Fighting for Marketshare with Sigmafine
Like many other commodities, the power industry is experiencing a number of challenges, including:
- Declining prices
- Decreasing resource quality
- Increasing emissions limitations
- Rising regulations
Those challenges, coupled with the ability for customers to easily change suppliers, is forcing power companies to eliminate inefficiencies across the value chain to maintain competitive pricing. To do so, the industry is relying on digital technology like Sigmafine to reduce losses and cost, improve asset utilization and integrity, streamline business process, and maximize profitability.
The Importance of Digitization in Industry 4.0
The power and utilities industry requires accurate, reliable production and equipment performance KPIs, both of which may be used as the basis for trade, product valuations and pricing, and upholding compliance regulations. This requirement makes digitization is critical for any modern power and utilities sites; teams must make efficient use of metered data to achieve operational excellence and stay competitive.
The solution is to implement software that accounts and reconciles internal measurements, vendor transactions, and business data simultaneously and continuously, thus arming engineers, operators, planning, and management to increase efficiencies and improve equipment utilization. Additionally, that same system should also have user role-dependent data segregation capabilities to meet transparency and auditability requirements while protecting the established business rules from being changed without approval.
Despite the clear need for a strategic reconciliation process, it is not without challenge. Those challenges include:
- Overwhelming amounts of information
- Varying measurement units
- Lack of data consistency
- Unbalanced flow rate measurement data
- Complex information without the proper context
Sigmafine overcomes those challenges and makes it possible for companies to efficiently manage, validate, and reconcile data based on business rules and conservation principles based on accounting rules or international standards.
Comprehensive Business Accounting with Sigmafine
Sigmafine is an all-inclusive business accounting system that provides validated, secured, accurate, and auditable information to financial systems and operations managers who make use of that unified dataset to optimize operations. Additionally, engineers and operators use Sigmafine data to compute process capacities, efficiencies, and other KPIs with more certainty than ever before.
The Sigmafine system is configured to perform mass, volume, and energy balances for the entire business and its distribution and storage networks. Backed by powerful algorithms, the Sigmafine server estimates the utility throughout each processing unit – in its correct unit of measure – to obey the fundamental conservation principle.
As a first step, Pimsoft uses the PI Asset Framework to create “process templates” for the different processes and related equipment (generator, filtration, heat exchanger, storage, etc.). Next, a connectivity model is developed to represent the facility’s material flows. Finally, meters and analyzers are represented to receive information from the process data historian using out-of-the box connectivity.
Once implemented, customers use Sigmafine’s validated, balanced data to:
- Estimate, monitor, and control site losses
- Support product distribution optimization (heat, steam, electricity, water, etc.)
- Power hourly production balancing for near real-time assessment
- Validate unit production efficiencies
- Automatically validate and restore regulatory emissions parameters
- Automatically transfer data to business systems and databases
- Maintain auditability compliance
On top of delivering these benefits that drive operational excellence, it’s been estimated that Sigmafine has a payback period of less than 6 months – a critical value proposition for customers who are tightening resources to stay competitive.
The Benefits of Improved Data Quality
Improved data quality in the power and utilities industry is primarily associated with:
- Automating and validating business and financial accounting
- More accurately estimating and monitoring leaks and losses
- More accurately monitoring production and environmental strategies
- Reducing KPI uncertainties
- Monitoring and validating capacities and efficiencies
- Estimating and monitoring losses across the process unit’s distribution network
The Business Impact of Sigmafine
Sigmafine customers chose to implement Sigmafine to leverage the many benefits that come with a single, cohesive, validated dataset, including:
- Achieving data consistency by applying first principles and concentration laws
- Safeguarding production figures and KPIs
- Making production figures and KPIs available for operations, production planning, and performance monitoring
- Automating enterprise reporting
- Facilitating seamless trade and billing transactions
- Increasing site-wide efficiencies
Sigmafine References in Power and Utilities
Used For: Performance monitoring; loss estimation; business integration
Benefit: Automatic plant accounting and performance monitoring; Systems integration; correct unit performance KPIs calculation; automatic hourly monitoring and notification of meters, process units KPIs qualityLearn More
Summary: Automatic online validation and balancing; performance monitoring; Systems integration; corrected unit performance KPIs.
Summary: Business integration, meter monitoring, performance monitoring; Systems integration