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Synengco: Delivering Unmatched Asset Management Capabilities
“We have a niche role in the area of Enterprise Asset Management and we partner with other companies to provide comprehensive solutions for large asset intensive operations. We have been servicing industries around the world since 2001 and our software is currently used to manage billions of dollars of assets worldwide,” asserts Don Sands, CEO, Synengco. Headquartered in Brisbane, Australia, Synengco is a specialist engineering firm that offers asset management solutions.
With a passion to build the ‘capabilities’ of its customers, the team at Synengco brings in latest technologies and solutions that draw upon its clients real-time data systems to dynamically act through the existing execution systems. Amid the changing environment of asset condition, regulation, ambient conditions, and government policies, Synengco offers its clients with whole life asset management solutions.
Synengco, with a combined experience of over 25 years in the industry, provides certainty in ‘decisions’ and develops triple bottom line solutions that can stack up financially alongside having a positive environmental and social impact. In this dynamic world where an increasing amount of data with variable data quality prevails, Synengco first processes the massive amount of data received and identifies the ‘useful’ data that aids in decision making.
Synengco is expanding its offering across multiple industries so that any industry with engineering or business process and data can benefit from its technology base
Synengco has also developed a self-learning fundamental model that helps in understanding the fundamental behavior and relationships of an operation rather than just the data behavior and data relationships as it is the norm for most machine learning and AI systems. This model gives Synengco the capability to not only predict the future based on the learned past behavior but make changes to the model at a fundamental level and predict the impact of different scenarios.
The team at Synengco identifies opportunities and threats in the asset function and aids in continuous improvement of asset management with its digital twin technology—a software product, SENTIENTSYSTEM with SENTIENTALERT module, SENTIENTCONTROL module, SENTIENTMEMORY module, and SENTIENTMONITORING module. Leveraging this digital twin, an energy company, one of Synengco’s clients experienced a reduction in its insurance premiums. For the past five years, Synengco with its SENTIENTSYSTEM has successfully delivered monitoring and early-warning systems in the oil and gas industry, primarily for compressor stations and gas-fired power stations. By operationalizing the work of engineers in real-time, the team at Synengco is able to identify opportunities and issues accurately at a low cost. In another project, using SENTIENTCONTROL module, one of Synengco’s clients improved the reliability, efficiency, and capacity of its power station to the tune of five million dollars every year with improved heat rate and mean to time failure by 40 percent. The Synengco team, with its SENTIENTMONITORING module also quantifies the impact of change socially and environmentally.
Currently, Synengco is expanding its offerings to provide integration with other digital twins such as physical form digital twins to form a ‘single digital twin’ that reflects the actual operation, and not just theoretical behavior. The firm also provides a cloud based software as a service to offer higher level of functionality at lower cost. “After establishing some strategic installations within the international market, we are expanding our international presence in the Asia pacific, America, and Europe,” adds Sands. Synengco is also expanding its offering across multiple industries so that any industry with engineering or business process and data can benefit from its technology base.