June 27, 2024

Written by Rachel Applewood

What is Asset Tagging and Why is it Important?

In manufacturing, an “asset” is key equipment tagged for easy tracking and management. Accurate tagging is vital for maintenance, safety, inventory, and operations. Without it, companies risk downtime, high costs, and safety issues

In the process and manufacturing industry, an “asset” refers to any equipment, machinery, or system that plays a crucial role in production operations. Each asset is typically identified with a unique “tag” which serves as a label or identifier, enabling easy tracking and management. Accurate asset tagging is essential for efficient maintenance, safety compliance, inventory management, and operational optimization. Without precise asset identification, companies face risks such as increased downtime, higher maintenance costs, and potential safety hazards.

The Importance of Accurate Asset Systems

Maintaining an accurate asset system ensures that all equipment and machinery are correctly tracked and managed. This accuracy facilitates timely maintenance, reduces the likelihood of operational disruptions, and helps in maintaining regulatory compliance. An accurate asset system is the backbone of efficient operations, enabling companies to make informed decisions, optimize resources, and ensure the longevity and reliability of their equipment.

Outlining additional reasons why asset tagging matters:

  • Efficient Asset Management: Asset tagging ensures accurate tracking from procurement to disposal. It optimizes asset utilization, reduces unnecessary expenditures, and adheres to auditing and regulatory requirements.
  • Maintenance Efficiency: Tagged assets can be easily monitored for maintenance needs, ensuring they remain in optimal condition.
  • Accurate Asset Valuation: Properly tagged assets contribute to accurate financial reporting and valuation.
  • Compliance and Auditing: Asset tags facilitate compliance with industry standards and simplify auditing processes.

Types of Operational Drawings and Documents for Asset Information

Where Can Asset Information Be Found?

Asset information can be found in various operational documents and drawings, including:

  • As-Built Drawings: These show the final construction details, including modifications made during construction.
  • Equipment Manuals: Detailed manuals provide information on installation, operation, and maintenance.
  • Piping and Instrumentation Diagrams (P&IDs): These show the piping and related components of a physical process flow.
  • Electrical Schematics: Detailed diagrams showing the electrical connections and components.
  • Mechanical Drawings: Illustrations of mechanical systems and components.
  • Equipment Datasheets: Detailed specifications and operational information about equipment.
  • Maintenance Records: Historical data on maintenance activities and schedules.
  • Historical Records: These include legacy documents, such as paper records, scanned documents, and older digital files.

These documents come in various formats, especially historical ones, including:

  • Paper: Traditional physical documents.
  • PDFs: Digital scans or generated documents.
  • Scanned Images: Digital copies of physical documents.

 

Sources and Challenges


These documents are typically sourced from engineering departments, equipment vendors, and historical archives. Over time, inconsistencies and gaps can occur due to changes in engineering standards, vendor management practices, or business consolidations. These discrepancies make it challenging to maintain a coherent and comprehensive asset management system.


Challenges in Extracting Asset Information


Difficulties in Creating a Structured Format


Extracting asset information and creating a structured format is challenging due to:

  • Diverse Document Formats: Variability in document types and formats complicates extraction.
  • Inconsistencies and Gaps: Historical data often contains inaccuracies or missing information.
  • Resource Intensive: Manual extraction is time-consuming and requires significant human resources.

Importance of Structured Asset Data


Structured asset data is crucial for:

  • Digital Transition: Companies are moving toward digital asset management systems for efficiency.
  • Detailed Asset Identification: Accurate asset data is crucial for linking documentation and creating a comprehensive digital twin.
  • Efficient Maintenance: Ensuring timely and accurate maintenance activities.
  • Operational Optimization: Enhancing productivity and reducing downtime.
  • Regulatory Compliance: Meeting industry standards and regulations.

Transitioning to a digital asset system can be a bottleneck due to the sheer volume of data and the manual effort required. Without automation, updating asset systems manually is nearly impossible given the time, money, and resources needed.

The Solution: IPS iWorkflow


What is IPS iWorkflow?


IPS iWorkflow is an AI-driven solution designed to automatically identify asset tagging across various documents, enabling efficient data extraction and management. The solution integrates IPS AI technology to automate business workflows, replacing most manual work involved in asset management.


How Does IPS iWorkflow Work?


IPS iWorkflow extracts asset and operational data from different formats of drawings, datasheets, lists, and records. It creates structured data linked through a tag system, automating data input into digital twin, engineering, or scanned models. This process helps identify inconsistencies and gaps in asset tagging, ensuring a comprehensive and accurate asset management system.


Benefits of IPS iWorkflow

  • Productivity Gains: Achieve 2 to 10 times productivity improvements.
  • Cost Savings: Significantly reduce the costs by 50% associated with manual data extraction.
  • Time Efficiency: Save substantial time in updating and maintaining asset systems.
  • Enhanced Accuracy: Improve the accuracy of asset tagging and documentation linkage.

The Future of Asset Management

As operation companies transition to digital asset management systems, detailed asset identification and documentation linkage become increasingly crucial. IPS iWorkflow offers a scalable and efficient solution to meet these demands, ensuring operational efficiency and accuracy. Embrace the future of asset management with IPS iWorkflow and experience the benefits of AI-driven automation.


Ready to streamline your asset management processes? Discover how IPS iWorkflow can transform your operations, saving you time and money while enhancing accuracy. Contact us today to learn more and get started on your journey to efficient asset management.