In the final part of our ‘revolutionising digital twins for asset management’ blog series, we dive deeper into the new demands, regulations and requirements that help guide the asset management industry into the digital age.
Traditional methods of asset inspections have become problematic for almost every industry today. With safety and efficiency becoming top priority not only by international standards and certifications, it’s become a major focus for many government agencies around the world.
In the modern day of asset management – an industry that is justifiably risk averse – hundreds of individual pictures, with no broader context is not enough to make accurate decisions.
With drones and robots now enabling far superior capture – tens of thousands of images, rather than hundreds – using that data effectively comes down to how the images are stored, sorted and displayed, and more importantly, how context is added to that collection of images.
Asset managers, like professionals in almost any other industry, are now much more highly-scrutinised and laws are designed to protect their customers from their incorrect decisions or guidance. To be able to collect more data and use it more efficiently and effectively is crucial to integrity and to success.
An enhanced focus on safety
As safety requirements and regulation have improved, especially in the developed world where duty of care rests firmly on the employer, and worker’s compensation flows plentifully with premiums ever-increasing, minimising danger to humans during asset inspection is crucial.
Companies that provide inspection services, and asset maintenance, are ruled by tight safety constraints, abseilers are qualified, and even those in cherry pickers carry ‘Working at Heights’ certifications.
Companies are accountable, and need to reduce their risk-level in order to reduce their overheads and maximise their return on investment.
Modern forms of capture methods largely negate the need for human inspection, enabling assets to be captured from every angle – even the hard-to-reach spots – without added danger, and the models produced enable markup and measurement remotely.
An enhanced focus on ESG
One of the added pressures on modern day companies operating in any industrial space, in fact, in almost any industry, is the increased focus on ESG – environmental, social and corporate governance.
For those in asset management, or asset-owning companies – and especially those with shareholders to whom they answer – environmental scrutiny is now a consideration at the top of their list.
Capture and modelling that enables particularly energy providers to assess and monitor defects quickly, accurately and effectively reduce the risk of failures that could destroy the surrounding environment, costing millions or billions in damages.
Modern, more collaborative platforms, with vast volumes of data converging in one model, also enable more timely and reliable reporting, and far greater transparency, empowering stronger and more robust corporate governance.
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