New Delhi: Infrastructure Investment trust IndiGrid on Thursday announced a multi-year collaboration agreement with IBM to build an artificial intelligence (AI)-enabled asset management platform.
The IBM Maximo Application Suite will allow IndiGrid to become future-ready by improving the overall health of its assets and maximise the full potential of their operating life, while adhering to safety and regulatory guidelines, a company statement said.
Through this digital transformation with IBM Services, India Grid Trust (IndiGrid) will be able to monitor, manage & maintain these multi-component assets efficiently and leverage AI for detecting anomalies at scale – thus proactively preventing their breakdown and boosting availability, it added.
“IndiGrid has adopted a long-term Reliability Centered Maintenance (RCM) approach to manage its assets with utmost safety, reliability and efficiency. This collaboration with IBM will enable IndiGrid to lead the sector transformation from the conventional-corrective practices to preventive and resilient-RCM approach,” Satish Talmale, COO, IndiGrid said.
Enterprise asset management (EAM) is crucial for obtaining the insights and visibility needed to maintain and control intelligent assets and equipment.
IndiGrid currently has 11 operating projects consisting of 28 transmission lines with more than 6,280 circuit KMs length and 9 substations with 11,460 MVA transformation capacity and plans to grow its asset base in transmission and solar sector.
“With IBM’s Maximo Application Suite running on IBM Cloud, IndiGrid will be able to take the preventive, predictive and prescriptive actions required to reduce risk, lower costs and improve efficiencies – helping them to realize their vision to be the most admired yield vehicle in Asia,” said Kamal Singhani, Country Managing Partner – IBM Services, India/South Asia.
According to International Data Corporation (IDC), monitoring performance and scheduling repairs with predictive maintenance alone can reduce costs by 15 to 20 per cent, improve asset availability by 20 per cent and extend the lives of machines by years.
