Much has been stated about digital technology and its broad-reaching impact across industrial verticals in recent years – ranging from digital transformation on the plant floor all the way up to the enterprise level. Read on if you are interested in learning how digital technology can help your organization be more connected.
Asset performance management is one of the highest value drivers within industrial automation that is impacted by digital technology. The World Economic Forum estimates the opportunity size of asset performance management to be $700 billion. Opportunity like that is hard to ignore, but must be considered in the right context for industrial operators to tap into its potential. Let’s review core elements of industrial asset management that are both critically important and enabled by digital technology.
Speak the Same Language
Similarly to traveling to another country with little understanding of the local language, asset management practices require a common language across an organization in order to be effective. Many times, the definition of an "asset" can be subjective, leaving it up to interpretation as to what an asset truly is and the value it brings an organization.
The application of digital technologies can alleviate this burden for industrial teams because they can begin working off a common, shared definition of an asset that works for that organization. This often begins with organizational alignment around the industrial asset base, which is then coded into digital technology for use moving forward.