In the complex world of project management, navigating the lifecycle of assets poses a considerable challenge for owners. This complexity is magnified in projects driven by Building Information Modeling (BIM), where Asset Information Models (AIMs) are not just beneficial but essential. The requirement for AIMs highlights the need for clients to deeply understand the factors that influence asset operation. Recognizing the Kingdom of Saudi Arabia's critical role as a leading market in the Middle East, our research embarked on an exploration of how blockchain technology and AIMs could transform the asset management (AM) lifecycle.
Research Strategy
Our approach was rooted in hypothesis-driven research, beginning with an exhaustive review of existing literature and an initial workshop focused on identifying current AM challenges through descriptive statistics. A follow-up workshop employed a multi-quantitative method to assess the transformative potential of asset information modeling and blockchain technology on asset lifecycle operations.
Key Insights
The research uncovered several factors that could significantly enhance asset operations. Among these were the improvement of trust and the influence of stakeholders, ensuring the accuracy of data during the handover process, the provision of comprehensive product models by manufacturers, the acceleration of developing cohesive and integrated AM systems, the enhancement of collaboration among stakeholders, and the faster return on client investments.
Innovative Contributions
Our findings illuminate the substantial benefits that the adoption of AIMs and blockchain technology can offer to the AM lifecycle. By providing a secure and collaborative platform, these technologies empower investors and team members to identify risks more effectively and make decisions more efficiently. This aligns with ISO55000 standards, setting the stage for a more streamlined and effective asset management approach.
The Objective
The primary objective of our research was to navigate the complexities of asset management throughout a project's lifecycle, particularly in the context of BIM-driven projects that require AIMs. Given the Kingdom of Saudi Arabia's significant market position, our focus was to pinpoint where blockchain technology and AIMs could make a revolutionary impact on the AM lifecycle.
The Strategy and Insights
Through a strategic blend of literature review and workshops, we delved into the AM challenges and the potential impact of integrating asset information modeling with blockchain technology. Our analysis revealed critical factors for enhancing asset operations, emphasizing the importance of trust, data accuracy, comprehensive product models, swift development of AM systems, stakeholder collaboration, and rapid investment returns.
Conclusion and Visual Representation
The integration of AIMs and blockchain technology stands as a beacon of innovation in asset management, promising a future where project stakeholders can navigate the asset lifecycle with greater confidence and efficiency. This study not only highlights the pivotal role of these technologies in advancing AM practices but also underscores the Kingdom of Saudi Arabia's position as a frontrunner in adopting such transformative solutions.
For a visual summary of our research and its findings, please refer to the accompanying figure (1), which offers a graphical representation of the actual research
In summary, this exploration into the synergies between AIMs, blockchain technology, and asset management not only charts a course for future projects in the Kingdom of Saudi Arabia but also sets a benchmark for global practices in AM, signaling a shift towards more secure, transparent, and collaborative asset management strategies.
The paper is available here:
https://www.emerald.com/insight/content/doi/10.1108/CI-10-2022-0272/full/html
itation
Raslan, A., Cheshmehzangi, A., Towey, D., Tizani, W. and Kapogiannis, G. (2024), "Impact factor analysis affecting the operation of asset lifecycle by using asset information modeling and blockchain technology", Construction Innovation, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/CI-10-2022-0272
Findings and how it can be linked in the classroom/teaching for the Business Strategy, Operation Management and Global Business Communication?
Integrating the concepts of Asset Information Models (AIMs) and blockchain technology into classroom teaching for Business Strategy, Operations Management, and Global Business Communication courses can provide students with a cutting-edge perspective on modern management techniques and technologies. Here's how these topics can be effectively linked to the curriculum of each course following by Figure 2 that visually presents the relevant pedagogical input (research forming teaching)
Business Strategy
- Case Studies and Strategy Development: Use case studies of companies that have implemented AIMs and blockchain technology in their asset management to discuss strategic decision-making processes. Students can analyze how these technologies can influence competitive advantage, risk management, and strategic planning.
- Strategic Innovation: Discuss how AIMs and blockchain can serve as strategic tools for innovation within industries. Students can explore how adopting these technologies can lead to new business models or disrupt existing ones.
- Strategic Partnerships and Ecosystems: Highlight the importance of strategic partnerships in the blockchain domain and how companies can leverage AIMs within these ecosystems to optimize their asset management and operations.
Operations Management
- Process Optimization: Illustrate how AIMs can enhance operational efficiency through better asset lifecycle management. Discuss blockchain's role in ensuring data integrity, transparency, and traceability across the supply chain.
- Technology Integration in Operations: Explore the challenges and opportunities of integrating blockchain and AIMs into existing operational processes. Students can assess the impact on production, quality control, and supply chain management.
- Project Management: Use project-based learning to simulate the planning and implementation of AIMs and blockchain in a company's operations. This can include budgeting, scheduling, resource allocation, and risk management.
Global Business Communication
- Cross-Cultural Collaboration: Discuss how blockchain technology can facilitate global business operations and asset management, emphasizing the importance of effective communication across different cultures and regulatory environments.
- Technology and Communication Strategies: Explore how companies communicate their adoption of blockchain and AIMs to stakeholders, including customers, investors, and regulatory bodies. Analyze the strategies used to overcome skepticism or resistance to new technologies.
- Global Compliance and Ethics: Highlight the ethical considerations and compliance challenges of implementing blockchain and AIMs globally. Discuss the role of transparent communication in addressing these challenges and building trust.
Cross-Course Activities
- Interdisciplinary Projects: Encourage interdisciplinary projects that require students to apply concepts from Business Strategy, Operations Management, and Global Business Communication. For example, a project could involve developing a strategic plan for implementing AIMs and blockchain in a multinational corporation, addressing operational challenges, and crafting a global communication strategy.
- Simulation Games: Implement simulation games that allow students to manage virtual companies adopting AIMs and blockchain technology. This can help students understand the strategic, operational, and communication challenges in a risk-free environment.
- Guest Speakers and Industry Partnerships: Invite industry experts to share real-world experiences of implementing AIMs and blockchain in their organizations. This can provide valuable insights and foster networking opportunities for students.
By linking these advanced technologies to the curriculum, educators can provide students with a holistic understanding of their application in modern business contexts, preparing them for the challenges and opportunities of the digital age.
Written by: Dr Georgios Kapogiannis, Programme Leader for the MSc Global Business Communications at AFG College with the University of Aberdeen and a Researcher in Digital Construction and Project.
