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.
Enable Collaboration across Business Functions
Just like the need to speak a common language, the ability to collaborate is critically important to make the most informed, data-driven decisions around the management of your assets. In the past, this may have meant sharing paper documentation, multiple Microsoft Excel files, or even in-passing conversations on the plant floor.
Today, proper application of digital technology can reveal new opportunities for collaboration around a shared, commonly understood asset base. This shared collaboration also supports better operations between teams, for instance EHS and maintenance, and helps enable better decisions around asset management.
Avoid Headaches with Version Control, Revision History and Better Data Governance
How many times have you updated a document, only to find that one of your peers has already updated it and you need to merge your changes? How many times have you shared outdated documentation and data with your peers, some of which may be used to make important decisions?
Enabling version control, revision history, and data governance is a core component to any asset management strategy. The impact of inconsistent or improperly governed data can be vast, and the clean-up efforts after the fact can take many hours and resources. The application of digital technology allows you to overcome many of these hurdles.
Putting all of this together, we have come out with My Equipment, a cloud-based SaaS offering designed to overcome these hurdles and help customers become truly data-driven.
The result is a trusted source of asset data upon which to collaborate with teammates so that you can make more informed, data-driven decisions.