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This paper will discuss how new developments in process instrumentation and analytic technologies can provide solutions for optimization of production processes, improvement of asset management and will lead to: 1. Reduction of unscheduled production downtime and maintenance costs 2. Reduction of Total Costs of Ownership (TCO) 3. Improvement of production quality 4. Improvement of production quantity 5. Improvement of production effectiveness and repeatability 6. Improvement of energy efficiency 7. Protection of investment in equipment and components 8. Increase of safety 9. Elimination of unnecessary preventive maintenance.