According to research from PwC, global capital project and infrastructure spending will exceed $9 trillion by 2025.
Within asset-intensive sectors like mining, ports, refining, chemical, heavy metals, and pulp and paper, the investment in a new plant is expected to double to nearly $2 trillion in the same timeframe. These new assets should hopefully be smarter and more reliable than those seen before. Many will communicate directly back to the original equipment manufacturer and a collaborative approach to looking after the plant will be required. However, that’s just considering a few links in the asset lifecycle management (ALM) chain.
What is needed for all equipment items is an approach that looks at the full lifecycle. Especially when you are spending all of that money, a primary focus has to be on the project management of the initial asset design. The modular approach of IFS Applications is unique in being able to capture all of the design information within the enterprise application before the asset is delivered or constructed. This means all of the history associated with the item can be found in one application at any time.
How Asset and Project Lifecycle Management Software Drives Value
I’ve written a comprehensive white paper about how integrated enterprise asset and project lifecycle management software drives value in asset-intensive organizations. I explain how improved master data for ALM is essential to another top priority asset-intensive industries, regulatory compliance and adherence to standards (ISO 5500x, for example). Please download the white paper for the complete picture. If you have questions after reading it, I’ll be more than happy to answer them here in the comments or on LinkedIn.