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GE Digital Contributes to Independent Research Firm Best Practices Study on Digitizing Industrial Asset Management

Verdantix: Best Practices for Digitizing Industrial Asset Management white paper

Verdantix, an independent industry analyst firm, conducted in-depth interviews and surveyed nearly 300 managers in operations, maintenance and engineering as well as asset performance management experts at service providers and technology firms worldwide on their best practices and asset management objectives.

The research, Best Practices for Digitizing Industrial Asset Management, published in January 2020, concluded that there is no one-size-fits-all approach to the digitization of asset management for industrial facilities. Strategies for asset management must reflect the financial importance of asset reliability for each plant and the current state of technology maturity. A company’s digital evolution strategy needs to move through three phases: Integrate, Unify, and Optimize. Ultimately, succeeding with a digital strategy for asset management is more dependent on achieving a shift in mindset about what best practice looks like than it is about deploying new technologies.

To this end, once foundational best practices have been established, the report recommends optimizing operations by:

  • Boosting the frequency and granularity of digital data collection.
  • Launching a digital twin strategy to enhance user engagement
  • Expanding the range of APM analytics to generate more business benefits
  • Integrating asset health data with control of work software to enhance safety.
  • Lowering costs by optimizing maintenance priorities and work allocation

Learn more by downloading the full Verdantix report Best Practices For Digitizing Industrial Asset Management.