Asset Lifecycle Information Management Platforms Evolve

Global demand for new infrastructure, utilities, and industrial process plants has been increasing in line with the growth of regional economies. While the recent leveling-off of economic growth in some global regions has reduced the number and scope of new capital projects; recently completed process, utility, and other industrial projects must still transition to the long-term operations and maintenance (O&M) phase.

Typically, operating expense-related activities require a set of solutions and applications for maintaining and optimizing assets that will be in place for many years. Robust asset management solutions will be critical to owner-operators operating and maintaining expensive and complex assets. Moreover, operations, maintenance, and engineering staffs in process plants, utilities, and other asset-intensive facilities need access to both engineering information and real-time asset condition monitoring information. These "connected plants" will require a comprehensive and robust asset lifecycle information management (ALIM) environment, supported by smart connected assets, Big Data, and predictive analytics from the emerging Industrial Internet of Things (IIoT) ecosystem.

One of the single most significant issues associated with capital projects is the lack of accurate, complete, and timely project and engineering information. Not having access to the complete set of engineering and construction information can add substantial project and operational risk in terms of cost, time, and safety. Accurate engineering information must be also available and accessible during the much longer operating expense-related O&M phase. Engineering, procurement, and construction (EPC) contractors, project managers, and owner-operators all concur that access to information throughout all phases of capital projects is critical to meeting schedule, cost, and safety goals and maximizing asset availability and performance.

According to ARC research, information management and access is equally important to EPCs and owner-operators. EPCs need well-managed information to complete the project, and the owner-operators need accurate, up-to-date information turned over to them in a form that they can easily import into the asset management/maintenance management systems they use to operate and maintain the facility.

Table of Contents

• Executive Overview
• Continuous Information: Key to the Digital Asset
• Disruptive Technologies will Transform ALIM Platforms
• Recommendations

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Keywords: Capital Projects, Asset Management, Process Plants, Asset Condition Monitoring, Connected Plants, Asset Lifecycle Information Management (ALIM), Big Data, Predictive Analytics, Industrial Internet of Things (IIoT), ARC Advisory Group.