**London**: Schneider Electric has teamed up with MaxGrip to improve industrial Asset Management by addressing substantial maintenance costs. Their partnership aims to implement digital transformation strategies, enhance asset reliability, and drive operational efficiency amid rising operational challenges and the urgent need for improved asset management strategies.
Schneider Electric has announced a new partnership with MaxGrip, an Asset Performance Management consultancy, to enhance its industrial Asset Management portfolio and increase the value delivered to customers. This collaboration comes at a time when industrial companies are grappling with substantial costs related to maintenance, which are estimated to reach at least $864 billion annually. These figures equate to a staggering $532,000 lost every hour due to unplanned downtime, product losses, and energy inefficiency.
The partnership aims to address these issues by implementing MaxGrip’s Asset Improvement Program (AIP), which focuses on digital transformation in asset management. This move is significant given that 63 per cent of maintenance efforts have been identified as superfluous, suggesting that there is vast potential for efficiency gains in this area. The initiative intends to break down internal silos within organisations, enhance asset reliability, and identify technologies that could be adopted to maximise operational efficiency. As asset lifespans in heavy industries typically reach 30 to 40 years, there is growing urgency for industries to refine their asset management strategies, especially in light of environmental, social, and governance (ESG) goals.
Anthony Loy, Vice President of Industrial Digital Transformation Consulting at Schneider Electric, noted, “This partnership represents another important milestone in our mission to drive digital transformation across all industrial sectors.” He emphasized that the integration of Schneider Electric’s services with MaxGrip’s expertise positions them to provide specialised value to clients globally.
Mark Mulder, CEO of MaxGrip, expressed enthusiasm about the partnership, stating, “Together, we will deliver innovative solutions that ensure lasting asset performance improvements, demonstrated with operational success.” The partnership reinforces the emphasis on suppliers and the measurement of relationships within the context of operational analytics and real-time data, a crucial aspect for companies aiming to optimise supplier relationships and achieve effective management outcomes.
As industries increasingly turn to real-time data and advanced analytics to guide decision-making, the collaboration between Schneider Electric and MaxGrip underscores the significance of refining supplier relationship management beyond traditional Key Performance Indicators (KPIs) and dashboards. The emphasis on comprehensive asset lifecycle management illustrates a shift towards more integrated, technology-driven approaches that could reshape how companies evaluate and manage supplier and asset performance in the years ahead.
Source: Noah Wire Services
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