Digital asset management
The concept of asset management is far from new. Standards for its practice have been available for some time, from the British Standards Institution’s PAS-55 published in 2004, to the ISO 55000 series that launched in 2014.
In 2017, ISO/TS 55010 was introduced to provide guidelines for the alignment of financial and non-financial asset management functions. This standard was designed to improve the internal control organisations have of their management systems, allowing greater value to be derived from asset management.
Digital asset management is also not new. Companies have developed information management systems to track the status of their assets based on various needs for some time now.
Notable examples can be seen in civil infrastructure asset management, where Geographic Information System (GIS) tools are widely used. The function of these tools depends on proprietary software that tracks the physical status of assets, and their component parts, based on their location.
However, true asset management involves much more than simply tracking an asset’s physical condition. Asset management should be linked to enterprise strategy.
For example, if a company wants to extend the lifetime of an asset, then the tools used should be able to stipulate the minimum expenditure required to maintain its condition. However, if a company wants to improve the use of an asset, then the parameters will be very different.
The scale of asset management should also be tailored for different purposes. In machinery asset management, for example, detailed data from the most critical parts of each machine is collected in the information system. For supply chain and process modelling, however, less granular data is required.
Today, with the development of digital technologies like big data, artificial intelligence (AI) and digital twins, we can take digital asset management to the next level – carrying out predictive or even prescriptive maintenance and linking asset management systems with process supervisory management systems.