A TECHNOLOGICALLY-DRIVEN ASSET MANAGEMENT APPROACH TO MANAGING PHYSICAL ASSETS - A LITERATURE REVIEW AND RESEARCH AGENDA FOR ‘SMART’ ASSET MANAGEMENT

Authors

  • Charles Benjamin Hirschowitz Nel University of Stellenbosch. Asset Care Research Group, Department of Industrial Engineering
  • Wyhan J.L. Jooste University of Stellenbosch. Head of Asset Care Research Group, Department of Industrial Engineering

DOI:

https://doi.org/10.7166/27-4-1478

Keywords:

Asset Management, Internet of Things, Smart Asset

Abstract

The concept of ‘smart’ is increasingly used in the commercial environment, and relates to a perception of technological intelligence. The concept of ‘Internet of Things’ (IoT) has also become a reality that makes a different approach to managing physical assets necessary. With this technological intelligence come vast quantities of asset data and the analysis thereof, which has proven to add value to asset management. To capitalise on and expand this value creation, smart asset management (SAM) came into being by incorporating proven methodologies and applying these in real-time management structures. This article offers a review of the existing literature, and aims to create industry awareness about the business potential of incorporating SAM into automated asset environments for strategic management decision-making. 

Author Biographies

Charles Benjamin Hirschowitz Nel, University of Stellenbosch. Asset Care Research Group, Department of Industrial Engineering

MEng Engineering Management, Part-time Student

Asset Care Research Group

Department of Industrial Engineering

Wyhan J.L. Jooste, University of Stellenbosch. Head of Asset Care Research Group, Department of Industrial Engineering

Lecturer at the University of Stellenbosch

HEad of Asset Care Research Group,

Department of Industrial Engineering

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Published

2016-12-06

How to Cite

Nel, C. B. H., & Jooste, W. J. (2016). A TECHNOLOGICALLY-DRIVEN ASSET MANAGEMENT APPROACH TO MANAGING PHYSICAL ASSETS - A LITERATURE REVIEW AND RESEARCH AGENDA FOR ‘SMART’ ASSET MANAGEMENT. The South African Journal of Industrial Engineering, 27(4), 50–65. https://doi.org/10.7166/27-4-1478

Issue

Vol. 27 No. 4 (2016)

Section

General Articles

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