Roanoke, Va. – September 6^th, 2023 – Itus Digital today announced new Artificial Intelligence capabilities designed to enable equipment experts to directly deploy and refine anomaly detection models at scale.  Using a visual modeling approach, practitioners can quickly implement protections to identify emerging failure risks, uncover abnormal operating conditions, and enable predictive maintenance.

Designed to enable advanced analytics on equipment of any criticality profile, the solution monitors equipment, and operating parameters to identify emerging failure risks and prescribe action. A no-code model building and tuning process allows already stretched equipment experts to directly apply their knowledge within asset strategies to detect potential failures and optimize maintenance spend.

“Manufacturers wanting a common-sense approach to asset performance management should look no further than Itus Digital’s APM,” says Joe Perino, an independent industry analyst with PERTEX. “I haven’t seen a simpler, easier-to-use, yet powerful and sophisticated APM solution. In its latest release, Itus APM offers all the vital functions that one needs from risk assessment all the way through predictive and prescriptive maintenance, with actionable recommendations.”

As a new analytical component within Itus’s existing APM work process and Asset Twin library, the machine learning models continuously evaluate failure symptoms and process conditions to ensure asset strategies are effective and optimized.

“Anomaly detection using machine learning has proven to be the most valuable AI industrial use case to date. Unfortunately, the complexity and cost have limited widespread adoption,” said Joe Nichols, President, of Itus Digital. “To solve this problem, we focused on empowering equipment experts, with AI, in the context of an asset strategy. Taking this approach not only streamlines the model building process but provides the analytic with full context on the asset, failure risk, and optimal mitigations.”

Already recognized as one of the most intuitive APM solutions on the market, this addition further expands on Itus’s vision to bring asset management best practices to industrial organizations of all sizes, complexity, and maturity.

Joe Perino further noted, “Reliability, maintenance, and inspection engineers and technicians can DIY without the need for data scientists or product specialists to code AI/ML algorithms and implement complex configurations.”

The solution is immediately available to asset operators, service providers and OEMs looking to improve availability, optimize spend, and reduce operational risk.

Learn more about Itus Pattern Protections here.

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.

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Roanoke, Va. – August 1^st, 2022 – Itus Digital today announced the general availability of Asset Risk Analyzer, a free and easy to use solution to assess industrial asset risk and criticality.  The solution analyzes maintenance history, calculates operational risk, and identifies assets not performing to industry benchmarks.

Designed for risk, reliability and maintenance professionals, the solution analyzes data across large populations of assets and calculates the operational risk due to equipment failure.  The insights generated help asset managers prioritize and justify improvement efforts by answering key questions such as:

• Is my current asset performance aligned with industry norms?
• Which assets are likely to fail during my next planning or production cycle?
• What assets will drive the biggest impact if performance is improved?

Asset Risk Analyzer is an ideal starting point for any reliability improvement initiative by identifying critical assets which are candidates for optimized asset strategies.  In a seamless workflow, Asset Managers can quantify their operational risk and deploy mitigation strategies through failure prediction, predictive maintenance, and asset health management use cases.

“Ensuring industrial assets are productive, safe and efficient through optimal asset strategies is core to our mission, “said Joe Nichols, President, Itus Digital.  “By offering this capability free, it is now possible for anyone to quickly pinpoint risky assets and implement asset strategies to ensure optimal performance.”

The solution is immediately available to asset operators, service providers and OEMs looking to start or reenergize stalled asset performance management initiatives.  Accessible from any internet connected device at: www.assetriskanalyzer.com there is no software to download, and registration can be completed in minutes.

“Operations as well as maintenance managers are under increasing pressure to maximize asset availability and production while minimizing costs and risks,” said Malavika Tohani, Verdantix Research Director.  “With Asset Risk Analyzer, firms can optimize their asset maintenance planning strategies by prioritizing which maintenance tasks need to be carried out in what order as the solution quickly analyses the work history to identify the riskiest as well as the most critical assets; thereby improving asset reliability, efficiency and environmental 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.

The post Itus Launches New Solution, Asset Risk Analyzer™ appeared first on Itus Digital.

The History of APM

Historically APM solutions have been large, enterprise-scale deployments that took months and, in some cases, years to implement.  Teams of valuable IT, Operations and Manufacturing resources had to dedicate time and energy to work with the respective vendor to make the undertaking a success.   Because of its complexity, these solutions only fit more extensive enterprise operations that had the resources to manage and maintain the project on an ongoing basis.

But today, the circumstances are different.

Technology has continued advancing rapidly, the workforce demographics are changing, and the COVID pandemic has introduced unforeseen challenges. Examples of these difficulties are supply chain hiccups, the requirement of supporting a remote workforce, and the global economic downturn. Executives now understand that they need to digitize their industrial processes to compete.

The APM Market

Evidence of the willingness to invest in APM is clear. In a recent report, Verdantix forecasted that the market for APM solutions would reach $4.4 Billion in 2025.  At the same time, Markets and Markets predict this market to grow as high as $6.7 Billion in the same timeframe.

But how will they choose the solution that is right for them? It is no secret that APM solutions have shown themselves challenging to use and limited in the scalability and integration with existing technology.

Enter the digital twin concept.

Next-Generation APM

This next-generation approach to APM must allow non-IT staff to implement and manage. Also, it must enable domain experts to manage asset strategies in a simple business process directly. That means it needs to be easy and intuitive to use without scrimping on the functionality or scalability. Further, it needs to support mobile workers without creating security gaps. More importantly, it should be flexible and platform-oriented to lend itself to a “marketplace” strategy (aka Amazon). Other technology vendors can contribute to libraries. Asset operators can leverage their engineering expertise. And service providers to leverage their deep knowledge and proven best practices.

The result? The best minds and seasoned experts have a platform to deliver their expertise to those that need it most. And more companies will be able to improve their overall asset reliability and availability. See what Verdantix thinks in this article.

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Roanoke, Va. – May 19^th, 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.

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The Platform

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.

The Opportunity

“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.”

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.

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