Asset management decisions—based on system thinking and data analysis

Abstract

Asset related data is collected in several information systems (e.g. enterprise resource management (ERP) and computerized maintenance management systems (CMMS) systems) at industrial plants. Information systems including asset related data are typically used for operational level decisions (e.g. creating maintenance work orders) but maintenance history data is also valuable when making asset management level decisions (e.g. investment decisions). Even though there is a huge amount of stored data, tacit knowledge is needed for risk conscious asset decisions both for supplementing the data contained in IT-systems and for creating the understanding of the production system itself and its interrelationships. The paper describes how data collected from ERP and CMMS system can be utilized when improving operational efficiency and researching investment opportunities and evaluating investment options.