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Connecting Digital Transformation and Asset Management

Connecting Digital Transformation and Asset Management

RELIABILITY 4.0 Presentation 37:45 Minutes

by Chris Harrington, ARMS Reliability

Does it deliver? Or is it a high-cost initiative that leads to complexity with low operational impact?

Businesses are constantly challenged to transform digitally to ensure they remain competitive. They are presented with opportunities to embed technology across almost every aspect of their operations. However, to date, digital transformation projects have suffered low success rates with high costs. This is especially true when it comes to online asset monitoring, connected devices and IIoT initiatives. In recent years, the costs of sensors and data storage have reduced dramatically, making online monitoring a seemingly affordable option for managing reliability. The reality is that effective online monitoring and predictive models can be quite expensive when deployed at scale.

The solution is to apply online monitoring as part of a more proactive strategy for asset management. Sound, first-principles driven, foundational strategy should come first as this will help you establish clear priorities for managing asset performance. This presentation will introduce the concept of asset strategy management (ASM) which offers an alternate path to digitize the asset management approach.

Takeaways:

  • The ASM data architecture
  • How to tap into, consolidate, manage, and evolve the collective asset intelligence within your organization
  • Trigger points to focus effort on where to find value
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