Optimizing industrial performance and sustainability with digital innovation

Effective asset management balances cost, risk, and performance. By leveraging digital tools, data-driven insights, and artificial intelligence organizations can make precise decisions that optimize this balance, moving away from guesswork.

“The most important aspect and benefit of asset management is proactivity. By anticipating risks and understanding the probability of asset failure, you can take preemptive actions to ensure that the lifespan of your assets is prolonged and downtime is minimized,” says program manager Tobias Carlzon, Etteplan’s asset management expert based in Sweden.

The proactive approach allows organizations to be better prepared for potential issues, reducing downtime and maintenance costs while enhancing overall efficiency.

“Leadership is also a key part of asset management. To succeed, a CEO must get involved in the development and walk the talk.”

Carlzon emphasizes that the foundation of success is developing a strategic asset management plan according to the ISO 55000 standard. This ensures that all aspects of asset management, from maintenance schedules to resource allocation, are aligned with the organization's objectives and stakeholder expectations.

“In the plan, you also need to take into consideration all stakeholders and how this affects the way assets are managed in practice. Then, you can make informed decisions on how to run assets,” says Carlzon.

Overall, the advent of digital tools has revolutionized how organizations collect and analyze data. This is highly beneficial for asset management, where accurate information is essential for understanding the condition of assets.

“By taking full advantage of the digital transformation, you can completely change your organization. Digital tools provide us with more and more data, enabling real data-driven decisions. However, analyzing this data can be challenging.”

Unsurprisingly, artificial intelligence (AI) and machine learning (ML) are very useful in asset management. With their help, organizations can transform vast amounts of data into actionable insights. These technologies can uncover aspects no human analysts could detect, offering a deeper understanding of asset health and performance.

“With AI and ML, you have the possibility to analyze the vast amount of data you collect, use it to make the right decisions and optimize asset performance. Such functionality will give you unprecedented insights about the conditions of your asset.”

Since November 2021, Etteplan has been collaborating with Roslagsvatten, a drinking water, sewage, and waste management company operating in the Stockholm area. The aim is to establish high-quality asset management processes and technologies.

“Roslagsvatten embarked on a very exciting journey of digital transformation. They used to be very reactive and unaware of the extent of their maintenance debt in the pipelines and water management systems,” Tobias Carlzon recalls.

By implementing a comprehensive asset management strategy, integrating digital tools like SCADA systems to monitor pump stations and treatment plants, and installing network sensors, they will become able to gather and analyze critical data. Another example is smart sensors in waste bins that will help to optimize waste handling and cut carbon emissions.

“We have the best tools in the market, and we work a lot with information requirements to ensure we have the right information,” Carlzon explains. “We are also solving the human challenge of getting people to use the tools in the right way.”

This ongoing transformation will not only improve asset management but also provide a clearer understanding of maintenance needs and operational efficiency. Asset management also helps achieve broader goals.

“One concrete target for Roslagsvatten is to reduce energy consumption by 40%. To achieve this and accurately calculate carbon emissions, we need to break down the objective, monitor consumption at each pump station, perform a thorough lifecycle analysis, and even account for subcontractors outside the organization.”

A holistic approach to asset management is essential for success. However, many organizations operate in silos, optimizing their own areas without considering the bigger picture and interoperability. According to Carlzon, many companies have IT/OT systems that are not integrated.

“If each departmental silo buys their own systems, information won’t flow from one system to another. Asset management helps break down these silos, fostering cross-department collaboration that enhances information flows," Tobias Carlzon points out.

Asset management ensures everyone is working towards the same vision and direction. Therefore, measurable objectives must be defined for the departments and employees.

“Ultimately, asset management should focus on creating value. If a task isn’t part of a process, it’s useless and should not be done anymore. Besides, refining processes and aligning personal and organizational goals creates a sense of purpose and belonging,” Tobias Carlzon concludes.