Asset-intensive companies face tighter maintenance budgets, stricter regulations and increased pressure to improve asset performance, whilst confronted with aging assets and workforce. Managing an asset with these challenges requires informed decision-making based on insight, knowledge and forecasting. Data is a powerful tool to achieve this goal.
‘Internet of things’ innovations have led to a rapid increase in the availability of technical and business data. A few years ago, techniques that were complex and expensive are now more affordable, accessible and increasingly important in order to compete in this world of rapid change.
Field data is faster and immediately available for processing, while more relevant measurements and observations of similar or better quality are leading to more reliable information for decision-making.
The transition from data to information has been made possible through development in the usability of applications in the field of data science, and more advanced software and information systems are on the market for data analysis, diagnostics and simulation.
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