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?? Asset Management Trends to Watch
In today’s increasingly complex and volatile environment, asset management has never been more critical to ensuring sustainability, enhancing productivity, and maintaining a competitive edge. From integrating Artificial Intelligence (AI) into decision-making to leveraging Internet of Things (IoT) for real-time monitoring, the landscape of asset management is in a state of continuous evolution. Below, we delve into some of the most significant trends transforming asset management and what they mean for asset managers and organisations as a whole.
Digital Twins
One of the most significant leaps in asset management technology is the advent of digital twins. These are digital replicas of physical assets that can be used for anything from problem-solving to running simulations to test how assets will behave under different conditions. This technology allows for in-depth analysis without the risk of damaging the actual asset and opens new doors for predictive maintenance, advanced analytics, and more.
AI-Driven Predictive Maintenance
The use of Artificial Intelligence (AI) in predictive maintenance is taking asset management into the realm of "future-casting." By analysing historical data and tracking real-time conditions of assets, AI algorithms can predict when an asset is likely to fail or require maintenance. This approach minimises downtime, extends asset life, and can significantly reduce costs associated with emergency repairs.
Real-Time Monitoring with IoT
The Internet of Things (IoT) is another technological innovation revolutionising the field of asset management. IoT sensors can be attached to nearly any asset—be it machinery, buildings, or even human capital—to collect real-time data. This capability allows for immediate response to any changes in asset conditions, whether it's a machine that's operating at a higher temperature than is optimal or a drop in productivity in a manufacturing line.
Sustainability and ESG Metrics
Environmental, social, and governance (ESG) concerns are increasingly entering the asset management equation. Asset managers are not just responsible for maintaining the profitability and efficiency of their assets but also for how these assets impact the broader world. This change means considering everything from an asset’s carbon footprint to the ethical implications of where and how it was produced.
Remote Asset Management
The COVID-19 pandemic accelerated the need for remote working conditions, and this extends to asset management. New platforms and technologies are enabling asset managers to perform many of their duties from anywhere in the world. Whether it’s remote monitoring of asset conditions or virtual collaboration tools for asset teams, the future of asset management is increasingly digital and increasingly remote.
Blockchain for Asset Integrity
Blockchain technology, initially developed for cryptocurrencies, has applications in asset management, particularly in verifying the integrity of assets. Every change made to an asset can be recorded on the blockchain, creating a tamper-proof history. This capability is invaluable in sectors where certification and proof of maintenance are required for compliance.
Democratisation of Asset Information
The era of asset information being accessible only to a select few is coming to an end. New platforms are being developed that enable a broader range of stakeholders to access key pieces of information about an asset’s condition, performance, and maintenance history. This trend promotes greater transparency and collaboration, both within the organisation and with external partners.
Human-Centric Design
Last but not least, the trend toward human-centric design in asset management platforms is making these tools more accessible and easier to use. The goal is to reduce the amount of specialist training required to operate these platforms and to make them as intuitive as possible. This development is expected to lower the barrier to entry for new asset managers and make it easier for teams to collaborate.
Conclusion
These trends are not standalone but are increasingly interconnected. AI and IoT can be combined to create incredibly powerful predictive maintenance systems. Digital twins can be integrated with ESG metrics to run simulations exploring how different operational strategies might impact a company’s carbon footprint. And remote asset management tools are being built with human-centric design principles in mind, making them easier to use for a diversified workforce.
The future of asset management is exciting and ripe with potential. However, with new opportunities come new challenges, such as data security, ethical considerations in AI, and the need for new skills and training. For asset managers willing to stay ahead of these trends and invest in continuous learning and adaptation, the rewards will be substantial.
??? Recapping SAS-AM Webinar: "The Future of Healthcare Asset Management"
We recently hosted a groundbreaking webinar that dived deep into the transformative trends in Asset Management. The event attracted a diverse audience, ranging from seasoned asset managers to C-suite executives, all eager to understand how the future of asset management is shaping up. Leading experts in the field covered a broad range of topics, from the rise of AI-driven predictive maintenance to the emergence of sustainability and ESG metrics as critical considerations for asset management strategy.
Perhaps most interestingly, the webinar examined the human element in asset management, exploring new platforms designed with human-centric principles. These tools are making it increasingly easy for diverse stakeholders to collaborate and access critical asset information, democratizing the process in a way that was unimaginable a decade ago.
For those who missed the webinar, find a recording here! It's clear that the future of asset management is not just technological but also increasingly ethical and collaborative. Our panelists urged asset managers to adapt to these changes proactively, emphasizing that understanding and integrating these trends is no longer optional but essential for long-term success.
??? A New Approach to FMECA Analyses
We are thrilled to introduce our latest resource, a comprehensive document outlining a groundbreaking approach to Failure Modes, Effects, and Criticality Analysis (FMECA) for complex systems. Traditional FMECA methods, while robust, often lack the agility and scalability required for today’s increasingly complex healthcare assets, from multi-faceted imaging devices to integrated patient management systems.
Our new approach, encapsulated in this must-read document, revolutionizes how we view asset vulnerability and risk. It employs cutting-edge predictive analytics and machine learning algorithms to understand the nuances of multi-layered systems. This enables healthcare organizations to better anticipate equipment failures, thereby proactively mitigating risks before they escalate into costly, and potentially life-threatening, situations.
By leveraging data-driven insights, this alternative FMECA method shifts the focus from reactive to proactive asset management. It is particularly vital for healthcare settings, where asset downtimes can have direct implications on patient care quality and outcomes. Our methodology goes beyond standard procedures to offer a dynamic, adaptable model that evolves with your systems, allowing for real-time risk assessments.
Don’t miss out on this transformative approach to FMECA. The future of healthcare asset management is not just about maintaining systems; it's about enhancing them to serve communities better. Dive into our document to learn how you can integrate this pioneering approach into your asset management strategy.
?? Our perspective on Australia's Recent Intergenerational Report
We've closely examined Australia’s 2023 Intergenerational Report, and it's clear that the coming decades will present both challenges and opportunities for the healthcare sector. The report outlines five transformative forces shaping the Australian economy: population ageing, digital technology advancements, climate change, rising demand for care services, and geopolitical shifts. Each of these factors will significantly impact healthcare delivery and, by extension, healthcare asset management.
As the population ages, healthcare facilities will face increasing pressure to deliver high-quality care efficiently. This demographic shift underscores the need for a more agile and responsive asset management strategy that can adapt to a changing user profile and requirements. Likewise, the burgeoning role of digital technology in healthcare opens new avenues for smart asset management, leveraging data analytics and the Internet of Things to optimize system performance and reduce costs.
Moreover, the report’s focus on climate change and geopolitical risks requires us to think long-term and incorporate sustainability and resilience into asset management frameworks. By doing so, we can help healthcare organizations not just navigate but thrive amid these shifts.
The 2023 Intergenerational Report makes it evident that reactive approaches will no longer suffice. Proactive, forward-thinking asset management will be crucial for healthcare providers to offer sustainable, high-quality care in an evolving landscape.
?? ASK SAS-AM Spotlight: "Should I Prioritize Preventive or Predictive Maintenance for My Assets?" ??
One question that frequently comes up among asset managers across sectors is:
Should we prioritise preventive or predictive maintenance?
Shane, our Managing Director, shares his insights:
Shane: "Choosing between preventive and predictive maintenance is not a one-size-fits-all decision; it’s dependent on the type of assets you manage.
??? Preventive Maintenance: This is the traditional approach, focusing on regular, scheduled maintenance activities. It's useful for assets with a predictable pattern of wear and tear. However, it can sometimes lead to over-maintenance, resulting in unnecessary costs.
?? Predictive Maintenance: This more-modern approach relies on a lot of real-time data and advanced analytics to predict when an asset might fail. It’s generally more efficient but requires an initial investment in technology like IoT sensors and data analytics platforms.
In most settings, a hybrid model offers the most benefits. For assets that are mission-critical and whose failure modes are unpredictable, predictive maintenance is often more suitable. For less critical assets with predictable failure patterns, preventive maintenance might be more cost-effective.
The key takeaway is that your strategy should be tailored to the asset portfolio you manage. Assess the risk, criticality, and failure modes of each asset to determine the optimal maintenance approach."
Feel free to reach out to us at ASK SAS-AM if you have questions about crafting a maintenance strategy that fits your organization’s unique needs.
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