IBM’s AI-powered enterprise asset management platform is to help improve energy productivity and operational efficiency.
The Electricity Generating Authority of Thailand (EGAT), Thailand’s largest power producer under the Ministry of Energy, has selected IBM’s AI-powered enterprise asset management solutions to help manage the high-value assets of its electric power plants.
IBM’s AI-powered Maximo Enterprise Asset Management, delivered by Triple Dot Consulting, an IBM business partner, has helped EGAT unify its asset management processes from maintenance, inventory management, parts purchase and supplier management.
“Breakdowns, ill-timed maintenance and stoppages due to quality issues can hugely disrupt the electric power and energy resources of the country, impacting communities and tens of millions of citizens and businesses,” said Nophol Phun-Ngun, Director of Power Plant Asset Management Division, EGAT.
“Owning and operating power plants across Thailand, EGAT’s mission is to ensure that the power system works reliably and securely for the nation.
“Leveraging IBM’s Enterprise Asset Management has empowered us with visibility into the performance of our critical assets and operations, helping us manage them with efficiency.”
The single-view, cross-enterprise reporting capabilities now allow EGAT to identify items that have a significant impact on overall inventory cost, analyze different categories of stock that will require varied management and controls, while also decreasing its inventory carrying costs by a reported 30% over 15 months.
Optimizing asset management and maintenance processes can help EGAT not only improve operational performance by reducing cost and complexity associated with redundant asset management infrastructure and manual processes, but after a year of use, it also reported a lower need for new equipment purchase by 3-5%.
They have also reported improved availability and longevity of strategic assets by 5% over a period of three years. In addition, being able to integrate the system with its procurement management platform allows EGAT to enhance operational speed and agility.
“We are committed to help businesses extend their asset lifecycles and optimize their maintenance strategy by embedding IBM’s advanced AI and analytics technology to gain essential insights for intelligent asset maintenance and enhancing return on investments,” said Patama Chantaruck, VP for Indochina Expansion and Managing Director for IBM Thailand.
“As a leader in enterprise asset management applications, we are pleased to collaborate with EGAT, providing them with an ability to aggregate data across departments and further their mission to drive operational efficiencies across their business.”
AI-powered data models and workflows, together with cross-business sharing of resources, workforce knowledge and industry expertise is driving EGAT’s adoption of common best practices organization-wide, allowing engineers and asset owners to gain a deeper understanding of physical condition of its assets.
For example, EGAT can now leverage AI to monitor relevant maintenance related data to help improve decision making, automatically classify the movement type of each inventory item and proactively manage and prioritize infrastructure repair. EGAT is now able to monitor and manage status proactively anywhere, anytime, with report results being shared in near-real time on authorized connected mobile devices.