Note: This article was originally published in CIO Applications Europe’s April Edition. The below text contains an excerpt. To read the article in full, visit this page.
How are data and technology are affecting asset management?
We find ourselves in a world where data (and hence methods of collating and storing data) is, or is becoming, the foundation in all areas in which we operate. Whether we like it or not, we are moving to a space where we trace routes through data, and build knowledge and solutions out of it. This thirst for knowledge, and expectation that the knowledge is ‘real-time’ and immediate, has driven an explosion of technological enhancement, including the infrastructure to support and power it. In the context of Asset Management, however, we must guard against being submerged in noise.
Techniques, technologies, and applications appear everywhere we turn: digital transformation, Internet of Things (IoT), artificial intelligence, digital twins, real-time data, remote monitoring; smart this and smart that, augmented intelligence, virtual reality, algorithmic analysis, laser scanning and point clouds, Building Information Modelling (BIM) – for the full asset life cycle from inception and design phase through to asset disposal – mobile data collection, predictive analytics, and 3D modelling, to name a few.
We are being inundated with these new technologies on a daily basis, in industry journals, attending annual industry conferences or CPD events, in discussions with clients and colleagues, and on social media. To some, it will be exciting, invigorating and required, whilst to others it will be overwhelming and confusing.
Read the rest of Steven’s article at CIO Applications Europe.