KANSAS CITY, Missouri — Independent research firm Verdantix has rated AssetLens from 1898 & Co. as a market innovator in a comprehensive review of vendors providing asset investment planning (AIP) software solutions.
In its Green Quadrant: Asset Investment Planning Software 2023 report, AssetLens underwent a comprehensive review of technical, functional and market momentum attributes. 1898 & Co. was one of a number of prominent solution providers in the AIP space that underwent reviews for their focus on electric utilities and consumer products manufacturers.
Utilizing proprietary Verdantix Green Quadrant methodology, the analysis was based on a one-hour live product demonstration with preset scenarios, along with responses to a 70-point questionnaire covering five technical, five functional and eight market-momentum categories.
“We set out to develop AssetLens with a basic problem in mind: How can we give customers the ability to simplify the complex decisions they must make every day, particularly when it comes to capital planning,” says Chris Underwood, vice president and general manager of 1898 & Co. “The Green Quadrant report provides independent, third-party validation that we’re on the right track with AssetLens.”
AssetLens is a configured-to-suit software platform built by 1898 & Co. and implemented as a SaaS technology and enterprise planning program. Decades of staff experience was consulted to help clients navigate through multi-year capital needs and spend priorities. The AssetLens platform collects and cleanses data regarding the health and consequence of failure of a company’s critical assets. It uses algorithms within a risk framework and then can evaluate or automate investment scenarios based on multi-category information and business justifications.
AIP software is a growing subset of the broader industrial asset management software market that provides:
- Improved decision-making.
- Reduced risk.
- Regulatory compliance.
- Access to climate risk analysis.
According to the Green Quadrant report, AssetLens offers strong data management capabilities for data ingestion, cleansing and filing of missing data by considering spatial relationships and proximity to similar assets. AssetLens posted strong results for technical and functional capabilities, with the report calling out the 150 pre-built risk models for food and consumer markets and 30 risk models developed for electrical transmission, distribution and substation assets. The report noted that these models facilitate accurate risk assessments and optimize creation of capital project portfolios.
The report further highlighted AssetLens’ environmental, social and governance (ESG) and climate risk capabilities, noting that it leverages U.S. National Oceanic and Atmospheric Administration (NOAA) climate data to assess the impact of historical weather on failure predictions, thus enabling risk frameworks to be utilized to support robust capital investment planning. The Green Quadrant report concluded with an observation that the interactive business intelligence-style dashboards and spatial mapping provided by AssetLens give stakeholders the ability to effectively comprehend investment plans.
Verdantix is the essential thought leader for world-enhancing innovation. We support change-makers with our proprietary data, unique expertise and executive networks. Our impactful analysis is delivered via a digital platform, consulting engagements and in-person events to thousands of decision-makers in more than 100 countries. From offices in London, New York and Boston, the Verdantix research team applies the principles of rigour, accuracy and curiosity to help our globally-distributed clients solve their most complex challenges. verdantix.com
About 1898 & Co.
1898 & Co. is a global business, technology and security consultancy serving critical infrastructure industries. We partner with clients to plan, secure and optimize their business. As part of Burns & McDonnell and our 120 years of industry experience, we understand the complexity of your asset-intensive business model, the trends impacting your industry, and the need to ground big ideas in operational realities.