Asset Management Data & Information Management

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Name:	Asset Management Data & Information Management
Acronym:
Type:	Glossary Item

Definition:

The strategic approach to the definition, collection, management, disposal, analysis, reporting and overall governance of Asset Management data and information necessary to support the implementation of an organisation's Asset Management strategy and objectives.

Statement:

An Asset Management Data & Information Strategy describes how Asset Management data and information supports the delivery of the Asset Management Strategy and objectives, and what Asset Management Data and Information Systems and governance processes are necessary to acquire, maintain, and utilize data and information. An Asset Management Data and Information Strategy can be used to support business cases for improvement in data and information capture, technology, and software investment as part of a broader digital strategy to keep pace with emerging methods for Asset Management data and information use. The Asset Management Data and Information Strategy should be developed in alignment with an organisation’s data, information and digital policies and strategies. These would typically include:

An asset data and information model aligned to organizational standards that serves as a framework for the integration of asset data and information analysis and system interoperability across the asset portfolio and the organization.
The identification of data and information requirements necessary to support the organisation’s processes, including opportunities to standardize systems for greater efficiencies for existing and future requirements.
The identification of asset data and information requirements to support the organisation’s analysis, decision-making and operational processes including achieving data quality requirements.
Consideration and monitoring of emerging technologies such as digital twins, artificial intelligence, and predictive analysis.
An analysis of the value provided by data and information requirements, including consideration of data quality requirements, in alignment with Asset Management and organizational objectives.
Responsibilities and accountabilities for data and information management at a strategic level, including security, ethical governance, and responsible use of data.
Processes for continued alignment of these requirements to the Asset Management objectives as the organisation’s requirements evolve.
A gap analysis of current data and information availability, management practices, and data and information flows against requirements, including consideration of data quality requirements.
The identification of risks related to cyber security controls for Asset Management data and information and processes to control these risks in accordance with the organisation’s cyber security strategy and policies.
A description of the organisation’s Asset Management data and information improvement programs.