Asset management software provider Meridium has announced ‘Smart Cuts,’ a topical solution for today’s economic conditions. Smart Cuts lets companies evaluate the impact of proposed cost cutting measures on production, compliance, safety and the environment. Smart Cuts helps organizations make ‘data-driven’ decisions by conducting ‘what-if’ analyses and documenting the implications of budget reductions. The approach is based on Meridium’s Asset Strategy Value Accelerator, a service and software combo.
Risk analysis evaluates consequences and probabilities of proposed cuts with the goal of minimizing exposure. An asset strategy gap analysis is included in the final report along with an ROI summary of proposed solutions.
Meridium VP Roy Whitt noted, ‘As a plant manager in the mid-1990s, I was told to reduce the workforce and cut costs. Such decisions were made with little objective information or formal analysis. An approach like Smart Cuts would have provided a solid basis for cost reductions without increasing risk, or at least, understanding the impact of the cuts.’
Last month Meridium rolled out a new software package, ‘Asset Health Indicator’ (AHI) an extension of its Asset Strategy Management flagship application. AHI links corporate asset strategy with critical data to flag when expectation are not being met and to trigger alerts for appropriate corrective actions. AHI works with existing Meridium data sources and with ‘excursion events’ from condition-based monitoring programs and process historians.
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