IBM partners with Black & Veatch on asset management solutions

IBM is partnering with Black & Veatch to build Asset Performance Management (APM) solutions, such as remote monitoring technologies that incorporate data analytics and artificial intelligence.

The offering will combine Black & Veatch Asset Management Services (AMS) and digital analytics with IBM’s Maximo Application Suite.

Black & Veatch operates four monitoring and diagnostics centres and conducts near real-time detection and analysis of emerging problems by running thousands of models and scenarios to predict changes in asset performance.

IBM Maximo Application Suite’s Assist, Monitor, Health, Predict and Visual Inspection capabilities will integrate Black & Veatch monitoring and diagnostics expertise and data analytics with maintenance management.

The two companies are also planning to expand the IBM Digital Twin Exchange by selling Black & Veatch’s digital twin asset models in IBM’s inventory.

As assets and facilities continue to evolve and the volume of data they generate grows, knowing how to effectively manage and use this information is a major challenge for many organizations.

As a result, the dashboards used for monitoring data can be overwhelming and have so many alerts that important ones may be ignored. AI and machine learning can help bridge that gap and reduce this “alarm fatigue” by sorting through the thousands of incoming datapoints, so organizations can prioritize alerts and decisively plan their actions.

With their solution, IBM and Black & Veatch aim to reduce the number of incoming data points to a handful of actionable insights.