Falkonry and Lloyd’s Register partner to incorporate Operational AI Digital Twins into Asset Performance and Risk Management solution

Lloyd’s Register, a professional services company specializing in engineering and technology solutions, has partnered with the innovation leader in Operational AI, Falkonry, to combine its predictive digital twins with asset performance and risk management solutions for heavy industry, including chemicals and oil and gas.

The technology partnership will harness Falkonry’s Operational AI Digital Twin solution, called Clue, to identify equipment conditions, providing instantaneous alerts on suspect and undesirable behaviour. Lloyd’s Register’s AllAssets will then enhance the actionability of these alerts through its risk analysis and extensive library of 10,000 recommendations. The resulting Digital Twin solution will help to generate a holistic plan for ongoing maintenance activity based on new operational conditions, optimizing productivity and profit by reducing unscheduled downtime.

With this owner operators will gain a seamless view of risk and real-time conditions based on operational data creating an end-to-end improvement loop that expedites decision making, delivering the ultimate in equipment performance through modern, digital intervention.

With more than $1 trillion USD per year lost on unplanned downtime, owner operators seeking to improve uptime and reduce costs have much to gain from improved operations and maintenance strategies. Typically, companies monitor equipment behaviour based on operational data but are unable to combine that with risk to effectively prioritize their interventions – creating a compelling case for introducing greater use of artificial intelligence and machine learning capabilities combined with solid engineering expertise.

Speaking on the partnership, Dr. Claus Reimers, SVP Digital Products, Lloyd’s Register said:

“By using real-time data to address challenges before they occur, plant operators will have a better understanding of their asset health on a day-to-day basis, supported by a significant library of solutions to prevent downtime. With our risk and maintenance modules, combined with superior data insights from Falkonry Clue, operators can ensure that their efforts are being focused on the right equipment at the right time, reducing uncertainty and risk in decision making.”

Dr. Nikunj Mehta, Founder and CEO, Falkonry said:

“We are thrilled to partner with Lloyd’s Register to offer a comprehensive solution that brings asset risk management and digital technology together, providing real-time insights to plant operators to make informed decisions for asset health, integrity and performance.”

About Lloyd’s Register. For a safer world.

Lloyd’s Register is a global professional services organisation specialising in engineering and technology solutions. Our experts advise and support clients to improve the safety and performance of complex projects, supply chains and critical infrastructure. We help to keep the world moving safely, efficiently and sustainably.

Lloyd’s Register is the world’s first marine classification society, created more than 260 years ago to improve the safety of ships. Now our technical expertise is offered in more than 70 countries, by more than 6,000 employees, across many industries. The profits we generate fund our shareholder, Lloyd’s Register Foundation, a global charity whose mission is to enhance the safety of life and property. Our independence means we provide reliable, impartial and informed advice.

All of this helps us stand by the purpose that drives us every single day; working together for a safer world.

About Falkonry

Falkonry enables predictive operational excellence for manufacturing and defense organizations by detecting and predicting events before they impact operations. By applying AI on real-time operational data from plants and field systems, Falkonry solutions deliver significant improvement in production uptime, quality and yield without requiring data scientists or data engineers. Falkonry products easily scale across the enterprise either on-premises, in the cloud or at the edge, and are optimized to run on major cloud platforms including Microsoft Azure and AWS. For more information on Falkonry predictive operations, please visit: falkonry.com