What does lifecycle asset information management look like?

Posted by Marketing on 18 June 2019

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What does lifecycle asset information management look like?

Want to improve safety, uptime and efficiency across the lifecycle of your project and asset? A great way to attain this within construction work is through properly implemented asset information management (AIM). A management process that sees you store and disseminate information.

Birds flying around a construction site.
Photo by ??? DANIST on Unsplash

The issue with AIM is that it’s confusing and nuanced. Many UK construction industry facility managers think they might need it but aren’t entirely sure what it is. Many also don’t understand the best way to implement it in their construction projects and management processes.

This guide, put together by project information management experts BC, will explain:

  • What asset information management is.
  • How it helps throughout the asset lifecycle.
  • Which important asset information AIM manages.
  • The best solution for implementing it across your construction projects.

What is asset information management (AIM)?

Asset information management is the action of dealing with all asset information requirements. It is, quite literally, the ordering and sharing of all information (BIM Level 2 data, Geospatial information, parts maintenance instruction etc.) provided by an asset information model.

AIM is usually implemented by means of a common data environment to permit a single source of truth for streamlined decision making. Good AIM helps assure a project is built on time, in budget and on specification through assuring information is comprehensive and current:

  • Comprehensive because it stores all information about every part of an asset to help users quickly spot errors. It also catalogues each change to every file for increased accountability. 
  • Current because it provides all relevant parties access to a single version of the most up-to-date information. The ensures there are no discrepancies as everyone uses the same data.

By making sure decisions can be made quickly and assuredly, well-practised AIM helps owner-operators to maintain a competitive edge.

What information does asset information management actually manage?

AIM stores important reference data and activity records that are used to support high-impact decisions. Information such as that involving critical processes, security or health & safety. 

Reference Data

  • Function

Information relating to the functions and inner-workings of an asset and its components, such as flow diagrams and equipment specifications.

  • Design

Information relating to the design of an asset, such as piping & instrumentation diagrams and building information models (BIM) and digital twins.

  • Procedures

Information how an asset should work, including descriptions of operations and certification requirements.

Activity Records

  • Commercial

Information about the finances and investment opportunities relating to an asset, including purchasing records and depreciation.

  • Status

Data about the status of an asset and its workings such as procurement and MRO inventories.

  • History

All information on the asset’s past including maintenance records and incident reports.

A welder on a construction site.
Photo by Rob Lambert on Unsplash

How does AIM help throughout the asset lifecycle?

AIM improves portfolio management and asset management throughout the asset lifecycle by building hindsight, foresight and insight into a management system. It achieves this by making information at the design & build, operations & maintenance and decommissioning stages available to those who need it.

  • AIM in the Design & Build helps to create hindsight for later in the project. It does this by documenting everything that has gone into the making of an asset. From engineering information and 2D & 3D drawings to design data etc., all information be later drawn on.
  • In the Operations & Maintenance stage, AIM enables the hindsight gained from the design & build phase. It uses it alongside constantly-learned data such as equipment information and maintenance plans. This helps to gain insight into the day-to-day running of the asset and ensure everything runs smoothly.
  • AIM in the Decommissioning stage uses all prior hindsight and insight to help spot potential issues. It also builds foresight by storing the information created at this stage for later reference.

What does good AIM across the asset lifecycle look like in practice?

The question now facing you is how to best-implement asset information management?

BC are leaders in AIM software solutions with their class-leading BC Enterprise and BC Enterprise+ common data environments.

Get in contact with BC to discover how they can help you to implement AIM.

 What does lifecycle asset information management look like infographic, by BC