Asset Management Transformation

DRIVERS OF CHANGE

Aging and increasingly complex asset base: As legacy assets continue to age, and decentralised networks require multifaceted asset strategies, asset owners’ estates become increasingly challenging to operate, monitor & maintain.
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Poor data integrity: The ability to utilise data to optimise the asset management approach offers significant opportunity to asset owners to streamline their operations. Legacy IT landscapes and integrations must be updated to enable this.
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Increasing regulatory demands: Tougher and more demanding regulatory obligations continue to put pressure and squeeze efficiencies on asset owners’ operations and investment planning.
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Accelerated digital transformation: The pace of digital adoption across the sector shows no sign of slowing and asset owners who fail to keep up risk losing market share.
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Rising cyber threats: The cyber risk landscape to utilities and asset owners has increased to progressively complex threats from a wider set of actors, including nation-states and other sophisticated players.

80%
Time spent on reactive rather than preventative maintenance

30 mins
Average time per employee wasted retrieving information every day

£250k/hour
Cost of unplanned downtime for industrial plants (upper estimate)