With billions of data points, PSEG knew they had a valuable business asset. But there was no way to link that data in meanful ways to inform better decision-making. In fact, it was hard even to understand the breadth and depth of data available.
Insight from 20 Key Performance Indicators now helps the company generate the right amounts of energy at the right time to sell at the right price. Using real-time operational data and experience-based analytics helps prevent things from going wrong—from unplanned outages and minor equipment adjustments that can improve efficiency to operating decisions that reduce maintenance costs and extend asset life.
savings and opportunities
key performance indicators
Asset performance, availability, fuel costs, demand, forecasts and competitive assets all play a role. It would take a modern marvel of computing power, software, analytics and historical data to make the right choices for business value.
GE and PSEG worked together to identify the factors that could affect performance. Is it people? Is it equipment condition? Equipment limitations? Reliability? Maintenance? Mapping the performance potentials enabled the team to put together a plan to collect the correct data and convert it from data to understanding to actions.
Software and analytics are helping guide actions across the business. So engineers and operators make better decisions about maintenance, inventory and logistics. For traders, these deeper, rich insights provide near real-time visibility of operational capability and potential within the plant with greater precision.
PSEG’s customers and shareholders are already seeing the benefits of a power company that’s moved from guesstimates to knowledge-based operations. In just 6 months, efficiency and availability are up. Real savings and additional opportunities total almost $1 million.
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