5th European International Conference on Industrial Engineering and Operations Management

Information Management in Physical Asset Management

0 Paper Citations
Track: Reliability and Maintenance

Asset management studies have shown that access to quality information is one of the main critical success factors for asset management standards implementation and effective decision-making. However, studies also show that quality asset data have been a barrier to accessing quality information because several departments process data collection and register, and rarely are integration and connection in them. The introduction of artificial intelligence machines is the latest trend in the manufacturing industry. Its primary motivation is to ensure reliable, complete data and real-time information linking all parts or elements of the value chain. Through a literature review, this research aimed to understand the role of information in physical asset management, why many researchers consider it a key dimension in manufacturing companies, and how to be information management with 4.0 machines introduction. As a result, this study suggests that it is possible to compile quality data with proper training and through ISO 55001 information requirements guidelines. However, this research also indicates that, despite currently being able to count on real-time information with 4.0 machine introduction, the companies are not prepared for such disruption. Just as the successful ISO 55001 requirements implementation is directly related to corporate culture, the new technologies acquisition and data use also depend on organizational factors. Therefore, before engaging its efforts and investing its capital in acquiring 4.0 equipment, the companies need to continue investing in its best assets: the people who will know how to use the benefits.

Published in: 5th European International Conference on Industrial Engineering and Operations Management, Rome, Italy

Publisher: IEOM Society International
Date of Conference: July 26-28, 2022

ISBN: 978-1-7923-9161-3
ISSN/E-ISSN: 2169-8767