My Asset Management Future: The 4th industrial revolution (Part 3)

Sep 25, 2020 4:39:00 PM

By: Leon Best

At present, we think that technology, cloud computing and mega data storage has advanced beyond the requirements of 'asset management,' or so we thought. In 2020 we can see the future is very bright in the 'asset management' world, and to summarise these technologies;

  • Augmented Reality (AR), the interactive event of a real environment that objects that reside in the world are increased by computer-generated perceptual information.
  • Virtual Reality (VR), where virtual reality equipment can look around the artificial area, and move around in it, and interact with virtual aspects or items.
  • Mixed Reality (MR), where physical and digital objects co-exist and interact in real-time which is a combination of Virtual reality and Augmented reality
  • Artificial intelligence (AI), perceives its environment and takes actions that maximise its chance of successfully achieving its goals
  • Total Remote Capabilities (TRC), electronic device used to operate equipment from a distance remotely, usually wirelessly.

The utilisation of these technologies into the machinery, maintenance, and processes analysis being the forefront of 'asset management' advancement.

What can these technologies bring to 'Asset Management': remote specialists assisting with problems on-site without touching a spanner or electrical meter, 'Augmented Reality (AR), Virtual Reality (VR) and Mixed Reality (MR)' is bringing this to the fore, it's as good as having the specialist sitting next to you analysing the failure and, or preventing one, or teaching your on-site maintenance team remotely.

Artificial intelligence (AI) is processing the requirements of engineering, reliability, logistics, testing and evaluation, and many other disciplines necessary for the successful 'asset management' of plant and equipment. (AI) is also assisting in developing and implementing the maintenance requirements of large or complex projects and the coordination of different and diverse teams required for construction or shutdowns.

(AI) companies are developing multifaceted, multilayered intelligent management systems that optimise budgeting, and the selection of maintenance programmes to ensure cost-effectiveness over the life cycle of the assets. These are all fast becoming the fourth industrial revolution.

And to make my point, the verified benefits of AR, VR, MR and AI are: Reduced human errors, Reduced execution time, Reduced breakdowns, Reduced downtime, Reduced cost, Increased productivity, Increased operation speed, Increased fix rates, Increased compliance, Increased profit the list is endless.

So, what have I learnt "Asset Management and technological progression go hand in hand in developing the best outcomes for your next-generation maintenance strategies but get the basics right first".

The basics require comprehensive and correct asset information but also leadership, clarity of strategic priorities, competencies, inter-departmental collaboration and communications, workforce, and supply chain engagement, risk and change management systems, performance monitoring and continual improvement.

I am excited about the future and what I will learn and pass on to companies that want to be part of the 'evolution of big data' and technological advancement in Asset Management, the fourth industrial revolution "4IR" is upon us.