Evidence-Based Asset Management: Actionable Intelligence in the Era of Big Data [Article]

September 11, 2015 tohanlon@reliabilityweb.com
Five to 10 years ago, an asset manager typically made major decisions based on guesswork. That is no longer the case. With today’s greatly expanded access to data, all asset managers should be making decisions based on facts, using a process called evidence-based asset management (EBAM). Admittedly, even with the recent explosion in available data, maintenance data may be thin or nonexistent for certain assets. For example, decades-old assets with a long lifetime may have no data from their early years of service. Fortunately, we can elicit knowledge from a wide variety of sources across an organization. Obviously, knowledge can be extracted from the maintenance department, but others may have useful information as well. Despite having poor data records, a company may be rich in tacit knowledge. It just requires knowing where to look and how to extract it.
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