Assets operating in taxing environments present tremendous challenges in maintaining safety, integrity and operability: challenges that industry meets with perseverance and innovation. Many organizations are responding to market pressures by increasing operating efficiency and better monitoring and maintaining their assets.
Inadequate use of data is a hidden and serious cost for organizations, representing up to 20% of operational budgets and the challenges of managing and using the growing amounts of data for analytics are only increasing. It is no surprise then, that companies are implementing ‘data smart’ information management and predictive analytics systems to become more profitable in their operations.
The NeoSight platform represents the culmination of our 45 years of experience as the leader in advanced simulation technologies, at the forefront of innovation. The primary goal of the platform is to provide hindsight, insight and foresight into the performance and integrity of an asset, regardless of industry or application. NeoSight is a platform designed to leverage and supplement new or existing digitalization efforts. For applications where no architecture currently exists, NeoSight can be used as a standalone product. The NeoSight platform integrates directly with the existing line of business systems in a real-time or near real-time fashion, reducing the time to action from days or months down to minutes.
The principal advantage of NeoSight is that at the heart of each tool developed on the NeoSight platform is a physics-based digital twin model that accurately simulates the asset response. The digital twin concept represents the joining of data with a computer model of an asset, whether a component, process or system. The condition and performance of the asset can then be assessed in virtual space using the model capabilities. Digital twin models allow for the integration of inspection, analysis and measured data providing important, previously unavailable insights into asset behavior. The digital twin technology can leverage big-data analytics, but they are not dependent on big-data analytics, which are typically best suited for applications where data are available for hundreds (or thousands) of similar components.
NeoSight-FPS is one of the first tools developed on the NeoSight platform and utilizes our industry recognized RAMS software as the engine for the digital twin model. NeoSight-FPS represents the next major step in the evolution of floating asset management.