Tends in Engineering Asset Management: The Impact of Transformative Technologies on Risk and Reliability Management

Abstract

The strategic focus of the modern-day managers has been on seeking transformative technological and business solutions to ensure the safe and cost-effective operation of engineering assets. These transformative technologies (sometime also referred to as digital technologies) such as industrial Internet of Things, AI, Machine Learning, and 5G communication, offer highly effective solutions, empowering engineering managers to make informed decisions leading to improvement in asset performance and regulatory compliance. As a result, asset managers are embracing and deploying digital technologies across their assets, aiming for operational excellence in their operations. However, the journey of digital transformation must address various challenges, such as technological, business, and governance-related issues etc., to ensure the safe, reliable, and sustainable operation of engineering assets. This paper is exploratory in nature and underscores the significance of digital and enabling technologies, examines associated issues and challenges, and also explores the future trends. It also presents short discussion on RAMS (Reliability, Availability, Maintainability and Safety) and PHM (Prognostics and Health management) in the context of industrial asset management to mitigate risks from asset operations with deployment of new technologies.