In the past, asset management in these industries was largely manual, with maintenance schedules and inspections based on fixed intervals rather than actual asset conditions. This often led to unnecessary downtime and higher operational costs. The introduction of computerised maintenance management systems (CMMS) marked the beginning of a shift towards more proactive asset management. These systems allowed companies to track assets, schedule maintenance, and manage work orders more effectively, reducing the risk of asset failure and extending asset life.

Currently, asset-intensive industries are leveraging advanced technologies like IoT, AI, and predictive analytics to further enhance asset management. IoT sensors are now commonly used to monitor asset conditions in real time, providing data that can be analysed to predict when maintenance is needed. This shift to predictive maintenance has significantly reduced downtime and maintenance costs. For example, in the oil and gas industry, companies like Shell are using IoT and AI to monitor and analyse data from drilling rigs and pipelines, allowing them to detect issues before they lead to costly failures.

The asset-intensive industries will be shaped by the continued integration of digital technologies. The adoption of digital twins, which create virtual replicas of physical assets, will enable more precise monitoring and management of assets throughout their lifecycle. Additionally, the use of AI and machine learning will allow for even more accurate predictions of asset performance and maintenance needs. As these industries strive to reduce their environmental footprint, IT will play a key role in enabling more sustainable operations.

Information technology will be critical in helping asset-intensive industries achieve their future goals. By enabling more efficient and accurate asset management, IT can help these industries reduce operational costs, extend asset life, and improve safety and compliance. Additionally, the use of advanced analytics and AI can provide deeper insights into asset performance, allowing companies to optimise their operations and make more informed decisions.