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How Have Asset and Asset Risk Management Transformed with New Technologies?

How Have Asset and Asset Risk Management Transformed with New Technologies?

Most leading practitioners from asset-intensive industries have one thing in common, that is a comprehensive understanding of which technologies they should employ, how and why. Early adopters of new-age technologies are resilient to the post-COVID redefinitions of industries; they are more adaptable, powerful and highly progressive than ever.

In addition to the early adoption of technologies, understanding the maturity curve of cutting-edge technologies and how they influence facilitating the asset and asset risk management capacities is very important. This awareness shines a light on understanding the applicability of various technologies in specific asset areas across investment life cycles to make smarter asset decisions.

Today we are investigating the most impactful technologies that have transformed asset management approaches and asset risk mitigation and recovery plans of asset custodians in the industrial world. This article will help you in understanding how to make most of the state-of-the-art technologies to pump up your digital transformation journey and employ technologies to improve your asset management and maintenance capabilities.

Asset Managers of This Age are Optimistic

Since technology started disrupting the industrial world, asset-centric industries have been fundamentally stronger, event-driven and faster than ever. However, with better technologies and infinite innovation disrupting the industrial realm, asset managers do face challenges due to passive fund influxes, dynamic market environments and spontaneous socioeconomic events like the COVID-19 pandemic. These challenges have exacerbated the speed of potential growth, rising revenue margins and the emergence of digitally-savvy industrial establishments. The answer to overcoming these challenges lies in an answer that is old as time: constant innovation. Even though the risk landscape is exponentially growing, the technologies that are mitigating these risks and augmenting mitigation plans to be better are also rising. Hence why new-age technology plays a vital role in evolving asset and asset risk management.

3 Technology Trios that Transformed Asset and Asset Risk Management

AI, ML and Cognitive Technologies
Advancements in Artificial Intelligence (AI), Machine Learning (ML) technologies have led to assisting asset custodians in penetrating and optimising beyond traditional asset and asset risk management approaches. The reign of self-managing systems was born after smart upgrades spurred by AI, ML and cognitive technologies were deployed in asset-heavy systems. As modern asset systems generate a copious amount of data they are more potent in being analytically strong.

AI-based algorithms, ML models and cognitive schemas have allowed autonomous analytical capacities that have modernised asset systems to be more fact-based, smarter and independent. Therefore, rather than depending on historical information and wasting time, money and effort in age-based asset management approaches, these technologies empower detecting, predicting and prescribing mitigation efforts for impending asset risks and threats to optimally control high-risk asset events.

This technology trio has impacted asset advancing portfolio management, investment scenario analysis, maintenance strategies and asset degradation of threat predictions, giving asset managers many chances in making the best out of asset data. Most importantly, it can feed data to interactive asset timeline models that allow asset managers to tweak a virtual timeline to learn fact-based analysis of the end-to-end lifecycle of an asset or an asset network.
IoT, Digital Twin and Simulation Technology
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IoT (Internet of Things) plays the role of a central nervous system in the asset systems of industrial practitioners. It interconnects every component of the expansive IT ecosystems and carves routes for data to flow seamlessly. IoT has enhanced data efficiency, agility and self-serving systems that intelligently direct data to the right points. It interconnects data sources to endpoints- like data warehouses, data lakes, mainframes, cloud platforms, core systems, system edges, devices, applications, databases, EAM- Enterprise Asset Management-, analytical technologies and more. The fluid interconnection enabled by IoT empowers the best visualisation technologies that have greatly impacted in transforming the asset management approaches of the new-age: digital twin and simulation.

When systems are surging with IoT-powered data networks, simulation platforms and digital twins also get a value-added advantage in integrating visualisation capacities. Asset practitioners can use digital twins with simulation capabilities to create virtual replicas of assets in order to collect multiple data influxes and visualise parametric information by simulating different critical asset scenarios. For instance, a water dam operator can simulate heavy raining events and floods in a virtual environment to interact with a dam model and study its resilience, performance and strength at any given event. This technology allows asset managers to forecast impending risks, degrading functionalities, and investment scenarios to get a hands-on visualisation of the real-time and anticipated asset occurrences.

Satellites, Sensors and GIS Maps

After SpaceX discovered the reusability properties of satellites, the cost of utilising satellite technology has reduced and is widely used by many asset practitioners around the world. Satellites were given a new purpose in asset management, for they are now used to make asset decisions in a more realistic manner. Satellite technologies enable EO (Earth Observation) data, like:

  • GOES – Geostationary Operational Environmental Satellite- for natural disaster impact mitigation, and
  • LEO (Low Earth Orbit Satellite) System, Radar and
  • Multispectral Optical Sensors for monitoring hard-to-reach assets, remote sensing technologies for tracking and monitoring movable assets

, are a few satellite-driven asset technologies that are empowered by satellite, sensor technologies, and especially orbital edge computing.

IoT sensors gather data of assets based on their performances, functional trends and environmental phenomenon. When EO-information is connected with IIoT-driven sensors, asset managers extract enough data to illustrate real-time asset occurrences on an interactive GIS map. This gives asset managers who manoeuvre disparate installed assets or infrastructure to match geolocation data with set parameters to get comprehensive profiles of assets remotely. With IoT-driven sensor data and Satellite data, asset managers connect all asset information to get broader scale insights- despite the location or type of the asset. This technology has allowed asset investors to even get a consolidated view of the budget analysis of millions of assets deployed in a city or a country- making this technology trio a game-changer for most asset players.

Does Cerexio Offer Transformative Technologies for Asset Practitioners?

Cerexio is one of the few global technology vendors to offer technology suites with the best asset technologies that facilitate asset custodians of the now and the future. Cerexio offers new-age technology solutions, platforms and the necessary consultancy required for asset-related institutions to gain the awareness, understanding and a comprehensive roadmap towards harnessing the most befitting assets technologies. Team Cerexio is a group of technology experts, asset specialists and constant professionals who let you tailor personalised technologies based on your organisation’s unique asset technology requirements.

We offer solutions advanced with a myriad of asset-related technologies, including AI, ML, predictive and prescriptive technologies, satellite-based remote sensing, simulation, digital twin, IIoT and more. Connect with Cerexio to let us assist you in understanding the potentials of your organisation to adopt and utilise transformative technologies to control, manipulate, deploy and maintain your assets better than ever.

Asset Managers are Now More Confident Than Ever

The disruptive technology that has been affecting the new trends to be outdated before they are called ‘old-fashioned’ is normal in the technology industry. Bimonthly or even sooner, there is always a technology that is deemed to be better than its predecessor. This is why asset-dependent industrial players are more confident than ever!

The advent of the demands of the industrial 4.0 has made asset utilisers narrate louder and fact-based success stories by being early adopters of asset technologies. New technologies have definitely influenced asset-centric players to be more efficient, resourceful and timely than ever. However, as mentioned before, technologies keep exponentially augmenting and advancing, which foreshadows that the current ‘new asset technology trends’ are going to be outdated with a better technology- which makes asset managers self-reliant than they have ever been.

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