The Asset Journal, Volume 11, Issue 4
The Industrial and Business world today is full of new phrases and acronyms that relate to things like 'Digital Enterprise', 'Industrie 4.0', 'Digital Asset Management', IIoT and more. These concepts and developments all go towards using Computers more and more to derive, develop and deliver on outcomes from our Businesses. All things digital require of course to be driven by data and must have engines that drive these data strings and learn about their environment and how the task on automated function has in connection to another. We all hear about the need for accurate data, and more and more and better analytics. We are presently still in many Organisations on the beginning if this journey, which often coincides with the transition to better Asset Management.
The digital world of the future will require extra supportive and better analytics without a doubt. This comes with the need to extend metrics and KPI's to encompass elements that we have not yet seen in more conventional enterprises The core metrics we focus on in Asset Management and Business in general, safety, cost, risk and performance, will need to be better defined and formalised to represent that status of our digital worlds. More data means more need for clarity what is important to Business. In this edition of 'The Asset', we explore some ideas and cases where analytics based on specific data collection create the environment promoting better decision making.
But perhaps before we venture into the future of computerised Asset Management, we should reflect on what needs to be measured to give the right perspective on the balance we require and achieve for safety, cost, risk and performance. Douglas W. Hubbard states in his "How to measure anything" that "measurement is the reduction of uncertainty". I believe that keeping this in our minds will make it easier to define what we need to know.
One thing is certain, that we will continue to deliver our Readers and the interested Asset Management more articles, case studies and ideas about Asset Management in the coming year and beyond. We thank you for your support and wish you a safe and happy Christmas period and a successful and prosperous New Year!
Editor in Chief