Strategic Roadmap for Digitalized Asset Lifecycle Management

Abstract

Abstract The oil and gas industry is facing an increasingly complex world, characterized by the diffusion of digital emergence, sustainability awakening, and the seemingly continuous pandemic. To keep their competitive advantage, companies need to map their organizational strategy to prepare for what lies ahead. asset lifecycle management (ALM) is an integral part of oil and gas facilities and could not escape from this diffusion as well. Digital advancement in ALM has been proliferating for years as companies strive to catch up with current development while anticipating future requirements. The pandemic has massively accelerated the pace of digital advancement of the organization and changed the role of ALM in the organization and the way it's executed. Thus, this paper arises from the motivation to share knowledge in ALM digital efforts with companies of mutual background. In the paper, we will discuss the current drivers in asset management and how these drivers stir the transformation of asset integrity management (AIM) into ALM. The paper will also discuss how the holistic lifecycle approach and sustainability are retrofitted as part of the organization's transformation that is needed for long-term competitive advantage in the digital age. Finally, a fit-for-purpose roadmap for strategic ALM digitalization will be presented, along with the possibility for further research.