The power of data-driven asset management

Data is the key to optimal management and maintenance of your assets. In this blog you can read how data-driven asset management helps you achieve your organisational objectives and adapt to the latest trends and challenges.

The power of data-driven asset management

How do I make the best choices in managing my assets to achieve my organisational goals?

This is and remains the most important question and, at the same time, the greatest challenge facing data-driven asset management. An organisation's assets are more and more related to IT and data is taking an ever more prominent role. That is why it is becoming crucial to identify which data, systems and new technology can help your organisation develop.

That is also the reason why we are talking about data-driven asset management today. Based on input from Alex Hoosemans, senior digital transformation consultant, and Joppe Ter Meer, manager digital asset management at Royal HaskoningDHV, we explore the latest trends, the challenges of our times and how we can adapt to them.

What is data-driven asset management?

Before we can answer that question, it is first of all important to explain what asset management is. Asset management is a continuous process going from maintaining to operating, dismantling and ultimately reusing. When we talk about assets, we mean systems, machines, buildings or infrastructure. Our focus is on the functional intended use of assets, just like the accompanying processes, to keep costs, risks and performance balanced. We do this in accordance with various ISO standards, including ISO 55001.

Data-driven asset management is an integral part of asset management. It places the emphasis on those elements where the digital or data perspective is important or requires specific expertise. Despite the emphasis on the digital aspects, people, process and technology are always key. The data-driven asset management approach covers four key areas:

(1) the digitisation and improvement of processes, (2) the correct use of systems and tools, (3) the use of data for insight and decision-making and (4) the promotion of innovation and embracing new technologies.

The main goal is always the optimal management and maintenance of physical assets. Data has grown enormously in potential in recent years. Instead of trusting purely on historical data or intuition, we now use (real-time) data. In combination with thorough analyses and predictive models, this data provides in-depth insight into the performance, condition and life expectancy of assets. This not only applies to the current state of those assets but can also be used to predict their future state.

This approach enables organisations to act proactively, thereby enabling their maintenance strategies to be used more effectively and often at considerably lower cost. Therefore it is not surprising that organisations that have embraced data-driven asset management operate more efficiently, are better at making decisions and have more grip on internal and external legislation and regulations. At the same time, data-driven asset management helps to realise ambitious goals in the field of sustainability and improving the customer and employee experience.

Trends, developments & challenges

Data-driven asset management is intertwined with the large social, economic and technological changes which characterise today's world. The dynamics associated with energy and circularity, the increasing pressure on compliance and the shifts in working patterns with the emphasis on flexibility are forcing organisations to undertake a critical reconsideration of their strategies. Organisations also need to focus and act on technological innovations, such as the Internet of Things (IoT), machine learning, artificial intelligence, predictive analyses and IT security.

These trends and developments not only open doors to new opportunities, but also present specific challenges to asset management organisations. In the context of these challenges we are seeing that asset owners and information/IT managersare facing different issues. The following is an overview of the challenges in question:

Challenges facing asset management organisations

Asset owners/asset managers

How do I make optimally substantiated choices?
How can data support me in this process?
How do I achieve my objectives?
How can I effectively reduce costs?
How do I make asset management sustainable?

Information/IT managers

How do I integrate the business and IT strategy?
How do I translate the business into an information supply?
How do I keep a grip on IT investments?
How do I keep a grip on the IT architecture?
How do I use data correctly?

Data-driven asset management embraces these crucial trends, developments and challenges and provides customised solutions to suit the organisation's level of maturity.

Small steps towards data-driven asset management in your organisation

Technological progress is evolving at lightning speed. Every day we are inspired by stories of predictive maintenance, remote monitoring and the use of Artificial Intelligence (AI) and Machine Learning (ML). We also dream of Smart Buildings, or industrial estates and campuses which feature smart technologies. These views of the future hold the promise of fantastic opportunities for what technology can mean within your organisation. Although, generally speaking, the road to this future is long, facility departments and IT departments are becoming more and more aware of the importance of further cooperation. This is an important first step.

We are automating and accelerating wherever we can. A recent illustration of this is the intelligent processing of video images that a sewer robot captures during inspections. An algorithm detects damages or blockages, thereby increasing data quality and processing speed, and reducing the chances of soil contamination and incidents.

We are facilitating the gradual transition to data-driven asset management. Step-by-step, together with the team, we are creating supported changes and are taking responsibility as we do so.

Joppe Ter MeerManager digital asset management

It is crucial to understand that it is not just about technology, but about transforming how we work and add value in the context of asset management. During this transformation it is essential to include employees actively in the new method of working. Our ultimate aim is to implement transformations gradually, based on a clear goal which is in line with the business wishes and supported by sound data. This path, however challenging, constitutes the route to a successful future.

Royal HaskoningDHV: Pioneers in data-driven asset management

At Royal HaskoningDHV we are on the front line of data-driven asset management. With more than 140 years of experience and a worldwide team which is active in more than 150 countries, we are able to combine in-depth industry knowledge with advanced technologies. Our expertise is not only based on years of experience, but also on our commitment to take responsibility together with our customers and to work on creating a more sustainable organisation.

A unique aspect of our approach is the permanent link and integration of the domains of asset management and information management/IT. The fact that we speak both 'languages' and can contribute specific domain knowledge means we know how both worlds can be effectively joined together. In doing so we work independently of suppliers and software. Our approach is also holistic and comprehensive, from strategy right through to implementation and management. No matter whether it concerns strategy formation, IT architecture, data science, dashboarding, IT solution advice or change management, our team of experts is ready to assist you. We are proud that we not only act as consultants, but also as partners, alongside our customers, as they progress along a growth trajectory towards the more effective use of data, systems and new technology.

AlexHoosemans

Senior Consultant Digital Transformation

The power of data-driven asset management