SAN FRANCISCO, Dec. 11, 2018 /PRNewswire-PRWeb/ -- Element, a leading developer of analytics data management and integration software for industrial companies, today announced the Element Asset Framework Accelerator, a combination of software and services that enable companies to create Asset Framework data models for the OSIsoft PI System™ by 10 times faster or more than conventional methods and enables Asset Frameworks to stay evergreen to reflect the ever- changing nature of physical equipment.
The Asset Framework Accelerator simplifies and streamlines the creation of Asset Framework (AF) data models of individual equipment, assets, and processes with data from the PI System, a data infrastructure used by over 65% of the Fortune 500 industrial companies.
Asset Framework is a technology developed by OSIsoft that allows individuals to combine separate data streams into a cohesive digital whole. An Asset Framework for an individual piece of equipment like a pump can be configured within 30 minutes and quickly replicated across the enterprise to support initiatives such as asset monitoring or condition-based maintenance. An Asset Framework for an entire plant or facility, however, can take considerably longer as the model may have to simulate thousands of pieces of equipment, process steps and interdependencies between devices.
With Asset Framework in place, companies can in turn develop predictive maintenance strategies, conduct plant-wide diagnostics, enhance their situational awareness and in general accelerate their digital transformation strategies. The AF Accelerator is built from the ground up for OSIsoft users and obviates the need for expensive system integrators or manually creating and maintaining spreadsheets.
A global oil and gas company using the Element AF Accelerator created an Asset Framework of an entire offshore production platform and its subcomponents in three weeks versus the estimated six months it would have required through individualized model building. The company went on to create Asset Frameworks for 33 offshore oil platforms encompassing 6,000 data sources, 1.5 million data streams and more than 100 billion data points per year. Once the data was prepared, groups within the company used it to create 1,600 individualized data models. Element's software ensured that the underlying data accurately and reliably reflected on-going changes in assets and operations.
"Many customers are sitting on a wealth of data in their PI System, but they aren't getting their full value out of it because they haven't had the time or opportunity to turn it into Asset Frameworks that can be used to conduct complex analytics or perform other tasks," said Heathcliff Howland, Senior Director of Customer Success of Element. "With the Element AF Accelerator, a complete Asset Framework of a facility or other complex environment can be built in less than a month. These customers can then replicate that model to quickly build additional Asset Frameworks for other processes and plants. It also kick-starts the journey toward using PI Vision, Event Frames, Notifications, and the growing wave of cloud-based analytics for the industrial market."
"What's really attractive about Element is that you can experiment," said Steve Kwan, product manager for Asset Framework at OSIsoft. "You can quickly build multiple models and hierarchies based on your needs and know that the underlying data accurately reflects the changing nature of your operations."
The Element AF Accelerator includes:
- 60 days of access to Element's software
- 30 days of remote technical services to build Asset Framework hierarchies at a single plant for up to 10 equipment types
- Training to help users build new asset frameworks independently
- Check-ins to review progress and next steps
- Technical support to answer questions and provide guidance
"We're excited with Element's momentum," said Andy Bane, CEO of Element. "The power of Element's software is being confirmed every day and we're now starting to roll out solutions tailored to specific users' needs in the oil and gas, chemical, power generation, and other industries. Today's news is part of Element's larger goal of democratizing industrial data."
Get more information on the Element AF Accelerator and view Element's most recent webinar.
About Element
Element unlocks and democratizes industrial data. It enables modern analytics systems to discover insights that transform operational performance, resulting in hundreds of millions of dollars of value. Element's software pulls data from thousands of enterprise sources and automates the creation of millions of data relationships to rapidly build, continuously update, and manage asset twins of industrial equipment. The Element solution is designed to make industrial data incredibly easy to use and pave the way to insights never thought possible. Element is backed by leading financial and industrial investors including Kleiner Perkins Green Growth Fund, GE Ventures, Honeywell Ventures, ABB Technology Ventures, Mitsui & Co., Ltd., Schneider Capital, and Blue Bear Capital. For more information visit: http://www.elementanalytics.com.
About OSIsoft
OSIsoft is dedicated to helping people transform their world through data. OSIsoft's PI System transforms the vast number of operational data streams from sensors, devices and industrial processes into rich, real-time insights to help people save money, increase productivity and make better decisions. Over 1,000 leading utilities, 90% of the world's largest oil and gas companies and 65% of the Fortune 500 industrial companies rely the PI System. Worldwide, over 2 billion sensor-based data streams are managed by the PI System. For more, please visit http://www.osisoft.com.
SOURCE OSIsoft
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