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IFS Assets CollABorative: A conversation with Kevin Price, Global Head of EAM at IFS

Date of Meeting: 09 December 2024 10:00 AM US Eastern Standard Time

 

Kevin Price Presentation:

 

Slide: IFS Asset Lifecycle Management

  • There’re some things that we've been doing around this conversation of asset lifecycle management. The journey that we're taking, the completeness of the journey, and then building it through. If we think about what it is at its very core, it's not far from what we've done around Moment of Service. Actually, it's pretty much tied into it deeply.
  • So, when we think about the moment of service, and to remind everyone in the call, what it is, is it's a solution that is really built towards that opportunity for your customers to excel, to stand out, to be the one that you're excited about, to be able to go home and tell your family, your spouse. This is what happened today at work, it was amazing. And you should be able to do that on a regular basis. And that seems like a little bit odd at times, but it's something that you should be proud of doing. Because in each one of those steps of excitement, of pride, of anything that customers find exciting about what they've been able to do for their customers, for themselves or anything that's built into it, there was a lot of work that went into that. There's a lot of detail that went into that. There's a lot of effort, blood, sweat and tears that went into that.
  • So, when we think about it on the asset management idea, and really everything that goes into that, it's a journey. It's one that we call the asset lifecycle management journey. Typically, the enterprise asset management component of that can be a somewhat larger spot and a larger piece of it, but what we're going to talk about today is what that journey means. I've given this position to influencers at our unleashed events. I'm going to pull some slides from it. We've also done it to some a lot of our key customers, some key prospects as well as partners as we started to build through. And I've gotten anywhere from wow, we didn't know how we could connect that or to we need to rethink what our publications are around onset lifecycle management. So it's been pretty good to be able to build through.
  • It's going to be the drum beat that we continue to push into FY25, as we start to build through, but when we think about everything that's involved in it and what we can do in IFS, we do stand out in a big way. So, we're going to talk about that as we go through.

Slide: Traditional Asset Life Cycle Management

  • This deck starts off with the Traditional Asset Lifecycle Management. You’re probably all are familiar with this. The idea behind Traditional Asset Lifecycle Management is that we have an opportunity to define a project for that works. A project meaning we're going to be able to go in and we're going to produce out a new set of assets to be able to produce to some larger group. We're going to look at how to be able to plan for that. We're going to actually subcontract to do it. We're going to manufacture those components to make that piece of equipment and we're going to roll it out. And then we're going to actually hand it over to the operations side of the house to be able to maintain that asset as much as you can. Understand its condition. Do everything you can to keep that asset going. And we have a lot of tools that are built into that. We have project tools, ERP tools. We have connectivity tools and understanding condition, and we have a lot of others that's built into it. What we miss in comparison to what the Asset Lifecycle Management journey could be, are our components here, components here, here and here. And what this is, is the idea of how to do a better job of decision making. The analytics that go behind it. To be able to invest currency, to invest capital, to invest people into that process to be able to look at it. So, if I look at it from here, investment planning, there's a lot of decisions that go along into what it means to be able to pick one project over the other. There are risks for each project. There's reward. There are opportunities to be able to push strategic direction, tactical direction, operational direction, and there's a lot that goes into actually defining the very first process of doing that project. And then once it's created and decided upon then it can go on. Of course, within the asset management, asset performance side, those assets are in play. So, we want to make sure that they're doing what they're supposed to do. The service level expectations are there. The original equipment management definition of what that should be is as close as it should be. Lot of things that go on to it. We try to push that as much as we can. We try to put more money into it. We try to look at what the historical past has been, so we look at these spreadsheets or these snapshots in the past to be able to understand what we've spent on it. So, if we were to put that same amount, then, well, it should continue to maintain the way it's supposed to. And then we try to do other things around reliability that's built into it. We try to do different statistical methods, a bunch of things that are out there that we do that's built into it. And then of course it comes back all over again when we actually get to the point of making that decision to be able to construct that asset, to be able to ship it over.
  • So, these areas are opportunities to be able to evolve what we do in asset lifecycle management from the traditional to the possible. And that's what we're doing. That's we have the capability to do, and we think about it in a solution set that is solely owned by one organization. We're the only one that can do it that complete, and we're the only one that can do it that deep. So, this is one of the many reasons why I was excited to get the chance to be able to come over here in IFS.

Slide: Why is adding Copperleaf important? Line of sight alignment for asset management

  • After 27 years of looking at what the market is doing, and being launching what we did way back when, a data stream and sold it to N4, and sold it to Hexagon and all that portfolio that we did, and customers that we reached out to, we were stuck and so was the market really. And said some of these categories of EAM, APM, PPM, Project performance, Asset performance, Enterprise Asset, these types of things, and we did integrations even with the company we're talking about today that we acquired in Copperleaf. We've done integrations with others that are built in the kind of work, that kind of didn't but we weren't able to really, truly make it our own. Both as a solution and the market. Both as an industry verticalization in the market. And then really getting into deep value that can be returned quickly. When we think about what we can do here by adding components of Copperleaf through the acquisition we just made, or adding components of IFS, what we're able to do is get to those operational decision-making components tactical, strategic. That's all built in, in an operational sense. We're looking at it to where we can do it even in an Evergreen way. As we start to build these through, as you start to see more touch points with the acquisition from Copperleaf, such as the point integrations that we can do today, building out what we can do in connectors or ultimately driving them into our composable framework, which is where will help strength. The idea of making these decisions, either from a tactical asset base that you'll see here in operation tactical levels or looking at strategic, they're all part of a whole and they're starting to go through. One of the prospects we spoke to a couple months ago, they had a big problem. They're spending $800 million over the next three years and that's not just assets, I mean, that's people that's land usage, that's different types of litigation elements that they have to consider. There are all these components are being brought in. And they don't have a good view into seeing and understanding that investment. So, what they're looking to do is to be able to outsource that to someone else, to go to help make that decision for them, which is still a process you want to have third party opinion, but they would prefer to be able to build it into more organic decision-making decision analytics that they have built in like you see here. Not only would they be able to define what the strategic direction could be based on their organizational principles. Maybe that's sustainability, reliability. Who knows? What they have an opportunity to invest in and what the investment delivery method could be, but on the bottom now this is critical too. The asset base that we're talking about here can communicate into this decision-making way and that's really what makes it unique. Is it not just assets but field service and enterprise resource planning and so many other things.
  • As an example, when we look at how the asset condition is brought into play, we not only take the condition that we pool from, perhaps from asset performance management tools, monitoring tools, condition tools. But we can also pull in from our official intelligence. If you look at some of the out in IFS unleashed and hopefully you've seen a little bit around what we do at artificial intelligence, we can bring in information that's not just about things that become scoured or things that come inferred, but it's also brought in for modelling activities, which is what this is. So, one stop shop. Single solution, build for vertical, build for value, build for use. This is why what we can do becomes critically important and how it's going to fine tune over the next months and years to come. And This is why I remain excited.

Slide: Integrated Investment Strategies – Copperleaf Suite

  • When we think about that integrated investment strategies and what we can do with these tools and really look at what Copperleaf has always done and where they focus. They focus on really understanding what the value is in the organization. Looking at those different investments that are out there, optimizing them in the best way possible, so that when we're looking at where should we spend our money. Should it be an existing asset pool? should it be in refurbishment? Should it be in people? Should it be in another location? Should it be into an acquisition? What do we want to be able to do and what's it looks like over the next several years? These strategies are questions that our customers have every single day. Now it may not be the person that we're used to speaking to, especially on the asset management front. It may not be the person that we're speaking to in the compliance front. It is actually all of those have a decision making and influence in that investment decision, as well as it rolls up so it gets us to different people. It has a different kind of conversation, but it's part of who we are and how we handle the asset lifecycle management, how we evolve it and how we ultimately believe that into that moment of service.
  • What does that moment of service mean? If I'm going to turn on the light to a particular facility, maybe it's easier, maybe it's better, maybe it's more socio economically defined if I have it to an area that's going to provide a better opportunity for my business. All that decision making went into just flicking that light on.

Slide: Copperleaf Value Framework

  • So, it's a lot where we are able to help, and these are things that within the value framework of what Copperleaf can do, can help bring to bear. And bring to bear in a way where it's not apples and oranges or apples and  rhinoceros comparison, but it's actually looking at apples and apples, oranges and oranges. And it's trying to bring it into a way in which constraints are understood, in which value components are understood, risk components are understood, and it's starting to give a decision making that drives what is possible in the asset lifecycle world.

Slide: Copperleaf Return on Investment Highlights

  • And these are some good examples of how strategy is pushed with this tool and this acquisition that we made, it's examples that are out there on their website. We'll point in more and more to what we do on our conversation on regular basis because again, when we think about that moment of service and we think about who our customers are, they're not just a siloed product. They're a set of what we could do in the composable framework for them. What we can build together for them. When we have a conversation, like oh, well, they're using SAP in this particular section, we shouldn't have a conversation with them, no, we should have a conversation about that with them.
  • When we put together those solutions, I'm telling you, 27 years experience, you win. And when we would compete with the likes of IFS and even others that are built in, in my prior life, It's tough to be able to have that competition on the other side, especially if we're focusing on what they're doing.

Slide: The Complete End-to-End Asset Lifecycle

  • So really excited about what we can do, what we can drive and how we can build it through to be able to really bring out a complete asset lifecycle. A complete asset lifecycle and that evolving nature of it that we're bringing into our mix. It brings a vision and an approach like this. The strategic objectives that we're trying to do with the organization, again, it could be sustainability goals, cost goals, compliance goals, regulation goals, adherence that's built into it. But it goes to the same process of initiating a project. Selecting it, acquiring what it needs to be able to do that project, or build it out, commission the work that's being done, operate the assets there, and decommissioning all the same tools. But if you look, there's opportunity here for us to be able to incorporate as an example some of the Copperleaf tools. Now this may not be the end type of road map that your customer, your prospect or that environment may see because it's going to be different based on them. When we go out into the vertical because, there may be some stronger suits to play in that vertical than others, and there may be an opportunity for us to be able to position different value components because with the composable framework which is unique here in the market, very powerful position with that, to be able to look at how we can be able to optimize our success variables with our customers. So, big opportunity for us.

Slide: Getting the Moment of Service right is a complex business challenge

  • So, when we think about what we typically do with that moment of service, we think about how we achieve high satisfaction, not only for our customers but for our customers, customers. We know how to do that. We know what that communication is, so we know what that moment of service means. When we look at the people or the assets that are involved in getting the right people at the right place at the right time, and delivering on what that optimization level of service is or delivering on what the expectation is from the CFO to have that return on assets, or that operational goal for product or whatever it may be. That approach has the opportunity to be evolved. To be evolved with what we can do in Copperleaf. To have our customers along the journey of understanding what that decision making is going to be. Have them as a variable for understanding what that value framework structure needs to be, the people in value framework, the assets and value framework, that veil for that incorporation of the Copperleaf component is where we have opportunity.

Slide: Asset Management – A framework to balance asset performance, cost and risk

  • Same is true when we think about what it looks like from an asset performance perspective. From a performance perspective, what we're always trying to do is getting assets to produce the best outcome they can. That's always the case. So what do you do? You monitor it, you operate it, you get feedback. There's different types of distributed control systems. There's risk based inspection approaches. There's statistical methods to look at it. The risk that happens when that asset fails and the performance that it's trying to do or the cost that escalates that are built into these types of things, we monitor that as much as we can. But when we think about it here and we think about what Asset Management Performance cost and risk are. But we also have to think of is how that works with the veil of our value framework. How it works in the lens of investment of asset investment planning. How it works in the lens of replacement of asset structures and capital asset expenditures. We look at possibly taking a decision of an operation business into CapEx. I mean OpEx to CapEx is a big decision for a lot of organizations, when it's done, how it's done. There are the opportunities to do that and some of our customers, especially industries that we face. But why is that done? When is it done? How is it done? These are decisions that we want to make sure that we have solutioning for. We have a conversation to participate in. We're part of that discussion.

Slide: Asset Management – All on a single composable platform

  • And we have that opportunity to be able to do that now with it. So, when we think about EAM, we think about asset performance management., and we even think about decision making that comes from our projects, that evolution, that single platform is part of the decision making that we want to be able to provide with Copperleaf. So, as we start to look into next year as we start to look into what we can do in sales kick off as we start to look at you know how this evolves, and how it's brought in, these are opportunities in a big way.

Slide: IFS ranked #1 in the Gartner Market Share: All Software Markets, Worldwide, 2023 in the Enterprise Asset Management (EAM) segment by Revenue for the third consecutive year

  • What's also important to know is where we sit in the market. As a #1 market share leader, where we sit in things like ARC and IDC, and where we sit in leadership positions, in Gardner peer reviews is not just for EAM. We love to push this here because it's a big one that we like to shine, but there's more. I mean there's field service management, there's ERP that's brought in, there's project work, there's different elements out there on nearly everything we have. There are accolades that are built into it. This is another reason why the evolution possibility to asset lifecycle management to be able to evolve with those strengths. Wouldn't it be nice if you had the number one in Gartner for Enterprise Asset Management? Wouldn't it be nice if you had the number one for Field Service Management? Wouldn't it be nice if you had it for these other tools? On and on and on. Well you do. You have it within IFS. You have it with what we can deliver in IFS. You have it within asset investment planning decision making within what we just acquired with Copperleaf. We are the ones that sit here and have the opportunity to provide the best that there is in the market. And it's our opportunity to be able to walk them through what that looks like. How it can benefit, how it can build through.

Slide: Connecting customers and capabilities

  • And when we look at what we can do again to that unveil it through their strength, there's depth, there's a complete vision that we can be able to bring in for not only our customers, but our customers, customers and their markets as a whole. As we start to look at even improving this over the years. Adding components to it like visualization tools, adding components like what we can do in artificial intelligence, business intelligence, integration. As we start to evolve what we have in that framework, it's only going to get better. And we're ahead of where that competition is and where they want to be. So, it's a big opportunity for us to be able to capitalize in.

Slide: IFS Cloud is a Composable Architecture – On a Common Technology Platform in the Cloud

  • So, as you're having that discussion with a service management opportunity, and you find that you can layover in ERP and you find that you can layer in EAM, start to ask these decisions about how that investment is done and the components for assets, the components for financial tools, the components for financial structures, or the components for people in the service level. How are you investing? How are you growing? And then that customer comes into play. Well, we're investing because we're trying to reach our customers to this level. We're investing because we want to be able to reduce this risk for our customers. Or we want to do a better job of sustainability to get that footprint to our customers, to be able to build it through. And we would love to be able to have that in, in one approach in one way. There's benefit to that, huge benefit to that. Having a lot of solutions out there, although best to breed, through integration, is effectively the guy at the fair that's spinning plates on sticks. It works. It spins and it's there and they're nice plates, because they're the best on the shelf, but they're not working together. The guy has to constantly go around and spin each one all the time and upgrade them, maintain the integration and keep them going forward, and he has to keep the momentum on those on those sticks. Now, if we could be able to put that into one solution. One data model, one native integration that we all be able to drill through, now that guys spending six can go look and understand what else we can do to drive the business besides just keeping those things spinning. And that's what we do, and that's how we invest it. We look at other ways that we can invest into the business. That's where you unveil with what we can do in Copperleaf.

Slide: Core, Foundation, Advanced, Digitalized

  • So, we think about what we can do in these tools and they get deep. And that's the advantage. Is that EAM, ERP, FSM and all these elements are continuing to grow. I'm really excited about some of the things in the new release that we have with FMECA as an example, the failure mode effects and criticality has always been something that's out there. In every reliability discussion I've been involved with some of the past work that I did with IEM or the ISO work I did with IEM years ago, it's going to be a part of that conversation, especially when you get deeper into your customers around what asset management is. What you'll find is you need to be able to have that confidence. So we're adding that and we've added it in a big way with what we do in AI, and that bleeds into what we can do with our condition assessments or health assessments of those assets and build it through. So FMEA, really should be FMECA, but the idea behind it, these are some great tools we continuing to invest in here.
  • We're trying to understand more of these foundational elements on what we can do as it applies to virtualization approaches. What we have in that moment of service is not just tools that are that excel, but these are tools that can build out verticalization expertise. And we have a lot of this here. Getting them to work in orchestration in our foundation of what we do in EAM, what we can do in the core is going to continue to grow and that's just an idea, an example of investment into those application pillars of EAM, FSM, ERP and the like, to be able to push to that evolution of ALM that we have to effect.

Slide: IFS.ai Services

  • Another thing that I wanted to comment on is the excitement around AI and the comments around AI. Our approaches on these six definitions for IFS, AI was big and unleashed as we looked at industrial AI, which is IFS.ai. We understand how those different models, which I understand we have real over 200 of now, can participate in being able to brought through.
  • One example of simulation and in the effect of where these can overlay as an example, is looking at our asset availability, our asset reliabilities. Being able to schedule data for them.
  • Planning and scheduling of course, we've done that for a long time with PSO as it starts to build through a planning schedule and optimization tools. These are huge to some of the customers at least that I've been going out to go see in utilities and large FSM customers for a while. But these are strong tools, understand these. Get familiar with them. They'll start to grow and they'll start to build out even further as we go forward into not just the months, but the years.

Slide: IFS.ai

  • And the structure that is built in is very important because we're looking at what we can do to be able to do a better job, how we can build it through. If there's a way to be able to optimize these is it operational intelligence approach to what we can be able to do to understand the asset better, to drive it. But when we look at those embedded examples, then we look at use cases that they're behind. You can just see right, manufacturing components. You're looking in here about dynamic schedule optimizations for field service. Large folks in the field.
  • Carbon footprint and what it can do. These are things are out here in nearly every customer, maybe some more than others. But as you start to see these build through and you start to see them evolve for these use cases and what we're starting to build in. This is another example of strength that at least my 27 years in this space and launching what I've launched over the years. Sees as a huge advantage.

Slide: Anomaly Detections – General Workflow

  • Anomaly detections. Here's an example embedded into the product, is also a strength. I've seen integrations done and I've seen embedded frames done. I've seen Windows done. I've seen swivel chair interfaces done. What I see here and be able to do anomaly detection with our technology is a unique opportunity for us to excel. It overlaps too, into other discussions with process controls and production controls and consumptions. It overlaps into service deliveries, service level agreements. It overlaps even to partner expectations, the customer expectations. But it's an opportunity for us to incorporate real understanding of that connected asset, and I think that's a big advantage to what we have built in.

Slide: What differentiates IFS Cloud EAM

  • When we think about the strengths of Cloud EAM specifically to comment on that since it's our my business unit, we want to continue to do what we can around evolving this asset lifecycle. Participating where we can to do a better job of the faults and the materials that go into it through resource optimization and supply chain.
  • The operational intelligence of that asset coming into it, understanding what value that we can derive for it is huge, continues to build in and each one of these have their own merit and have their own strength and have their own value that's weighted, in my opinion, based on the industry that we're going after. But I typically still point to the composable architecture, especially as we start to look at some of our larger customer opportunities. And maybe I will have a single place to go through. I don't ever really see a single throat to choke. I just think there's better opportunity for that. So, I usually say a single back to pat because it gives us an opportunity to be able to work together, and with our customers, with the partners that are looking to be able to outsource that work, maybe. But the composable architecture is big. It's a competitive advantage. It's a way to be able to evolve what we do and how we can be able to look at our moment of service.

Slide: Complete Asset Life Cycle Management - Outcomes

  • So, when we think about what we can do here, you think about the opportunities to blend some of these works together, maybe it's EAM and APM and projects. Maybe it's ERP. Maybe FSM. I invite you to consider the opportunity of having the discussion as a component of asset lifecycle management evolution. To not only talk about what we can do today, but some of the outcomes that we can build through by incorporating what we do with tools like Copperleaf. We're looking at a response now to some business that we're going after and part of the position that we want to be able to take is not only the completeness of what we offer today, but the continued investment into it. Copperleaf for the perfect example of that effort. So, as we love to what we can do in the space and how we can evolve it, and how we can evolve with our key industries. Key customers, key projects, key service elements, key partners and then even key regions of the world. There's a conversation to be had that not only are we developing, but we're looking at it as a single solution. And 1e're also even looking at it in acquisitions, and we're looking at it in partner a participation. So, there's a lot of different works that are here in play to be able to get again to that moment of service that our customers are expecting from us.

Slide: Simplifying Asset Decisions with End-to-End Asset Lifecycle Management

  • I want to make sure to point to an example of folks that are out there doing some writing on this topic. This is Inderpreet Shoker. I worked with her for many years. She's with ARC. She's talking about and her works here. And Ross is going to be doing a webinar here soon about simplifying decisions around Asset Lifecycle Management. So, the complexities of things that I've talked about, the illustrations I gave of doing spreadsheets and looking back at a single point of reflection of reflection or rearview mirror or whatever you want to call it, the idea behind it, is it's difficult to do all that. It's difficult to be able to gather that together. It's expensive, and by the time you gather everything that that need to be able to make that decision, it may be too late. It may be brought in. She talks about this and in her paper. She talks about that in her, in her position as built in and she also gives some examples of use cases that have built behind it.

Slide: Asset Lifecycle Management Software Solutions

  • We also have a ton of work that we're continuing to put into the page of Asset Lifecycle Management. Where tools like EAM fit, more tools like others within Cloud fit, especially field service execution and field service management are brought into asset performance tools that are out there to be able to capture condition in real time. But there's some good things here that we've just added onto this particular page. There'll be more that's coming as we start to build it through, and you'll start to hear more into next year. Really excited about what we can bring. When coming to a new organization, a long time ago, one of my mentors said, give it four to six months and witness what's there. And witness how that works and what the what the logical flows are in the organization. Then start to look at what challenges you'd have to be able to evolve and how you bring it through. And he's always used the term evolve. He hasn't used the term of reinvent or recreate because I don't think that it's possible to be able to be able to do that effectively in an organization, especially like what we have here.

Slide: Asset Information

  • Because, we have very strong tools in ERP, APM, FSM, Enterprise Service Management, what we do in ITS Asset Management, Project Tools, EAM and now what we can do in AIP. Very strong tools and as a matter of where can we take them. How can we elevate a conversation? How can we elevate a partnership? How can we get bigger visibility? And we can do that by putting it within the lens of verticalization, the lens of what we can do with Copperleaf and the new conversation we can have behind it.

Slide: Be your best in your Moment of Service™️

  • So, when we have that moment of service, there's a lot that's behind it. And there will continue to be a lot that's behind it. And loads of ways to be able to continue a conversation around it. But that evolution component of what we do around Asset Lifecycle Management. The evolution of what we do in the siloed applications of EAM and FSM are critical to where we can provide new opportunities, to be able to do more with our customers in the field. Whether it is to be able to elevate their brand, whether it's just protect their socio economic footprint and sustainability, whether it's to drive their cost down, their revenues up, or whether it looks at their ability to be able to extend their business through acquisition. These are discussions that we can have at any level, and we have an opportunity to be able to build through.

 

Questions / Answers / Feedback / Responses:

  • Q: This sounds very exciting, of course, but it's also huge. What is the proposed first step if you want to go for improving your work with the maintenance for example?
  • A: So, it can be huge, but as we look at the sales discovery process and understanding where we can build a position of solutions, is to start fine tuning those and start going after them. I think that's where that opportunity is, is in that sales process to find where we can go, where we can move and how we can be able to incorporate them. John led joined value position group for me with Copperleaf did an extraordinary job of bringing together what we value we can be able to bring our customers now because of that acquisition, and also of course his experience in doing now prior sales plays and the experience that he had in building out the demonstrations that we've done over the years and started to build out even more, proved to that end. So, as we start doing discovery, we start to incorporate those positions as we build them through. I think that's where you make a tactical.
  • A: Coming from an existing customer perspective of how to build out a little bit broader, and I think the core thing is to understand where you're at in your journey at the moment and what you have implemented. And then look at what are the series of things that you want to achieve over time and they will make the decision almost for you, on what order you should do things in. For example, if maintenance is the core component that you're thinking about with this, and you're looking at moving from a preventative maintenance scheduling, you think you're going towards a monitored system, condition based then maybe looking at the operational intelligence platform as a natural extension and the anomaly detection that's associated with that. If you're suffering from not knowing where to invest your money as you move forward to get a better outcome, there's too much capital that's required for all sorts of things, then starting to look towards the Copperleaf solutions and we'll talk about those in the road map session in March next year as well about how these products are coming together to be all on IFS Cloud. That could be the next avenue to take, so it's really looking at where is the pain in your organization, and how you need to stitch that pain into the journey that you want to take. And we're here to help plot that out for you. And we've also got a Value Engineering team who can also assist in looking at what would bring the most value, at what time into your journey, if you're looking at moving towards asset lifecycle management rather than just maintenance management.

 

  • Q: Yes, our pain points is that the quality on our workforce templates is poor, and we want to improve, and since we are not a huge company, even if we invest in an AI functionality, the data is still small. So how will we be able to train and update them accordingly, so if they we have a certain type of pump or engine. Since we have very few, how should we be able to predict anomalies?
  • A: The anomaly component of that when we set it up is to look at what is normal when that pumps in its operating context. And the isolation tree methodology we've got for AI that sits behind it. Start indicating to us when it is operating outside of its normal bounds, not necessarily based on vibration or pressure or any of those things but bringing them all together so that if we're picking up all of those streams of data of being able to identify when something is a little out of whack, and over time be able to map that back to the FMECA processes that we've developed within IFS Cloud to be able to suggest what the problem is based on the symptoms that are associated with that process. So probably a lot deeper than that, we're actually going to do a session on that in June with the operational intelligence platform, which might be worth listening in on as well.

 

Jon Mortensen’s Presentation:

Slide: Assets: Tentative 2025 Calendar

  • So, we've got a lot of good stuff coming up in 2025 for these CollABorative talks where we're trying to get from this high level where we're at today, down into some of the nitty gritty in the Tech Talks and also in the Think Tanks.
  • We've got 10 sessions next year. They're trying to focus more at a detail level where it's applicable, but I'm going to kick the year off talking EAM predictions for 2025. This is something the company does across each of its product lines, and I'll be delving into what those predictions are for the future etcetera. I’ll also do a wrap up on the predictions we did for 2024 and where the world sits in relation to those just to talk about how accurate we are in our ability to discuss these things.
  • In February, we're going to have a chat by name of Damien come in and he's going to discuss Determining Repair vs Replace. This is going to be drawing on some of the Copperleaf acquisition. They have some interesting APM technologies, in decision making frameworks on working out whether I should be repairing something at the moment or whether it's more economically and risk focused to replace that asset rather than repair it. And have to make recommendations on what the best interventions are to do with our assets as we go through.
  • As I mentioned before, March, I'm going to get Martin Harris to come back in, to give us a Road Map, and on that Road Map, we're also going to discuss moving the functionality that sits within the copper leaf portfolio onto IFS Cloud, so it becomes part of the composable architecture. So it's not a big by then, it's just an accretion of the IFS Cloud composable architecture. And we're also moving the operational intelligence platform into a shared service within the IFS cloud platform as well, probably at the end of 2025, early 2026 and that is going to be a fundamental difference in that it's going to enable us to seamlessly manage the anomaly detections rule based decision-making etcetera coming from 10s of thousands of feeds. They've got customers using operational intelligence. One customer is actually monitoring over a million feeds of data across their enterprise specifically for understanding when they need to make maintenance decisions associated with those things. And as I said before, we'll be talking about those in June.
  • In April, we'll have a combined Tech Talk with the other CollABoratives where we're going to go through all the ifs acquisitions and overview of those so people understand what they are and why we bought them and what benefit they have for us.
  • And then in May, this is a topic which is very much front and centre of mine, particularly for our European clients and the requirements that are being imposed upon them by the European Union. So, we're going to be looking at incorporating ESG into capital planning decisions and making decisions based not just on finance and risk, but also on the greenhouse gas component of ESG and the impact it has on our operations.
  • We'll have another combined tech talk in September. Focused around AI. The industrial AI component is really incredibly important to us because we're embedding that AI. Because for people who don't have a lot of data or don't have the bandwidth to get data scientists to do things for them. What we're doing with AI, becomes critical because it enables them to get the benefits of artificial intelligence, without having to go through the rigmarole that's associated with it. Because we know our product, we know our data lakes, we know our structures for IFS Cloud, we understand and can bring in our anomaly detections, we can start looking at what are common processes that can be stream lined using AI without the necessity for actually having to go through that data science process in individual businesses. So, it's really a fast ramp for people.
  • And then in October, we've had ups and downs in implementing maintenance for fleets and so we're going to actually have a very focused session on managing fleet maintenance and the things that we can do in that space that will assist people in being able to streamline or understand what it is we can do and what we can't do, the ups and downs, the best and the worst of what's possible there.
  • And then November, another combined session combined Tech talk on Unified Support. We had Raymond earlier on this year talking about it. We'll get an update on that and how it fits.
  • And then we're going to go over the bang next year. It's all about visualization, digital twins, etcetera. So, an advanced topic, but we've got some great stuff coming out in 25R2. And to some extent 25R1 as well, where we are moving into the visualization stage rather than just having a data model, actually having a graphical model as well.
  • So, a lot of exciting things for 2025. I hope you can all join us for as many as you can make and please let anybody you think might be interested in any of these topics to come along and join in as well. Because really, the benefit of these is not just the presentation, but the discussion afterwards on these levels.

 

Links:

 

Next CollABoratives: 

  • 21 January 2024 10:00 AM US Eastern Time
    IFS Assets CollABorative: Think Tank - EAM Predictions for 2025
  •  
  • 23 January 2024 10:00 AM US Eastern Time
    IFS Service CollABorative: Meet the Member - Remote Service w/ Vivint
  •  
  • 28 January 2024 10:00 AM US Eastern Time
    IFS Digitalization CollABorative: Tech Talk - Maximizing the Value of Your Technology Investment with Brendan Viggers

 

If you are an IFS Customer and you do not have the next meeting invitation to this CollABorative and would like to join, please click here to fill out the form. 

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