Every society depends on infrastructure: energy, roads and transport, supply chains, water, and communications. The computerised connectedness of all critical infrastructure, along with our dependence on its reliability, means it is exposed to cyber-attacks and functioning societies are therefore at risk of significant disruption.
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The use of digital twin technology in asset management brings a complementary partnership. Through their ability to predict downtime and failures, streamline maintenance procedures, and bring innovative solutions to complex problems, any digital twin has potential to help an organisation build value.
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Data has changed the world. How we live our lives, and certainly how we work. In asset management, there is no doubt that data can transform maintenance practices, extend the life of an asset, and through these features alone can bring in greater value for the enterprise. A quick internet search will show many articles and webpages devoted to highlighting the amount of data businesses have at their fingertips. The prevalence of big data has helped us all understand the three Vs: velocity, volume, and variety. What it hasn’t done is help us to understand the importance f quality data, nor how to ensure the data our business is leveraging is in fact to be trusted.
With data becoming increasingly more critical in every aspect of our lives, it makes sense to leverage its transformational power. Data is the core capability that ought to underpin every organisation’s business objectives and asset management plans.
However, the ability to capture, store and leverage data in almost every business and organisation is ad-hoc. Data storage systems are organic, a game of catch-and-grab, mainly due to the three Vs of data: verocity, volume and variety. This shambolic method often results in information silos, making asset management strategies increasingly difficult.
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Working with data is a must. In our technical world, we can’t avoid data.
Within asset management, data can help businesses build value. This can be achieved via data mining, which is the extraction of patterns within large data sets, and as there is almost always valuable information contained in every large data set, discovering these patterns will help to inform decisions at all levels of a business. The trick lies in avoiding the pitfalls to find and use that valuable information.
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