INDUSTRY EVENT and methods with capabilities to detect and predict inefficiencies. Furthermore, there is an increasing need to design digital twins alongside with the physical products and to arrange the related data collection. He also acknowledged that new business models, such as digitalization as a service, digital twin as a service, manufacturing as a service and intelligence as a service, will play an important role in the future. These issues also offer an important domain for further research and development. Panel discussion on “Digitalisation of the World and its Impacts on Resilience” chaired by Prof Hans Heinimann (ETH Zurich) addressed several topical issues that are common for resilience, engineering asset management and reliability optimization. Harnessing the life cycle value from industrial assets The technical sessions for asset management addressed a variety of topics related to e.g. digitalization, asset services, investment appraisal and maintenance planning and strategy optimization. Industrial and infrastructure viewpoints were covered and methodologies and Digital twins and shadows The concept of digital shadow for determining the value contribution of maintenance and maintenance services was introduced by Frederick Birtel from FIR at RWTH Aachen University. The determination of actual value of maintenance services for companies should not cover only the optimization of direct but especially of indirect costs. The problem for companies in this context is that they do not know which data they have to record in order assess indirect costs and maintenance value contribution respectively. Antonio de la Fuente from University of Seville addressed the practical methodology, asset criticality and health index (AHI), for planning major overhaul and equipment renovation. AHI takes into account the importance of the assets for the business (asset criticality) and determines the asset health projections over time and NPV of the different technical alternatives. Moreover, several presentations comprised the need for novel maintenance strategies and data-based business models where the entire life cycle of products and services is reconsidered. frameworks presented from both asset owner and service provision perspectives. The sessions provided interesting insights into the value creation for industrial asset management. In this research area, the focus in the conference was especially on the research and the real life uses of valuation of data and the value contribution of maintenance services as well as the role and value of THE WCRRAM CONGRESS REVEALED THAT THE VALUATION OF DATA AND MAINTENANCE SERVICES IN THE CONTEXT OF ENGINEERING ASSET MANAGEMENT IS HIGHLY TOPICAL AND THAT THE VALUE OF THE DATA IS NOT FULLY UNDERSTOOD YET. 50 maintworld 4/<strong>2019</strong> Figure 2. Panel discussion on “Digitalisation of the World and its Impacts on Resilience” chaired by Prof Hans Heinimann (left) and participated by Prof Jose Emmauel Ramirez- Marquez, Mr. Patrik Lieser, Mr. Brandon Lee and Prof. Joseph Mathew (right). digitalization in asset management. The fact is that the digitalization of manufacturing processes creates vast amounts of maintenance and production data available to companies and to entire business ecosystems. Dr. Salla Marttonen-Arola from University of Sunderland outlined the role of data role in asset management decision-making and presented the results of a case study on evaluating the value of data-based profitability of investing in a CMMS. Moreover, several innovative value-driven approaches were introduced in the congress. Sanyapong Petchrompo presented an optimisation model for vehicle fleet maintenance scheduling and Andrew Hoisington outlined a model to reduce lifecycle costs for infrastructure assets. Many of the presentations emphasized the need for novel strategies and business models of sharing risks and benefits when implementing advanced technologies. Ype Wijnia presented an approach for modelling the consequences of various asset replacements in terms of cost, risk and performance. The WCRRAM congress revealed that the valuation of data and maintenance services in the context of engineering asset management is highly topical and that the value of the data is not fully understood yet. Future research is needed e.g., on assessment and realization of value of data for different stakeholders in industrial value networks. Relevant topics include business models, contract types, risk management, and measurement and demonstration of the value of data. The asset management journey continues in Brazil and Spain The asset management journey continues from Asia in South-America, as WCEAM 2020 takes place in Bonito, Brazil. The World Congress (http:// wceam.com/ ) will be hosted by the Federal University of Mato Grosso do Sul. In 2021, the WCEAM event will be held in Europe in Seville, Spain and the University of Seville will host the congress.
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