Impact factor analysis affecting the operation of asset lifecycle by using asset information modeling and blockchain technology

Abstract

Purpose Currently, owners find it difficult to manage their assets throughout their project life cycle. The fact that asset information models (AIMs) are mandatory as deliverables for building information modeling-driven projects makes it a key requirement for the client to understand in detail those factors affecting asset operation. Hence, because the Kingdom of Saudi Arabia is the most significant market in the Middle East, this study aims to investigate those factors where blockchain and AIMs could impact the asset management (AM) life cycle. Design/methodology/approach Researchers used a hypothesis-based approach over a systematic literature review and a workshop (descriptive statistics) to understand the current challenges in AM. Later, a second workshop was run to understand the impact factor analysis affecting the operation of the asset life cycle by using asset information modeling and blockchain technology over a multiquantitative method. Findings Results found that factors affecting the operation of assets could be the improvement of trust and stakeholder’s influences; the availability of handover process products’ accurate data; manufacturers providing detailed product models; increasing the speed of preparing holistic and integrated AM systems; improving collaboration between stakeholders; and returning clients’ investments faster. Originality/value Understanding the factors affecting AM life cycle based on the utilization of AIMs and blockchain then allows investors and their team members to work in a secure and collaborative environment that helps them to pre-identify certain risks and improve decision-making in a more effective way, as is required by ISO55000.