Reinventing Asset Performance Management with Generative AI

As a positive disrupter, digital technology has dramatically transformed the operational environment for decades. In the current era of cost-conscious efficiency, generative artificial intelligence (AI) is accelerating new ways of working autonomously to significantly improve industrial processes such as Asset Performance Management (APM).

In the energy and utilities (E&U) sector, companies face unprecedented pressure to optimize asset performance while controlling costs and meeting sustainability targets. Determined to find more meaningful ways to increase equipment uptime, reduce turnaround time and improve total cost of ownership (TCO), companies are adopting AI solutions that mimic human cognition to boost productivity and efficiency with impressive results.

Generative AI is one of the most significant and disruptive technologies reinventing the future of industrial operations. Continuously refining its output over time, generative AI has become increasingly precise and creative so it can function as a field technician’s companion, offering virtual assistance to support fast and accurate decision-making.

Beyond simply analyzing machine performance or enhancing the scale and speed with which engineers are maintaining critical assets, generative AI is a groundbreaking tool to optimize workflows and decision support for APM. Capable of swiftly creating content in response to a technician’s prompts, generative AI tools use natural language processing, machine learning (ML) and image recognition to respond autonomously with actionable insights. A virtual assistant can help technicians solve their most pressing operational problems, creating instantaneous answers while quickly assessing diverse data sets such as asset maintenance and repair history and safety protocols to produce informed work orders and reports.

As cloud-based AI tools continue to evolve rapidly, generative AI has already proven its value to contextualize equipment health and optimize asset management.

This white paper examines how E&U companies are leveraging generative AI solutions to drive significant improvements in asset management practices, maintenance efficiency, equipment reliability and operational excellence. A selection of field implementations from more than 2,000 projects applying generative AI demonstrate how intelligent solutions can help companies achieve up to 25% improvement in workforce productivity and between 15-20% reduction in asset downtime.

This report was writtern in partnership with Accenture.