From Siloed to Holistic Asset Life-Cycle Management

From Siloed to Holistic Asset Life-Cycle Management

  • February 2021 •
  • 12 pages •
  • Report ID: 6025143 •
  • Format: PDF
This IDC Perspective provides insight into the steps necessary to transform asset life-cycle management processes and technologies. Asset life-cycle management is an enterprise effort with many dependencies -- yet today it is executed in siloed systems through siloed decisions. This broken toolchain results in gross inefficiencies and poor decision making. Driven by the need for data-driven resilient decision making and enabled by a host of new technologies and platform approaches, enterprises are now streamlining their asset management data streams and systems to advance toward a more holistic strategy. "The key to advancing asset management activities through Industry 4.0 initiatives is to focus on the development of digital threads that carry functional, financial, and field data across the systems of engagement from which decisions are derived," says Jonathan Lang, research manager for IDC's Worldwide IT/OT Convergence Strategies program. "Taking stock of existing data sources, rationalizing and architecting a technology portfolio that reduces redundancy, and combining physical and digital asset management processes will be key to moving from a siloed to a holistic asset life-cycle management approach."