Invasion of the Smart Assets
Heavily capitalized businesses depend on their physical assets and often have billions of dollars invested in them. To make sure that an organization has insights into asset health and performance it is necessary to monitor its assets.
My Evil Twin
You can’t open a magazine or technical journal these days without seeing a mention of digital twins. But where do digital twins fit into the asset management conceptual model? A digital twin is a digital representation of a physical object or system so you can argue that they fit wherever physical assets fit.
I Think therefore I Analyze
Albert Einstein once said that the true sign of intelligence is not knowledge but imagination. But imagination needs seeds from which to grow. If your assets are smart and are generating and communicating data, what are you doing with it to increase stakeholder value?
Adapting to Flexibility
The fact that many systems/assets/products item are configurable, including software and firmware, and that increasing digitization is bringing more flexibility (and configuration requirements) to more and more systems/assets/products means that organizations will benefit from policies, procedures and systems in place to manage and control this configurability.
The Outage that Never Happened
Resilience is an interesting topic. It is something that everyone intrinsically understands yet there are many different definitions and yet more interpretations of those definitions.
Decision makers rarely choose an alternative based upon a single factor or criterion. Taking the 'best’ course of action for important decisions entails, with very few exceptions, evaluating multiple objectives. The best decision makers always consider more than one objective for important decisions - even when those objectives may compete with each other.
Data is the Answer - What's Your Question?
Now more than ever, we need to understand the critical role information plays in so many aspects of business and life. It drives our communication, our decision making, and our reactions to the entire environment. Information is the lifeblood of modern organizations and will become even more important. Management is information processing. It involves gathering, processing, and disseminating information.
The SAMP Identity Problem
A central part of any robust asset management system is the strategic asset management plan, also referred to as a SAMP. This is the document that ISO 55000 states should be used to guide the setting of its asset management objectives and to describe the role of the asset management system in meeting these objectives.
Challenges of KPI Selection
The feedback organizations get through measuring KPIs (key performance indicators) is an important input to the asset management decision-making processes. But how do you choose KPIs?