Organization Size Dictates Digital Maturity Level For Industrial Asset Management

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Executive Summary

This report provides technology strategists and managers responsible for operational excellence with an understanding of the industry’s progress in implementing digital solutions for asset reliability and integrity management. In 2021 Verdantix found that the digital maturity of an industrial firms’ asset management solutions varied with organization size. A deep dive into the data showed that large enterprises across all industries are dictating the direction of the market with the majority having already implemented predictive maintenance or digital twin solutions. On the other hand mid-market firms have mostly established some level of instrumentation to collect data from their assets or implemented CMMS and EAM. In this report Verdantix breaks down the data based on the type of digital solution implemented and how this varies with organization revenue size. To further support operational excellence stakeholders, Verdantix has recommended strategies that can be implemented to enhance industrial facilities’ level of digital maturity for asset management.

Table of contents

Digital Maturity Of Industrial Facilities Varies With Revenue Size 
Firms Are Transitioning From Reactive To Proactive Strategies For Asset Maintenance And Performance
Large Enterprises Lead In Terms Of Digital Maturity For Industrial Asset Management 
Industrial Firms Should Consider The Following Strategies To Enhance Their Level Of Digital Maturity For Asset Management 

Table of figures

Figure 1. Level Of Digital Maturity For Asset Management  
Figure 2. Level Of Digital Maturity For Asset Management—Mid-Market Firms (Revenue: $250m to $1bn)  
Figure 3. Level Of Digital Maturity For Asset Management—Core Enterprises (Revenue: $1bn to $10bn)  
Figure 4. Level Of Digital Maturity For Asset Management—Large Enterprises (Revenue: More Than $10bn)  

About the authors

Kiran Darmasseelane

Analyst

Kiran is an Industry Analyst in the Verdantix Operational Excellence practice. His current research agenda focusses on emerging solutions and global market trends across the process industries. Prior to joining Verdantix, Kiran worked at Siemens PSE where he gained experience in advanced process modelling and digital twin technologies. Kiran holds a MEng in Chemical Engineering from the University of Nottingham.

Malavika Tohani

Research Director

Malavika leads the Verdantix Operational Excellence practice. Her current research agenda focuses on digital technologies for Operational Excellence including digital twins and software solutions for industrial risk and asset management. Malavika has over 15 years’ experience in research and strategy consulting. Malavika previously worked at Frost & Sullivan, managing and delivering advisory projects for clients involving expansion, acquisition, benchmarking and product development strategies. Malavika holds a MSc in Economics from Madras School of Economics.

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