Best Practices For Digitizing Industrial Asset Management

Executive Summary

This report provides industrial operations managers and executives with an overview of best practices for digitally transforming their asset management practices. To capture best practice insights, Verdantix conducted in-depth interviews with 13 asset performance management experts at service providers and technology firms and surveyed 284 managers in operations, maintenance and engineering roles. Our research concludes that there is no one-size-fits-all approach to the digitization of asset management for industrial facilities. Firms’ digital transformation strategies for asset management must reflect the financial materiality of asset reliability for each plant and the current state of asset management technology maturity. A digital evolution strategy needs to move through three phases: 1) Instrument and integrate; 2) Unify and enhance; 3) Optimize and transform. Ultimately, succeeding with a digital strategy for asset management is more dependent on achieving a shift in mindset about what best practice looks like than it is about deploying new technologies.