Truth about data in 2021

by Asseti Insights

Transformations in the harvesting, storage and use of data in the past decade or two are enabling businesses, governments and individuals to move away from instinctual decision-making toward a truly data-driven paradigm. Asseti was architected to do that with respect to asset performance optimization and management at scale.

That's not to say that intuition should be eschewed – it remains an important representation of the higher-order calculus that sets humans apart. Albert Einstein is credited as saying "the intuitive mind is a sacred gift" - although debate surrounds precisely which quotes are legitimately attributed to Einstein and their intent, it is a great quote. However, despite how helpful instinct is and has been throughout human evolution, it would be an error to base decisions solely on it . This is particularly true in an area such as asset management, where quantitative data has been found to be extremely beneficial to asset network performance optimization. Solutions like Asseti deliver the benefits of big data insights, bolstered by artificial intelligence and machine learning, in a way manner built to help people – asset management leaders and operators – to make informed data-driven decisions that incorporate intuition.

Data-driven decision-making involves using data to inform a decision and validate a course of action prior to execution. It is more feasible to use data-driven decision-making than ever before, as more than 2.5 quintillion bytes of data are produced daily! That is equivalent to 1.7 mega bytes of data being produced every second, by every person in the world. Asseti is built on that premise, and through our development and work have recognized data commonalities in asset network performance optimization and management.

Five truths about data in asset network management

Truth #1:

I almost always have more data than I need

A common misconception made by many infrastructure asset managers is that data needs to be exhaustively collected. The truth is that, in most cases, they rarely use it. It sits there in storage forever. Companies can transform this data into a strategic competitive advantage. That is what Asseti was designed to do.

Truth #2:

Degradation profiles can be constantly refined when inspections are regularly carried out

Asseti is designed to build a genomic picture of asset condition, using material records, antecedent, and 3rd party data such as weather. The Asseti Paradigm can then be used to benchmark assets to deliver deep insight and thereby build a more robust and localised degradation model. More importantly, by working closely with Asseti experts, an organisation can develop and customize their own life cycle modelling structure. This has the flexibility and adaptability inherent to any customizable model or structure.

Truth #3:

My organization's strategic objectives can be fluid

Traditionally, the success of strategic planning has revolved around a few universally accepted axioms to reach a particular set of goals. It has always been all about looking forward, often outside the immediate future for your organization. To lay out -- step by step -- how you're going to attain those goals, and to predict potential problems along the way. Disaster lays in wait for any reckless organization that fails to adequately plan.

With the flexibility of Asseti's data analytics capabilities, comprehensive and unchangeable strategic objectives are no longer as vital, or even suitable, as they once were. As long as your organization has a grasp on level of service in relation to asset condition, you are set to gain maximum benefits from Asseti immediately. It is not uncommon to see objectives solidify as the model is applied and increasingly comprehensive outcomes are realized, as Asseti facilitates a more adaptive and agile approach.

Truth #4:

Asset management modelling is more accessible and easier to understand than you think

Asseti understands the need for the platform to clearly communicate outcomes to their stakeholders, and as asset management is an increasingly important area in most organizations, the data needs to be conveyed to users in a way that can translate complex processes into simple visual representations of potential asset management options. Asseti uses dashboards that are easily understood, with MRO and risk triaged by prioritization.

The complexity of asset management generally lays in its application at scale, and products including Asseti leverage the best of modern data science to eliminate that source of friction to fast decision-making in accordance with models.

Truth #5:

Asseti can be easily integrated into your existing asset management processes

This is less a truth about data than it is a truth about data utility. Asseti is designed to improve and bolster data utilization. The platform works with existing frameworks and EAM platforms, to enable faster and better insights and accelerate the velocity of operational asset performance optimization and strategic reporting.

Asseti is available to consult and assist subscribers with large data imports and Workspace establishment, to eliminate friction onboarding. Raster and vector data types are supported, and associated datafiles can be imported.

 

You and your organization likely have more productive data than you think, and Asseti can transform that data into a strategic competitive advantage in your asset network performance optimization and management. Claim your free Asseti trial account now, with a no-card registration, or set a guided tour with our product team for more insight.

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