Upgrade your Asset Management with a Digital Twin of your Organization

What is valuable for YOUR organization to know about your assets?

Home Blog Upgrade your Asset Management with a Digital Twin of your Organization

By Harriet Hansen

What kinds of assets does your organization have? Regardless of the answer to this, a Digital Twin of your Organization can help you manage them. A Digital Twin of your Organization can be described as a detailed and dynamic management system.

Read on to learn about how a Digital Twin of your Organization can enable:

  • Storage of all data relevant to your assets in one place
  • Optimization of your maintenance
  • Governance of regulatory compliance
  • Evaluation of your assets’ performance and overall value to your business

With a Digital Twin of your Organization, you will be able to save resources on maintenance and make evidence-based strategic choices regarding your assets’ lifecycles. It will help you to determine when an asset has strategically outlived its purpose, when it should be upgraded or simply repaired.

Integrating the Digital Twin of your Organization with your asset management system takes effort. You must evaluate which data is necessary for generating the needed knowledge. Therefore, you should always prioritize the effort and consider which assets are the most important to include and where you should start. However, as you gradually integrate your asset management with the Digital Twin of your Organization, you will quickly be able to reap the benefits of maintenance optimization, performance evaluation and regulatory compliance.

1. Keeping all data relevant to your assets in one place

The first thing you should do, when integrating your asset management with the Digital Twin of your Organization, is to make sure that the information your organization has on the assets are documented in the Digital Twin’s central repository. This information could include:

  • Location of the assets
  • The assets’ model and acquisition date
  • The assets’ dependencies
  • Financial information about the assets
  • Stakeholders and asset responsible
  • Service agreements and contracts
  • User guides
  • Regulations or standards that the asset must comply with
  • Competencies needed to handle the assets
  • Specification of the processes and capabilities that the specific assets enable
  • Specification of the strategic goals that the specific assets help achieve

The information above should be linked to the specific asset it pertains to, and it should help you to accurately evaluate which assets have the greatest potential for reaping the benefits of a Digital Twin of your Organization. You can also turn to the ISO 55000 Standard covering Asset Management for more on what information you could document. Having a single source for information about your assets enables you to strategically enrich it with new data and analyze it to create valuable knowledge.

2. Optimizing your Asset Maintenance

A Digital Twin of your Organization can improve your asset management by enabling predictive maintenance, ensuring that you only spend resources on preventive maintenance when necessary.
Depending on which types of assets you want to monitor, there are different factors that can be included in the evaluations of the assets wear and tear.

The factors you would want to monitor could include:

  • Frequency of use
  • Productivity – compared to assets of the same type or compared to historical data
  • Details about the assets and their parts detailing materials and associated risks regarding wear and tear (this could also be used as indicators of which parameters should be measured)
  • Surrounding temperature and humidity (linked to the manufacturer's benchmark values)
  • Performance data such as operating temperature, speed, vibration, inlet/outlet pressure

Based on this information, risk assessments can be performed, and the Digital Twin of your Organization can notify the responsible personnel when actions are needed.

3. Governing your assets’ regulatory compliance

Risk and compliance go hand in hand. You should always evaluate risk and decide how to handle them to ensure compliance.

With a Digital Twin of your Organization, you can integrate compliance, risk and asset management by cross-linking the relevant information, making knowledge available to the right people at the right time. Because of the targeted data collection of your assets’ performance and conditions, you can react to risks effectively by creating control activities that can be integrated into existing work procedures.

You should enrich your assets’ information with information about which regulations or standards they must be in compliance with. By a process-oriented organization, this can be done by linking the specific articles from the regulations to the organization’s processes. The processes should then also contain links to the assets they are dependent on. The way compliance is ensured can be visualized in workflows.

4. Evaluating your assets’ performance and overall value for your business

A Digital Twin of your Organization can also be utilized to evaluate an asset’s impact on your business’ objectives and create a 360-degree view of your asset management, effectively connecting the C-level management with the production floor.

The Digital Twin of your Organization helps to create a better understanding between management and operations, as it enables you to relate the Key Performance Indicators with the Key Risk Indicators. It can create a clear view of possible effects of management decisions. A decision may for example have a positive effect on a Key Performance Indicator but a negative effect on a Key Risk Indicator. An example of this could be reducing costs by lowering the maintenance frequency of an asset. This will have a positive effect on a Key Performance Indicator for costs but a negative effect on a Key Risk Indicator for the asset’s productivity, as the asset is now more likely to malfunction.

You create a 360-degree view by, for example, connecting information about your assets’ productivity, inherent risk, failure rates and cost with information about how the business processes, that the assets contribute to, perform.

You can evaluate the assets’ performance based on their direct cost and productivity, but also on the overall performance of the processes that they are part of or capabilities they contribute to. How do customers experience the processes supported by various assets? How do employees experience the handling of the assets? How do the assets’ dependencies with other assets affect the output or outcome? This is information that should be included in the overall evaluation of the assets value to the organization.

There are several models that you can use to document these aspects and more. Some useful models, where assets could be included, are:

  • Customer journey maps
  • Process networks and workflow diagrams
  • Production site map
  • Product roadmap
  • Manufacturing routing network

These models enable you to document an asset’s use, dependencies and strategic importance. Depending on the nature of your assets, some models are more useful than others. By using the intelligence gathered for and by the Digital Twin of your Organization, you can ensure that your organization stays competitive by having the optimal collection of assets for your business operations.

If you are curious about how QualiWare can help you implement a Digital Twin of your Organization and upgrade your asset management system to the neXt generation, you can request a demo here.