Geospatial Analytics Asset InSite™ enables asset owners to perform asset risk management analysis. Risk is the product of probability of an occurrence and the impact of the occurrence. Your risk tolerance is likely to vary from asset type to asset type, and also, from one application of the asset to another. For example, if the probability of failure of a particular type and age of HVAC system is constant, but the impact of this HVAC failure in your data center is much greater than the impact of the HVAC failure in your office or warehouse, then the risk is higher for the data center HVAC system. Therefore with a limited capital budget, you would prioritize replacing the HVAC system serving the data center before replacing the warehouse HVAC system. While the decision in this example is obvious, it is a much more complex exercise when dealing with tens of thousands of assets that support hundreds of different facilities. Sophisticated analytics are needed to evaluate the data and help form an optimized capital budget that maximizes the value creation within limited financial constraints. Geospatial Analytics Asset InSite™ enables you to make these and other critical evaluations based on hard condition data and a risk-informed process.

To estimate cost savings due to enhanced risk management, you can select a critical function such as a call center, data center, or critical manufacturing assembly line, and assume that you can avoid an outage of this function for some period of time typical of a critical equipment failure. You can estimate the outage cost of that failure using past cost data you have gathered or by other measures such as loss of sales. In addition, you can assume that enhanced risk management enables you to repair equipment, rather than replace it, in non-critical functions, or allow an asset to “run to failure,” thus deferring a significant capital outlay for some period of time.