In meetings over the past year, GE has been alluding to its need to partner with third parties to help it get a better hold on the oil and gas market. Today at the annual GE Oil & Gas stakeholder meeting in Florence, Italy, the company announced a version of its equipment health offering that is aimed squarely at oil and gas, with some help from Meridium.
GE Measurement & Control has partnered with Meridium on the release of Production Asset Reliability (PAR), an integrated asset performance management (APM) suite. It combines GE’s System 1 condition monitoring and diagnostic applications with Meridium’s suite of enterprise performance management and asset strategy solutions to provide a holistic and quantifiable view of operations, maintenance, availability and overall operating performance for production assets.
GE’s System 1 helps users diagnose potential equipment and instrument health issues that can lead to equipment failure. Meridium’s applications provide structured processes and analytics to identify critical assets and failure modes, calculate equipment reliability and determine downtime impacts. The integrated PAR solution provides an end-to-end process that connects the machine diagnostics to the business context and execution to drive optimized maintenance practices and production loss management for all asset-intensive industries.
GE has been touting its ability to provide “actionable insights”—somewhat lacking despite the years of collecting mountains of data throughout the manufacturing ecosystem. The company has been setting its sights on industry after industry to provide an easy solution for their specific needs. This one, of course, is focused on the asset-intensive needs of the oil and gas industry.
“Today’s measurement, monitoring and management systems are disconnected, and, as a result, organizations fail to leverage quality data for actionable insights,” said Art Eunson, general manager for Bently Nevada, GE Measurement & Control, a division of GE Oil & Gas. “GE and Meridium’s integrated PAR offering empowers our customers with the ability to connect identification, evaluation and execution for greater asset optimization and productivity.”
Asset-intensive organizations are challenged to maximize production, minimize costs, follow regulations and manage risk. To balance the demanding requirements, operators require a more cohesive system that assesses equipment performance and manages the resulting data. GE and Meridium provide this comprehensive solution for customers to effectively measure, monitor and manage each connected asset.
“With greater availability of Big Data and connected assets, there is an end-to-end picture of plant operations waiting to be tapped by organizations from the plant floor to the corporate office in order to stay competitive on a global scale,” said Bonz Hart, Meridium’s founder and CEO. “PAR measures performance, quantifies risk and delivers analytics in real time, providing customers with the insight needed to effect real change, improve efficiency and reduce maintenance costs.”