Capital Asset Lifecycle Management
What is capital asset lifecycle management?
Capital asset lifecycle management (CALM) consolidates project and operational data from a plant, facility, or factory to create a comprehensive digital twin of the physical asset.
It is the adaptation and application of product lifecycle management (PLM) concepts and techniques for the planning, design, construction, and operation of capital assets.
While many PLM concepts are the same across manufacturing industries, with capital assets, there’s a core focus on the integration of physical, logical, and technical data into a single model.
CALM enables organizations to automate and streamline business processes to integrate and digitalize their entire value chain – from design through operations. Suppliers and logistics are now integrated through an enterprise-wide collaboration platform, allowing organizations to digitalize any step of their value chain.
With a CALM solution in place, companies can aggregate, simulate, analyze and transform data from facilities operations and assets into actionable information. This information can be reported back to both facility operators for production planning and to engineering, procurement, and construction (EPC) with suggested design changes. Within this collaborative environment, enabled by a closed-loop digital twin, organizations can begin achieving continuous performance optimization.
Capital asset lifecycle management features
Capital asset lifecycle management weaves a digital thread of data through a capital asset’s lifecycle, from capital project delivery into operations. With this digitalization strategy, companies can:
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Centralize project and asset data by seamlessly harmonizing design and information models into an enterprise ecosystem
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Improve oversight and risk management of project performance with enterprise-wide visualization, reporting, and analytics
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Increase compliance and safety with enterprise-wide visibility of asset information to understand the real-time status of project execution
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Create, manage and leverage the digital twin to enable a simulation-driven approach to design, construction, and operations
Capital asset lifecycle management benefits
By adopting a capital asset lifecycle management solution, companies can:
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Collaborate across the enterprise using data-driven decision-making
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Better manage project and operational complexity
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Achieve continuous optimization through the asset lifecycle
Digitalize capital assets early in a project lifecycle
A capital asset lifecycle management solution enables companies to build a digital twin from day one of a project. This helps them:
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Immediately establish the enterprise data management and collaboration foundation for the entire capital asset lifecycle, from feasibility and planning through modernization and decommissioning
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Perform simulations and optimize designs, before and during construction, while managing and sharing simulation output and results across the enterprise
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Eliminate disconnected information silos and the multitudes of spreadsheets that typically accompany them