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Digital Transformation - What it really means for Asset Management

Technology innovations are opening doors to a completely new world for asset management. The Internet of Things (IoT), big data and analytics, cloud computing, mobile solutions, augmented and virtual reality, condition monitoring and predictive maintenance, and business networks are some of the trends currently making inroads into the asset management world. These trends will be explored by Dr.-Ing. Achim Krüger, Vice President – Line of Business Asset Management, SAP SE.

Dr. Krüger is one of the keynote speakers at this year’s SAAMA (Southern African Asset Management Association) conference to be held from 5 to 7 June 2017 at the Lord Charles Hotel, Somerset West, Cape Town.

As new technologies emerge, it is of utmost importance that we, too, become more agile and responsive to these in order to ensure we do not miss opportunities for operational excellence - especially in the asset-intensive industries. As we face disruptive challenges from changing business models and higher cost pressures, we need to remain focussed on the business basics of balancing cost, risk, and performance, in accordance with ISO 55001 and other new management standards.

However, we now face a new challenge: How do we effectively use the massive amounts of data about assets that are being generated every day, minute, and second? Dr. Krüger’s presentation will focus on how data provides a wealth of potential insight that can transform asset management in ways that help companies get more value from their assets.

"Operational excellence in asset management starts with a seamless, digital representation of physical assets that allows for the digitalization of key processes," says Dr. Krüger.

"This digital representation is the key to the digital transformation of asset management. It allows us to reinvent business models, processes and the way people work. Asset management practitioners can use this digital representation of assets to easily access all relevant information. In real-time, they are now able to access accurate information about assets and collaborate with all stakeholders. Assets are connected, asset system behavior is analysed in real time, simulated, and predicted, and asset management information is shared effortlessly in the cloud," adds Dr. Krüger.

Dr. Krüger will share his thoughts on how digital transformation plays a major role in supporting a holistic asset management approach, in line with ISO 55001. All of the principles of ISO, i.e. value, alignment, leadership and assurance need information to be proficiently executed. Without an effective information system it will be impossible to make accurate, timely decisions with regards to assets. An information system allows for proficient management of all asset-related information and processes throughout the complete asset lifecycle, resulting in improved core business processes and systems.

"Digitally transformed asset management ensures that the right business information (IT) and operational technology (OT) data and insights are available to the right people at the right time, across the ecosystem and the entire asset lifecycle," adds Dr. Krüger.

"We are experiencing a tidal wave of change in the traditional world of asset management. Powerful technology innovations are enabling the creation and analysis of data that is an order of magnitude larger in volume than what was available just a few years ago. This data can be harnessed to transform asset management practices and support the creation of new business models and processes."

"Imagine having streaming data from sensors, machines, and other assets connected through the IoT – and then analysing it to gain real-time transparency and decision support. Companies can share this data and drive collaboration across their ecosystem throughout the asset lifecycle for better asset outcomes. The possibilities are endless. Digital transformation is here and it is here to stay. It is the future of asset management," concludes Dr. Krüger.


More about Dr.-Ing. Achim Krüger

Dr.-Ing. Achim Krüger started his career as an officer with the German Air Force. He held several positions in the areas of maintenance of helicopters and transport aircraft as well as systems engineering, before he worked in higher commands as a logistics general staff officer. Joining SAP Germany in 2002 Dr. Krüger first served as a consultant before establishing the SAP for Defense & Security industry portfolio at SAP AG. After several other duties in Solution Management and Development Dr. Krüger is now responsible as a Vice President for SAP's solutions for the line of business Asset Management (which comprises EAM as well as EH&S). Dr. Krüger obtained a degree in aerospace engineering from the University of the Federal Armed Forces at Munich as well as a degree in economics from the University of Hagen. For his thesis on the fatigue life behavior of metallic materials he was awarded a doctorate in engineering. To connect with Dr Krüger, visit his profile on https://www.linkedin.com/in/achimkrueger. Link to his white paper on digital transformation: http://www.sap.com/documents/2016/12/0421b662-9f7c-0010-82c7-eda71af511fa.html


For more information or to book a space, please contact our team:

TOPICAL DISCUSSION
 
GFMAM
 
ISO 55000
 
PROFESSIONAL BENEFIT
 
The CMRP Exam
 
The CAMA Exam
 
The SCPP (ISO 55 000) Exam
 
SAAMA Exhibition
 
SAAMA Exhibition
 
SIGN UP
 
NEWSLETTER

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SAAMA Conference 2017, 05-07 June 2017, Cape Town, South Africa
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