Asset Management Tools in The Digital Environment

Abstract

The paper summarizes the changing approaches to asset management of manufacturing companies amid the unprecedented uncertainty in markets, progressing digital transformation and production facilities being enriched with intelligent information and communication systems. A conceptual model has been designed that reflects the new principles and the key conditions of asset management systems' operation in the digital industry. Having examined the cases of the energy sector and high-tech industries, the authors identify the main trends in the innovative development of production asset management: cutting-edge reliability-focused repair and maintenance methods, the digital twin technology, and platform solutions for business customization. The results of the study could be used for asset management strategy development in manufacturing and for improvement of the relevant legal and regulatory frameworks, including the international standards PAS 55 and ISO 55000. © 2021 WIT Press.