Asset management and condition monitoring

Asset management and condition monitoring is one of the thematic areas within Creaternity which deals with how condition monitoring and control over assets can enable more efficient operation and maintenance of various facilities and machines as well as increase service life and enable circular resource flows and business models.

Asset management

Asset management is a systematic way to control the combined assets that a group or company is responsible for, over their whole life cycles. The concept includes both physical assets such as machines, equipment or buildings and to immaterial assets such as intellectual property and financial assets. Asset management is a systematic approach of operating, developing, maintaining, upgrading, and disposing of assets as efficient as possible, with regards of e.g. cost, performance, risk and environmental impact.

Asset management is also described in the International Standard, ISO 55000, describing the management of assets of any kind.

Condition Monitoring

Condition Monitoring is the area focusing on control of various parameters in machines and equipment, e.g. temperature, vibrations, load and speed, by sensors and data acquisition systems. Condition monitoring enable a more efficient operation, better utilization of equipment and predictive maintenance and is therefore well connected to, and in many aspects essential for, an efficient asset management.