If we view a manufacturing enterprise as a system of money-making subsystems, it is easy to embrace the importance of data-driven asset management. Data-driven asset management is defined as using the firm’s operational data to augment the experience and judgement of its operatives, managers, analysts and engineers as they plan, organize, conduct and control the functions, processes and resources of operational availability.
The difference between data-driven and traditional asset management is that “possible finally matches vision.” Only by being data-driven is it possible to drill into the top-level factors of operational availability, discover and subject what matters most to data-enabled analyses and reengineer for better outcomes. Only by being data-driven is it possible to confirm that the reengineered outcomes are truly shifting achievable availability upward and moving it toward its peak while reducing the gap between achievable and operational availability. Only by being data-driven is it possible to assure that all is taking place that must take place daily, weekly, monthly and annually to reach and sustain greater and cost-effective operational availability.