The Digitization of Asset Performance Management

By Paula Hollywood

Category:
ARC Report Abstract

Overview

Strange perhaps to discuss management of change (MOC) at a technology conference, but ARC Advisory Group did just that recently at its 22nd Annual Industry Forum in the “Digitization of Asset Performance Management” workshop.  As the initial Industrial IoT “killer app,” asset performance management will transform the who, what, when, where, and how of maintenance and operations.  According to workshop moderator, ARC Senior Analyst, Paula Hollywood (the author of this report), “All the technology in the world will not successfully and sustainably transform an organization without including the people who perform the work and the work processes they employ.”  Workshop speakers shared their thoughts and experiences on managing change.

Change of Different Kind

Digital transformation consists of multiple interdependent and intersecting changes driven by technological disruption.  An organization’s ability to not only survive digital transformation but thrive, will depend on its ability to manage complex changes with a cohesive strategy.  Research data from multiple sources indicates that slightly more than half of major change initiatives are viewed as successful.  That means that nearly half fail to achieve their goal, a clear indication that organizations will need to sharpen their change management skills to transform to the digital state.

Change vs. Transformation of Asset Performance Management phapm.JPG

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Keywords: Asset Performance Management (APM), Management of Change (MOC), Digital Transformation, Industrial Internet of Things (IIoT), ARC Advisory Group.

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