce unplanned downtime significantly while ensuring asset health is maintained throughout the asset’s service life cycle. Prescinto also provides extensive training and support services, so that customers can maximize the benefits of their APM solutions in their own organizations. From technical support teams who are available 24/7 ready to provide guidance when needed, to dedicated customer success managers who offer personalized assistance, customers have access to whatever help they need whenever they need it.

By leveraging these comprehensive Asset performance management (APM) solutions provided by Prescinto Technologies, renewable energy providers will be able to maximize returns on investments while minimizing losses associated with unexpected downtimes or external factors affecting operations. Moreover, these solutions will help improve decision-making processes through better visibility into operations as well as ensuring operational safety of clean energy assets which ultimately create a superior customer experience for years to come.


Getting Started With APM And Prescinto Technologies

When it comes to getting started with Asset performance management and Prescinto, the key is understanding the asset’s environment and developing a plan for implementation. Knowing the type of assets you are looking to manage, their condition, and their environment will help you create an effective APM plan.

Additionally, considering any potential risks associated with your assets can help ensure that your APM system is designed with those in mind. After you have a clear understanding of your asset’s needs, selecting the right technology for monitoring and maintenance is essential.

Asset management provides renewable energy projects with an integrated approach to optimizing the performance of physical assets such as industrial plants, utilities, and other infrastructure. Through advanced data analytics, condition monitoring, and preventative maintenance, APM helps maximize asset utilization while reducing operational costs and improving safety.

Working with Prescinto Technologies offers many advantages including access to resources and strategies, cost savings, training and guidance on best practices, increased efficiency in operations, improved decision making, better visibility into operations, and protection against potential risks from unexpected downtime or external factors.

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