Abstract
Asset management is a widely used strategy in industries of varied sizes for retaining the value of assets and realising value from it to do what the business expected them to do. Such a strategy promotes the sustainability of the business. There are existing standards, such as the ISO 55000 series on asset management, as well as internal standards of organisations to guide effective asset management. The guidelines from the Institute of Asset Management (IAM), Asset Management Council (AMC), Institute of Public Works Engineers Australasia (IPWEA), International Infrastructure Management Manual (IIMM) and PAS 55 of British Standard Institute (BSI) and many other national and international standards are examples of vast knowledge in this field.
Digitalisation is an enabler for asset management through the ideals of Industry 4.0. It includes the Internet of things (IoT), Digital twins, sensors, and communications for remote performance monitoring (RPM) in real-time, Machine learning, Artificial Intelligence (AI), Industrial IoT (IIoT) and many other technologies. Adopting digitalisation for asset management can eliminate or reduce current and future challenges in asset management. Opportunities for improvements (OFI) can be effectively addressed by investigating what criteria are required to implement digitalisation technologies for eliminating or reducing the gaps to improve asset performance along with reducing costs and risks, including further enhancing safety. This paper proposes a recommended framework of 14 ranked dimensions for transitioning asset management activities toward digitalisation and embracing IIoT for asset management. It would allow a competitive advantage over capital-intensive industries and infrastructure.
The study compares the dimensions ranked by the Instrumentation and Control fraternity of the Petrochemical sector to the dimensions found in the literature. It was found that the ranked dimensions did not precisely correlate with the literature dimension rankings. This research paper proposes a recommended framework of 14 ranked dimensions for implementing improved asset management performance through adopting digitalisation technologies such as IIoT. It would allow a competitive advantage over capital-intensive industries and infrastructure. Future work in this research could include diversified fraternities worldwide and comparisons for quantifying production yields and capital and operational expenditures.