Maximizing the value of each asset requires an efficient decision-making process that considers all stakeholders. However, decision-making often fails due to lack of data, business constraints, and, importantly, the human factor.

As suggested by ISO 55002:2018, asset management systems should not operate in isolation. Successful asset management requires the integration of processes, activities, and data with other organizational functions, which can be greatly enhanced through digitalization. This ensures rapid and accurate decisions based on adequate performance assessments.

In this context, we present Integrated Functional Analysis (IFA), an approach developed by “EQS | a Kiwa company” to systematically quantify and communicate key asset information for informed decision-making. IFA covers the three main phases of an asset's lifecycle: acquisition, operation, and decommissioning, with a focus on the operational phase in this presentation.

IFA leverages digitalization to capture and process real-time data, supporting decisions that align with stakeholder needs. The methodology involves four critical steps: understanding the asset inventory, assessing its condition, evaluating risks, and aligning with strategic planning. These steps are essential for tailored decision-making in each business environment.

The asset inventory forms the foundation of any asset management system. Digitalizing this inventory ensures consistent, centralized management of asset information, reducing errors and data loss. The asset’s condition is assessed through inspections and operational variables (OT systems). Risk assessment, through a holistic and systematic lens, enables prioritizing actions and estimating asset lifespan.

Asset strategy is then naturally derived from these steps, ensuring that the asset’s risk remains within acceptable organizational limits.

Using predictive failure tools further enhances integration with business objectives, optimizing costs and uptime. Digitalization, combined with the IFA approach, enables seamless stakeholder collaboration by transforming data into actionable insights. UNO, the digital platform developed for this purpose, integrates data sources and communicates effectively with stakeholders.