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4 ways to ultimately improve your asset life cycle

Have you wondered how you can maximize the potential value of your assets? In order to achieve this, you need to have an efficient asset life cycle in place within your company. This efficient life cycle of your assets can be obtained by fully optimizing its data, like drawings, specifications, inspection reports or certificates. 

Currently, most asset data found in the process industry is often incomplete as it is handled by different actors during different life cycle phases. Each individual team or department may change and add data on the assets as they get repaired or replaced.


In a lot of cases within the process industry, changes are documented in various management applications found in different departments across the company. When this is the case, silos are created and datasets are then fragmented, and are not always up-to-date or shared. This makes turning asset data into useful information time-consuming and prone to errors.

We have identified 4 ways to ultimately improve the efficiency of your asset life cycle, ensuring an effective way to create, align and share all asset data company-wide.

1. Digitize your asset data

Are you still documenting your asset data on physical paper copies? It is time to stop now. Document your asset data digitally to make it easy for them to be updated and aligned with other datasets found across your company.

CEAweb_digital(1) Working this way means that you won’t have to worry about your documents or any key asset data from going missing. When you have digitized your asset data, you can then start working on updating it and sharing it a lot more efficiently for everyone to use.

2. Create one language

Are you working with contractors on your plant? Are they working with the same language as you? The answer is probably going to be no. The way you name and organize your asset data is most likely going to differ from the contractors you hire.


However, both you and your contractors will be working on the same assets on site. It is a difficult task to ensure that your asset data is up to date and correct if you’re not aligned and using the same language. Working with one language ensures that you can identify your assets and its linked data correctly, reducing the risk of anyone doing double work on the same tasks and on the same assets.

3. Connect applications and departments

Are you working with same application as your colleagues in other departments? Is there only one application being used in the company? This will also most likely be a no. Sure your asset data is now digitized, and you’re working on the same assets, but you’re not necessarily working on the same data.


Any changes made to the asset data in one department isn’t going to be updated in another application found in another department. Without connecting the applications together, data can still be outdated and misaligned because they are stuck within departmental silos and applications. A data-centric approach will be the fuse needed to integrate all asset data together and improve communication. Any changes made to the asset data in one application will be available in every other application company-wide. 

4. Visualize your asset data

How can you be sure that you can maintain this alignment and accessibility of asset data? By combining everything into a data-centric software solution.


This solution will lead to, 1) unrestricted communication and collaboration between data management systems, 2) ability to combine different sets of data into integrated information, and 3) visualizing the data in 2D, and 3D. Implementing a data-centric software solution to visualize your data will not only facilitate the collaboration among the functional teams throughout the asset life cycle, but also ensure an easier enrichment and transparency of data.


If you find that the way you manage your asset data is preventing you from having an efficient asset life cycle, it’s time to think about a long-term strategy to improve it. This improvement can only be done when everyone is collaborating and are on board to start digitizing, connecting, communicating and aligning properly. If you follow the 4 ways to improve your asset life cycle, you can reduce the amount of time and mistakes made in your daily activities and guarantee that everyone in your company can obtain reliable information from your asset data.

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Read our latest case study

Heinen & Hopman wanted a software solution that could provide them with the necessary tools to access and manage asset information, all from one shared database.