Strategic Engineering Asset Management: A Review of Best Practices and Future Directions
Keywords:
Asset Lifecycle Management (ALM), Predictive Maintenance, Condition-Based Monitoring (CBM), Risk Management, Sustainability in Asset ManagementAbstract
Strategic Engineering Asset Management (SEAM) is a comprehensive approach to optimizing the lifecycle, performance, and value of assets within engineering-driven industries. As organizations face increasing pressures to improve operational efficiency, reduce costs, and minimize risks, effective asset management has become essential to achieving long-term success. This article explores the significance of SEAM, highlighting its key components, including asset lifecycle management, predictive maintenance, and data-driven decision-making. It also discusses best practices such as adopting a holistic approach, utilizing advanced technologies, and aligning asset management strategies with broader organizational goals. Additionally, challenges in implementing SEAM, such as data integration and budget constraints, are addressed. The article concludes by examining future trends in SEAM, including the use of artificial intelligence, digital twins, and blockchain, emphasizing the ongoing evolution of asset management practices in the face of technological advancements.
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