International technology company ABB has unveiled new analytics software and services that combine operational data with engineering and information technology (IT) data.

The new software, called ABB Ability Genix & AI Suite, will offer actionable intelligence insights for oil and gas producers.

It collects and converts operational, engineering and IT data into actionable insights that help oil, gas and power industries improve operations. It will also optimise asset management and streamline business processes in a safe and sustainable manner.

According to analyst studies, industrial companies are just able to use only 20% of the data generated, which, in turn, limits their ability to apply data analytics.

The new solution, developed by ABB, operates as a digital data convergence point where the flow of information from several sources across the plant and enterprise are put under a single context via a ‘unified analytics’ model.

Application of AI on this data produces relevant insights for predicting and optimising business performance.

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By GlobalData

ABB Industrial Automation president Peter Terwiesch said: “We believe that the place to start a data analytics journey in the process, energy and hybrid industries is by building on the existing digital technology – the automation that controls the production processes.

“We see a huge opportunity for our customers to use their data from operations better, by combining it with engineering and information technology data for multi-dimensional decision making. This new approach will help our customers make literally billions of better decisions.”

ABB noted that ABB Ability Genix leverages Microsoft Azure for integrated Cloud connectivity, providing services through the company’s strategic collaboration with Microsoft.

Earlier this month, ABB signed an agreement with Malaysian firm Yinson to provide electrical, control and telecommunication equipment and services for a new floating production, storage and offloading (FPSO) vessel in the Marlim 2 oil field.

In April, ABB unveiled a virtual reality-based system to aid workers in the maintenance and operation of machinery, which aims to improve efficiency and safety across industrial sectors.