LR and Falkonry partner to enhance decision making

Lloyd’s Register and Falkonry partner to incorporate Operational AI Digital Twins into Asset Performance and Risk Management solution.
Lloyd's Register 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, optimising 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 prioritise their interventions - creating a compelling case for introducing greater use of artificial intelligence and machine learning capabilities combined with solid engineering expertise.