Less than 50% of industrial assets have up-to-date asset information

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Written by Tommy Norström

Posted on January 16, 2023

The majority of industrial plants in advanced economies were built decades ago, making asset documentation a major headache. According to ARC Advisory Group, the average percentage of industrial assets with current asset information is less than 50% and rarely exceeds 70%!

Having current asset information improves the ability to make better day-to-day project decisions on time, which leads to more successful construction and renovation projects, to name just two obvious benefits.

It is concerning that many owners and operators of industrial assets are unable to identify out-of-date information, let alone demonstrate a progression of improvement over time. When users discover that data is incomplete, inaccurate, or out of date, they begin to doubt the validity of all available data.

Even when asset information is mostly up to date, access to it is difficult due to the numerous siloed systems in use. Information is only valuable if it can be applied in a way that makes sense and aids decision-making.

Breaking the cycle of untapped potential

Asset information management is frequently interrupted, such as after handover from the EPC and during upgrades and retrofits. This is where digital twins can make a significant difference in advancing asset information management.

Even if the underlying design and information management solutions change, a digital twin should enable you to track project progress and mitigate the impact of changes during re-engineering and revamping. You should be able to collect and combine 3D models and add laser-scanned data to update information as assets evolve and change. In short, the digital twin should provide access to information from multiple sources, including legacy systems, without moving data or converting formats.

CADMATIC eShare is such a solution. It also has the advantage of being able to be implemented gradually at the desired rate. Users can begin by linking, visualizing, and keeping the most critical information in their asset's digital twin up to date.

ARC Advisory Group white paper

ARC Advisory Group has created a white paper on asset information management challenges and how organizations can break the cycle of untapped potential by using digital twins. Download it for free and start your journey to taking your asset information management to the next level.

Download white paper on how to take asset information management to the next level.