Technology and innovation is taking the world of asset management to a new culture and approach based less on reactive actions and more on proactive, preventative, and predictive. When construction equipment talks back, it changes the dynamics of how and what we think in terms of fleet management. When pumps talk back at the lift station, it changes our approach to asset management. Every asset has key decision points along the life cycle. Having sensors and analytics that help at these fork-in-the-road moments allows for more insightful and informative decision making.
Consider the following from the current issue of ENR - New Strategies to Extend Equipment Life:
"The good news is that modern machines are getting better. Design, metallurgy, machining, lubrication and assembly are improving. Sensors, telematics and machine-control systems make it possible for machines to protect themselves and "speak" to us. We must change our policies, mind-sets and procedures to maximize the longer lives now built into the quality products available and benefit from the improvements made by manufacturers. I grew up thinking 10,000 hours was all you could get; my sons think in terms of 15,000 to 20,000 hours, and my grandsons will think in terms of 30,000 to 40,000 hours as a good first life."