MINDEN, Nev., Feb. 2, 2015 /PRNewswire/ -- GE's (NYSE: GE) Measurement & Control business and Meridium®, Inc. (www.meridium.com) will introduce Production Asset Reliability (PAR), an integrated Asset Performance Management (APM) offering for an all-in-one view of equipment health at the GE Oil & Gas annual stakeholder meeting in Florence, Italy. Combining GE Measurement & Control's System 1 condition monitoring and diagnostic applications with Meridium's suite of enterprise performance management and asset strategy solutions, PAR provides a holistic and quantifiable view of operations, maintenance, availability and overall operating performance for production assets.
System 1, GE's patented condition monitoring software, helps users quickly diagnose potential equipment and instrument health issues which can lead to equipment failure. Meridium's applications provide structured processes and analytics to identify critical assets and failure modes, calculate equipment reliability and determine downtime impacts. The integrated PAR solution provides an end-to-end process that connects the machine diagnostics to the business context and execution to drive optimized maintenance practices and production loss management for all asset-intensive industries.
"Today's measurement, monitoring and management systems are disconnected, and, as a result, organizations fail to leverage quality data for actionable insights," said Art Eunson, general manager for Bently Nevada, GE Measurement & Control, a GE Oil & Gas division. "GE and Meridium's integrated PAR offering empowers our customers with the ability to connect identification, evaluation and execution for greater asset optimization and productivity."
Asset intensive organizations are challenged to maximize production, minimize costs, follow regulations and manage risk. To balance the demanding requirements, operators require a more cohesive system that assesses equipment performance and manages the resulting data. GE and Meridium provide this comprehensive solution for customers to effectively measure, monitor and manage each connected asset.
"With greater availability of big data and connected assets, there is an end-to-end picture of plant operations waiting to be tapped by organizations from the plant floor to the corporate office in order to stay competitive on a global scale," said Bonz Hart, Meridium Founder and CEO. "PAR measures performance, quantifies risk and delivers analytics in real-time, providing customers with the insight needed to effect real change, improve efficiency and reduce maintenance costs."
The Oil & Gas industry demand solutions that can grow with business demand and adapt rapidly to changing technical environments. That is why GE's industrial solutions such as System 1 are standardizing on GE's modern software platform for the Industrial Internet, Predix. Learn more about Predix at www.gesoftware.com.
About GE Measurement & Control
GE Measurement & Control is a leading innovator in advanced software and services; sensor-based measurement; non-destructive testing and inspection; flow and process control; turbine, generator and plant controls; and condition monitoring. Providing for the industrial health of our customers' most critical assets, we deliver accuracy, productivity, predictive maintenance, and safety to a wide range of industries, including oil & gas, power generation, aerospace, metals and transportation. Through our advanced approach to connecting intelligent machines, big data and analytics, we help our customers navigate complex operations, tighter regulations and a growing skills gap; while improving asset and operational performance – ultimately driving better business outcomes. Headquartered in Boston, USA, Measurement & Control has more than 40 facilities in 25 countries and is part of GE Oil & Gas. For further information, visit www.ge-mcs.com.
About GE Oil & Gas
GE Oil & Gas works on the things that matter in the oil and gas industry. In collaboration with our customers, we push the boundaries of technology to bring energy to the world. From extraction to transportation to end use, we address today's toughest challenges in order to fuel the future. Follow GE Oil & Gas on Twitter @GE_OilandGas.
Meridium is the global leader in asset performance management (APM) software and services for asset-intensive industries. Meridium provides insights into industrial assets for mitigating risk and improving operational excellence. Founded in 1993 and headquartered in Roanoke, Virginia (USA), Meridium pioneered the vision, software and technology behind APM. Today, Meridium serves market-leading companies in more than 80 countries at 1,200 licensed sites around the globe. For further information, visit www.meridium.com.
SOURCE Meridium, Inc.