What is Asset Lifecycle Information Management?

Asset Lifecycle Information Management: definition, benefits, and impact on large infrastructures

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Managing a decades-long infrastructure project with high stakes and complex challenges is tough—disjointed data and clunky processes make it even tougher.

Large infrastructure projects face unique pressures, from evolving regulations to demanding timelines.

This article will explore how efficient Asset Lifecycle Information Management (ALIM) can transform the way large infrastructure projects are managed.

What is Asset Lifecycle Information Management?

Asset Lifecycle Information Management is the systematic management of data, information, and documentation across all stages of the asset lifecycle—from design to decommissioning.

ALIM offers organizations a complete view of their assets. It involves processes and systems designed to capture, store, organize, and utilize asset information, ensuring data is accessible and actionable throughout the asset’s lifespan.

The four stages of Asset Lifecycle Management

The lifecycle of built assets is typically divided into four key stages:

1. Planning & design: Planning and creating detailed blueprints to ensure the asset meets safety, functionality, and efficiency goals.

2. Build: The asset is constructed or manufactured according to the designs, focusing on quality, safety, and timely completion.

3. Operate & maintain: The asset is used for its intended purpose, with regular maintenance to ensure efficiency, safety, and longevity.

4. Decommission: The asset is retired or dismantled responsibly, minimizing environmental impact and managing disposal effectively.

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By addressing challenges throughout the entire asset lifecycle, ALIM becomes an essential tool for managing the complexity of large infrastructure projects.

The key components of Asset Lifecycle Information Management

Asset Lifecycle Information Management goes far beyond managing documents and plans. It encompasses sophisticated processes and systems that capture, organize, and utilize data across the entire lifecycle.

Managing information for assets like offshore stations or power plants involves intricate interdependencies and collaboration among multiple stakeholders. Central to ALIM is a data-driven structure, leveraging frameworks like Object Type Library (OTL) and Work Breakdown Structures (WBS) to organize information effectively.

Coupled with inputs from Building Information Modeling (BIM), this data is integrated into digital twins, offering real-time, actionable insights. ALIM upgrades document management to dynamic data coordination, enhancing insights and efficiency throughout the entire asset lifecycle.

Here’s what ALIM truly entails:

  • Data collection

    Collects information from various sources, such as maintenance records and inspection reports.

  • Data storage

    Stores asset data securely in databases or cloud solutions.

  • Data structuring

    Categorizes asset data by type, location, history, and other custom criteria.

  • Data connections & cross-referencing

    Mapping and connecting all relationships between equipment, documents, drawings, and multiple data formats.

  • Asset monitoring

    Uses unique identifiers like barcodes or RFID tags to monitor asset location, condition, and historical records.

  • Compliance

    Ensures adherence to regulations and safety standards.

  • Analytics

    Provides actionable insights into asset performance and cost trends.

  • Integration with other systems

    Connects ALIM with other critical systems.

  • User training and support

    Equips users with the knowledge and tools to leverage ALIM systems effectively.

  • Information security

    Protects sensitive asset data with robust security measures and controlled access to prevent breaches while maintaining integrity.

  • Mobile access

    Empowers field teams with real-time, on-the-go access to asset data.

  • Scalable solutions

    Ensures ALIM systems can seamlessly grow with expanding organizational needs and adapt to technological advancements.

Five benefits of Asset Lifecycle Information Management for large infrastructures

Asset Lifecycle Information Management offers transformative solutions that address the unique challenges of managing large infrastructure projects:

1. Enhanced reliability and operational efficiency

Energy infrastructure is the backbone of modern society, making reliability, availability, maintainability, and safety critical priorities.

Regular inspections are essential. However, inconsistent documentation and varied record formats make it difficult to maintain cohesive records, leading to delays in resolving identified issues.

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2. Improved cost management across the lifecycle

The capital-intensive nature of large infrastructures demands strict budgeting. An ALIM system improves budget control by offering clear oversight of costs across an asset’s lifecycle.

With tools to monitor operational performance, manage changes, and prioritize maintenance tasks, organizations can avoid cost overruns and allocate resources effectively, leading to long-term savings.

3. Informed decision-making

Access to comprehensive asset data is crucial for effective decision-making.

ALIM ensures all relevant and up-to-date information is centralized, enabling teams to work with accurate and logically organized details. This resolves common issues like mismatched or outdated drawings and reduces on-site confusion.

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4. Seamless data availability

Large infrastructure often consists of assets of varying ages, functions, and ownership structures (e.g., joint ventures or multiple contractors).

Asset Lifecycle Information Management software excels at organizing diverse assets by consolidating information into a unified system. This ensures that every stakeholder—regardless of the asset type or project stage—has access to the latest, accurate data.

5. Knowledge management

Demographic shifts and workforce turnover threaten the retention of institutional knowledge critical to maintaining complex assets.

Asset Lifecycle Information Management software preserves this knowledge and ensures that operational insights, purchase orders, and engineering data remain accessible, empowering future teams to maintain continuity despite personnel changes.

Building resilient Asset Lifecycle Information Management through digital innovation

With the rise of digital tools and technology in construction, automation, artificial intelligence (AI), and BIM have the potential to revolutionize ALIM and how projects are executed and managed.

Implementing ALIM effectively and unlocking its full potential is no easy feat, with numerous barriers to adoption standing in the way. According to McKinsey & Company, the construction sector ranks second-to-last in digital readiness among 22 surveyed industries, underscoring the significant challenges faced in advancing digitization.

Realizing the full potential of ALIM demands a well-defined digital strategy. Here is what a successful digital transformation looks like:

build-asset

Clear and structured processes are essential to ensuring that information flows seamlessly. Without them, data can get lost or mismanaged, leading to inefficiencies and collaboration challenges. A digital strategy helps you define custom workflows to automate project proceedings such as approvals, changes, etc.

Successful ALIM requires understanding and addressing the diverse roles and information needs of all stakeholders. Poor collaboration can result in fragmented systems that fail to serve everyone effectively.

Early involvement and coordination among stakeholders, especially during crucial phases like tender preparation, ensures clear roles and responsibilities.

The Operations and Maintenance (O&M) phase for infrastructure assets typically lasts more than 50 years, much longer than the 5 to 8 years spent on construction. Furthermore, it requires heavy investment in maintenance and repairs.

Despite its importance, asset information is usually geared towards design and construction, leaving O&M teams without the accurate, organized data they need. A seamless handover management ensures know-how is preserved across lifecycle transitions, addressing a crucial gap in ALIM practices.

Incorporating digital tools like BIM and Common Data Environments (CDEs) requires seamless integration across multiple platforms. However, compatibility issues and siloed systems can create bottlenecks and inefficiencies and prevent companies from implementing effective ALIM.

Thinkproject’s Built Asset Lifecycle Platform provides a unified platform with mature solutions tailored to serve all stakeholders. Our solution enhances collaboration, strengthens control, and improves efficiency across every stage of the built asset lifecycle.

SuedOstLink drives renewable energy with a unified data model

The SuedOstLink project by TenneT aims to transport renewable energy from northern to southern Germany via a 540 km underground transmission line—the first of its kind using 525 kV high-voltage DC technology.

Faced with complex processes, multiple stakeholders, and regulatory demands, TenneT partnered with Thinkproject to streamline data, processes, GIS, and 3D models within a unified digital platform.

A scalable, standardized approach that positions SuedOstLink as a model for sustainable energy projects.

Closing thoughts

Effective Asset Lifecycle Information Management helps infrastructure projects run smoothly by improving reliability, cutting costs, and supporting better decision-making.

Large-scale projects often face significant challenges, such as coordinating numerous stakeholders, meeting complex operational goals, and handling diverse assets throughout their lifecycle.

Digitalization is the key to successful ALIM, enabling well-defined processes and streamlined data management to address these challenges effectively. Moving forward, leveraging digital asset information management alongside ongoing digital innovation will be essential for creating infrastructures that are sustainable, efficient, and ready to meet future demands.

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