Asset-centric organisations sheerly rely on the longevity, optimal conditions and outstanding performance of a range of fixed assets. Whether industrial equipment, a utility infrastructure, a building structure, or an industrial facility, the key to industrial excellence is the smart and controlled utilisation of assets. With the advent of complex asset requirements, utilisation, management, and maintenance have parallelly been complicated with time. Industrial-strength technologies that ought to be in the future are now already emerging because asset technologies are redefining the future of the asset-oriented organisation with better technology capabilities.
With the demands for smart and personalised assets increasing in the industrial world. To add more to the disruptive ripple effect of the asset world after the epidemic situation spurred by COVID-19 for the industrial world was driven towards an inflexion point after a long time. However, due to futuristic technologies, industry experts could recover from detrimental outcomes and make smarter decisions based on accurate facts rather than age-based decisions or insights gathered using prolonged traditional analytical processes, or even worse, based on ‘gut-feeling’. Today we will be elaborating on technologies that are meant for the future but are now employed by modern asset utilisers of today.
Why is Smart Asset Technology Pacing?
- Asset managers are demanded to prove the value of assets more than ever due to the availability of transparent data retrievals and smart visualisation tools.
- Asset organisations who are early adopters in the digital transformation underwent substantial growth in controlling costs and avoiding risks, impacting other asset specialists following their business decisions.
- ESG (Environmental, Social and Government) trends disrupted the need to ensure social impacts, environmental well-being, and public trust is not tarnished while assets are maintained.
- Regulatory compliance is augmented by governmental and other statutory bodies demanding asset utilisers use smart technologies for safer, efficient and cost-cutting asset decision-making.
- The advent of industry 4.0 technology redefined asset management strategies with data-centric automation that compelled asset organisations to run the digital race.
- Thematic investing trends attract receptive audiences along with opportunity-starved institutions and potential investors.
- The rising behaviour of online culprits has cornered asset managers to be consistent with unbreachable cyber security protocols so unpermitted parties won’t get hold of sensitive asset information.
- The trend of investing in digital assets to guide asset managers in operating helps them to make decisions in a more diligent and smarter manner.
New-age Asset Technologies that Disrupted Asset Management Practices
AI-driven Analytical Technology: AI (Artificial Intelligence) trains predictive models to use historical data coupled with insights of expert asset decision-makers to refine predictive windows on how the assets’ will behave. This technology can predict the future performances of the assets, structural degradation, future condition, remaining usable lifetime of assets and more.
4D Digital Twin Models: A 4D digital twin is an interactive virtual representation of a physical asset and its dynamics powered by simulative capabilities. This technology allows the user to key in parameters of asset condition and external influences to witness the impending asset behaviours to tailor risk mitigation plans to save the asset, money, environment and reputation of the company singularly.
IIoT: IIoT technology binds all smart devices with data routes to help asset specialists gather the abundance of asset data to a centralised point. This interconnects all devices to administrative systems and other elements of the IT infrastructure like the cloud platforms, databases, sites, applications, software suites and more. It is the data nervous system that digitally transfers an asset-driven organisation in effortlessly housing new-age technologies.
Automatic Prescriptive Tools: The respective analytical tools help the asset decision-makers to thank a step ahead. It is a progressive tool after the predictive technologies have made predictions of the foreseeable future of the assets. For example, suppose the predictive analytical tool predicts that after two hours of continuous rainfall, a water dam is going to be flooded. In that case, the prescriptive technology suggests the most optimal gate opening strategy to ensure that the dam won’t be affected by this flood event.
GIS Maps: GIS (Geographic Information System) maps allow the asset managers to gain geolocational or geospatial data by manipulating interactive maps of the footprints of where their assets are being accommodated. If asset managers in Sydney use GIS Layers, they can use this technology to get a state-wide overview of the operational stability, conditions and threats of all assets.
Asset Technologies are Reframing Your Asset Strategies- Are You ready?
- Diversify and automatically report asset events and statistics easily,
- Employ digital channels to control assets confidently,
- Implement passive of active tidal asset investment strategies,
- Pre-calculate risk factors of assets,
- Transparently view actual asset performance and more.