How to develop a successful asset management (AM) strategy during the CORONA virus downturn

COVID 19
Crisis
asset management
management
COVID-19 is disrupting all sectors including asset management - plants around the world are operating in emergency mode or are shut down completely. There is no hint about how long the situation will last nor can anyone realistically predict the scope of the economic impact it will have. Therefore it is crucial to minimize costs while not compromising the effectiveness of the plants. These 6 recommendations will help you to align your asset management according to requirements and turn the challenges into opportunities. The "bull market" has collapsed. For eleven years, stock market prices knew only one direction: up. COVID-19 suddenly put an end to the seemingly eternal upward trend. A global recession seems inevitable. The only question that no one can seriously answer at the moment is: Which development will the recession take? Economists distinguish between so-called "V", "L" or "U" movements depending on the curve shape. Within a few days, companies had to drastically limit their supply capacities. Airlines, travel agencies, hotels, car manufacturers, suppliers - all sectors are increasingly affected. Even the first production facilities - among others Mercedes, VW, Tesla or Schaeffler - will be idle for the next 4-6 weeks. And almost every day more...
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Artificial intelligence (AI) will transform asset management (AM)– are we ready to lead the change?

asset management
Industry 4.0 is happening. Businesses need to digitise to thrive. What will this mean for the future of asset management? Will there still be a need for structures and processes like asset management strategies and plans, or will machine learning and cognitive technologies take the lead in driving an agile approach of strategy to action? Save us from process paralysis Today, operationally focused asset management organisations are already demanding more from their asset management systems. They don’t want to be bogged down with heavy processes that hamper efficient decision making. They want the right amount of information, at the right time in the right format to make a quick decision that improves operational KPIs to delight the customer, whilst aligning to their strategic objectives. The field of asset management must keep pace with change and evolve to support more effective and efficient decision-making and action-taking. As asset management professionals, we must lead this change. But, how do we ensure our asset management approach is lean and fit-for-purpose in this rapidly evolving world of ever-advancing technologies and ever-increasing customer expectations? Data overload to information clarity Understanding how best to utilise data and technology in asset management is key. For example, IIOT...
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Earth is our most important asset!

asset integrity
gas
oil
asset management
When it comes to climate change, this is the decade of truth. Without taking additional measures, temperatures on earth will rise exponentially. The expectation is that global energy use will increase by 20 to 25% in the next 15 years as a result of population growth and economic development. Industries are under pressure to improve their energy efficiency, to use more sustainable energy sources and to reduce emissions. Carbon pricing is based on the principle that the polluters themselves are the ones who pay, and it is an integral part of (inter)national mitigation strategies. In order to decrease reliance on fossil fuels, efforts are also being made to further develop renewable energy generated from wind, geothermal heat, the sun and water. By 2025, it is expected that onshore wind and solar energy will be the cheapest forms of energy, and that fossil fuel use will have already peaked. WHAT IS THE PROBLEM? From an asset management perspective, we can argue that the earth is our most important asset and should therefore be carefully managed. Climate change is one of the major threats to earth. Rising global temperatures are a given, and the consequences if we fail to take action are...
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