Information Quality for Asset Management

Lead Research Organisation: University of Cambridge
Department Name: Engineering

Abstract

In the current economic scenario, organisations in the UK and around the world are under increasing pressure to reduce costs, meet tougher performance and production targets, comply with regulatory requirements, and maximize return on assets. Therefore, these organisations are looking for opportunities to reduce the cost of maintaining their assets, improve the performance of those assets through improved decision making, and gain competitive advantage. It is widely acknowledged that decisions made are only as good as the information available at hand to make those decisions. Consequently, it becomes imperative to these manufacturers to gather useful information about their assets throughout their lifecycle for efficient management and control. The overall vision for the research proposed here is to help UK industries maximize value generation from their assets through effective management of information quality and decision-making. There is a need for a comprehensive framework for quantitative assessment of information quality in the context of asset lifecycle decisions. The following research questions define the research directions for this project. 1. What information quality dimensions are critical for managing and improving asset performance and how can they be measured?2. How can we maximize asset performance by optimizing decision strategies during the asset lifecycle?The objective of the project is to develop quantitative measures for information quality in the context of asset management decisions and to develop methodologies to optimize information quality and decision strategies throughout the asset lifecycle. The novelty in the decision optimisation problem considered here is that the aim is not to simply optimize immediate decisions, but will consider the impact of one decision on subsequent decisions and hence the complete lifecycle of the asset, thereby minimizing total cost of ownership of the asset to its user. In addition, this project addresses a key gap in current body of knowledge - optimisation of IQ. Here we aim to examine the cost implications of improving various IQ dimensions, and optimise IQ with an objective to support optimal decision-making and hence asset performance. Issues such as possible trade-offs that may exist between the different IQ dimensions will also be examined in this task. In addition, an information quality audit tool will be built based on a robust theoretical model for use by industry to assess the information quality performance of asset management systems. The research will benefit industry practitioners, especially those who manage complex industrial assets through the development of performance measurement and improvement tools. In addition, it will help technology providers to define next generation asset management solutions that optimize asset performance. To address this challenge, this proposal defines a three-year programme aimed at the development of tools and methodologies to assess asset information systems and to optimize asset lifecycle decisions. The research activities are grouped into four Work Packages:WP1 - Modelling Asset Lifecycle Management DecisionsWP2 - Information Quality Assessment WP3 - Asset Performance OptimizationWP4 - Industrial PracticeThe first three Work Packages represent the research activities and the fourth work package groups together the industrial activities within the project. WP1 and WP2 build the foundation for this research by developing models and tools for asset lifecycle decisions and assessment of IQ dimensions. WP3 forms the core development activity in this programme, where we develop optimization tools for asset performance as well as IQ. Finally, WP4 consolidates the activities related to industrial interaction within the project.

Publications

10 25 50

publication icon
Alexander Borek (Author) (2011) A Classification of Data Quality Assessment Methods

publication icon
Borek A (2011) An information oriented framework for relating IS/IT resources and business value in ICEIS 2011 - Proceedings of the 13th International Conference on Enterprise Information Systems

publication icon
Borek A (2011) Towards a process for total information risk management in ICIQ 2011 - Proceedings of the 16th International Conference on Information Quality

publication icon
Borek A (2013) Total Information Risk Management: Maximizing the Value of Data and Information Assets in Total Information Risk Management: Maximizing the Value of Data and Information Assets

publication icon
Borek A (2011) Towards a process for total information risk management in ICIQ 2011 - Proceedings of the 16th International Conference on Information Quality

 
Description Main developments:

1. Total Information Risk Management (TIRM)

TIRM helps to identify, assess and manage the risks that arise due to poor information quality that impact on strategic and operational management in asset-intensive industries like utilities, transport, energy, and manufacturing and to propose and evaluate potential solutions.

The TIRM Process supports organizations in: better understanding of how data and information quality affect business; focusing data and information quality initiatives on the "pain points", where they bring the best business value; and providing financial measures to build more sensible business cases for information quality improvement.

This has led to the publication of a book:

Borek, A., Parlikad, A.K., Woodall, P., Webb, J., Total Information Risk Management: Maximising the value of data and information assets, Morgan Kaufmann, ISBN: 9780124055476, 2013.

This approach has been reported in numerous papers including:

Borek, A., Parlikad, A.K., Woodall, P.W., Tomasella, M. "A risk-based model for quantifying the impact of information quality," Computers in Industry, Volume 65, Issue 2, 2014, pp. 354-366.

A. Borek, P. Woodall, and A. K. Parlikad, 'A Risk Management Approach to Improving Information Quality for Operational and Strategic Management', in 18th European Operations Management Association (EUROMA) conference, 2011.

2. Information quality management maturity developments

Working with ten Asset Management (AM) organisations in the UK, we benchmarked their current level of Information Quality Management (IQM) maturity by focussing on the AM unit of the organisation. Using these benchmarks we were able to provide guidance to the organisations regarding how they can improve their IQM practices and ultimately their AM information quality. A tailored and detailed report of how each organisation could improve their information quality management practices was sent to each of the ten participating UK organisations. One of the organisations was noted as saying (at the IET Asset Management conference 2011) that the report was a very useful and informative benchmark.

The findings were reported in the following papers:

P. Woodall, A. K. Parlikad, and L. Lebrun, 'Benchmarking Information Quality Performance in Asset Intensive Organisations in the UK', in Proceedings of the World Congress on Engineering Asset Management (WCEAM), 2010.



P. Woodall, A. K. Parlikad, and L. Lebrun, 'Approaches to Information Quality Management: State of the Practice of UK Asset Intensive Organizations', Engineering Asset Management Review, vol. 2, 2012.



3. The Hybrid Approach

As part of IQAM, we developed a new approach to assessing Data Quality (DQ) called the Hybrid Approach. This approach shows how it is possible to combine the best parts of existing DQ assessment techniques to produce a new assessment technique that is suitable for any specific organisational requirements. This approach has been recently been trialled with the London Underground Limited to provide them with a report of the current state of their data quality. The approach was reported in the following papers:

Woodall, P., Borek, A., Parlikad, A.K., "Data Quality Assessment: The Hybrid Approach," Information and Management, Volume 50, Issue 7, 2013, pp. 369-382.

P. Woodall, A. Borek, and A. Parlikad, 'Customised Data Quality Improvement', presented at the Proceedings of the International Conference on Information Quality (ICIQ), Paris, France, 2012.
Exploitation Route A software tool that supports the TIRM process has been developed as part of the KT-Box (EPSRC project) and this has been used within a UK water company to help identify potential information quality related problems that pose a risk to the business.



Links have been built with London Underground Limited (and with each of the companies in the maturity assessment) that can be exploited to future help London Underground with their asset-related information.
Sectors Construction,Digital/Communication/Information Technologies (including Software),Education,Electronics,Energy,Healthcare,Transport

URL http://www.ifm.eng.cam.ac.uk/services/overview/total-information-risk-management/
 
Description Information Quality for Asset Management (IQAM) was a 3-year EPSRC funded project aiming to help organisations optimise decisions related to the management of their assets. Examples of 'assets' include vehicles, aircraft, machines, parts, buildings/facilities etc. Optimised decisions could reduce the total cost of ownership, life cycle cost, and carbon emissions of assets. The right information is of fundamental importance to making good decisions. Consequently, it becomes imperative for companies to gather and manage useful information about their assets throughout the entire asset lifecycle. Poor quality information can lead to decisions which do not optimise asset performance over the asset lifecycle. The findings and the tool developed in the project has been used in 6 different companies. We have received further interest in deploying the tool as well.
First Year Of Impact 2012
Sector Aerospace, Defence and Marine,Energy,Manufacturing, including Industrial Biotechology,Transport
Impact Types Economic

 
Description Achieving leveraged advantaged from distributed data (ALADDIN)
Amount £617,400 (GBP)
Organisation Boeing 
Sector Private
Country United States
Start 12/2011 
End 12/2014
 
Description Hitachi
Amount £270,743 (GBP)
Funding ID RG68312 
Organisation Hitachi 
Sector Private
Country Japan
Start 02/2012 
End 02/2015
 
Description Hitachi
Amount £270,743 (GBP)
Funding ID RG68312 
Organisation Hitachi 
Sector Private
Country Japan
Start 11/2012 
End 05/2014
 
Description KT-Box information risk tool
Amount £2,179,600 (GBP)
Funding ID EP/H500200/1 
Organisation Engineering and Physical Sciences Research Council (EPSRC) 
Sector Academic/University
Country United Kingdom
Start 10/2009 
End 09/2012
 
Description Collaboration with University of South Australia 
Organisation University of South Australia
Country Australia 
Sector Academic/University 
PI Contribution Prof. Andy Koronios is the Head of the School of Information Systems at University of South Australia, and is one of the world-leading experts on Information Quality. We have established a research collaboration with the School in relation to information quality research. We have established a working relationship with Prof. Koronios' group in UniSA. We have had one of his key researchers spend 2 weeks with us. This lead to a conference publication. We have also identified key activities in terms of research projects and student projects to move this research collaboration forward.
Start Year 2009
 
Description Committee member, BCS professional network on data management 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Primary Audience Participants in your research or patient groups
Results and Impact Philip Woodall was invited to be a committee member of the BCS data management network in 2012 . Awarding Body - BCS, Name of Scheme - Data management specialist group (DMSG)
Year(s) Of Engagement Activity 2012
 
Description Committee member, IET Asset Management Executive Committee (Technical Professional Network) 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Primary Audience Participants in your research or patient groups
Results and Impact Philip Woodall was appointed to the IET asset management executive committee in 2009 . Awarding Body - IET, Name of Scheme - Asset management executive committee
Year(s) Of Engagement Activity 2009
 
Description Judging panel, IET innovation awards 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Primary Audience Participants in your research or patient groups
Results and Impact Philip Woodall was invited to be a judge of the IET innovation awards in 2011 . Awarding Body - IET, Name of Scheme - Innovation awards
Year(s) Of Engagement Activity 2011
 
Description UK expert, ISO-8000 standard for data quality 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Primary Audience Participants in your research or patient groups
Results and Impact Both Ajith Parlikad and Philip Woodall were appointed to help with the development of the ISO8000 standard for data quality . Awarding Body - ISO, Name of Scheme - -
Year(s) Of Engagement Activity 2012