18. Dynamic Asset Performance Management

Managing asset performance under prevailing dynamic business and industrial scenario is becoming critical and complex, due to technological advancements and changes like artificial intelligence, Industry 4.0, and advanced condition monitoring tools with predictive and prescriptive analytics. Under the dynamic asset management landscape, asset performance is an integral part of an industrial process to ensure performance assurance and acts as a key game changer. Therefore, managing the asset performance and data analytics throughout the asset life cycle is critical and complex for the long-term industrial and business viability, as it involves multiple stakeholders with dynamic inputs and outputs with conflicting expectations. Lack of linkage and integration between various stakeholders along the hierarchical levels of an organization with their changing requirements is still a major issue for industries. For integration within an organization, each asset needs predictive and prescriptive analytics, besides it needs to be linked and integrated for achieving the business goals. In this chapter, managing the various issues and challenges to dynamic asset performance is discussed.