The asset management industry is at a crossroads, and let’s be blunt: it’s no longer sustainable to rely on the traditional ways of doing things. The accelerating loss of skilled workers due to retirement and attrition, coupled with the increasing complexity of modern systems, has left many organizations scrambling to maintain the reliability, resilience, and safety of their operations. It’s a stark reality—one that demands a bold response. That response lies in the democratization of asset management technology.

This isn’t about “new shiny objects” or speculative trends. This is about real, practical solutions that empower teams to achieve outcomes once reserved for seasoned experts with decades of experience. From intuitive tools that simplify inspections to advanced AI-driven systems that enhance decision-making, the spectrum of "new tech" is transforming the industry. This is the essence of the citizen worker concept—using AI-assisted systems to democratize expertise, enabling individuals at all skill levels to take on complex tasks with confidence and precision. But, as with any transformation, there are hurdles: distrust in technology, a reluctance to change, and the need for reliable data to build confidence in these systems. Let’s address these challenges head-on, because the stakes are too high to ignore. The time for half-measures and complacency has passed—organizations that fail to adapt risk falling irreparably behind.

Low-Tech Innovation: Simplicity at Its Best

Not all technological advancements need to be complex to be revolutionary. Take thermochromic overtemperature indicators, for example. These simple, power-free tools are redefining electrical safety. They change color to indicate overtemperature events on equipment, providing an immediate, intuitive visual cue that even the least experienced technician can act on. No training manuals, no overcomplications—just actionable information at a glance.

These tools represent the low-tech end of the spectrum, but their impact is anything but minor. By addressing basic safety concerns with simplicity and reliability, they reduce human error, prevent costly downtime, and, crucially, save lives. This is the essence of democratized technology: making vital insights accessible to everyone, not just the experts. The power lies in its immediacy and its ability to remove barriers for less experienced operators while maintaining the highest safety standards. When implemented correctly, these solutions offer a reliable first line of defense against common operational risks.

Data-Driven Insights: The Power of IoT

On the other end of the spectrum, we find IoT-enabled solutions. These systems bring a new level of sophistication to asset management, allowing organizations to collect, monitor, and analyze vast amounts of data in real-time. Sensors embedded in equipment relay critical information to dashboards that turn raw data into actionable insights. The result is a smarter, more informed workforce, equipped with the tools to handle increasingly complex systems.

We’re working to further develop and refine our own data management system that tracks asset performance and maintenance with an NFC-enabled approach, exemplifying how IoT can simplify and streamline asset management. Imagine a technician in a substation scanning an NFC tag with their smartphone to instantly access the equipment’s full maintenance history, upcoming tasks, and even warnings of elevated risk. This level of accessibility reduces guesswork, speeds up decision-making, and ensures that even a relatively inexperienced team member can act with confidence. By integrating IoT solutions into existing workflows, organizations can gradually scale their technological capabilities without overwhelming their teams. The payoff? Improved efficiency, reduced errors, and a team that operates with confidence and precision.

AI: Turning Data Into Decisions

Artificial intelligence is a real game-changer in asset management. I’m talking about AI-driven systems that analyze data, identify patterns, and prioritize actions based on urgency and impact.

Consider this: an AI system processes thousands of data points from an organization’s infrastructure and flags the three most critical maintenance issues that, if unaddressed, could lead to catastrophic failures. But with Generative AI, it doesn’t stop there. Instead of simply identifying issues and offering generic recommendations, Generative AI dynamically generates detailed, tailored action plans. These plans might include step-by-step maintenance instructions, predictive timelines for resolution, or optimized resource allocation strategies that minimize downtime and costs.

Imagine receiving not just an alert about a critical issue, but also a fully drafted schedule, procurement list, and even suggested communication templates for stakeholders. Generative AI doesn’t just support decisions—it anticipates needs, creates solutions, and empowers teams to act decisively.

AI also has the potential to drive sustainability efforts. By optimizing energy usage and predicting equipment failures, AI reduces waste and helps organizations minimize their carbon footprint. These aren’t abstract benefits; they’re tangible, measurable outcomes that directly impact the bottom line. AI’s ability to analyze historical and real-time data ensures that no insight is lost in the shuffle, creating a foundation for continuous improvement across operations. The ability to contextualize massive amounts of data—transforming it into actionable strategies—is what separates leading-edge organizations from those stuck in the past.

Distrust in Technology

A significant challenge in adopting new technology is the lack of trust from operators and technicians. When a sensor sends an alarm about a potential fault, the instinct is to double-check with a thermal imaging camera or another trusted tool before taking action. This distrust is a major roadblock, but it’s not insurmountable.

The solution lies in transparency. AI and IoT systems need to be explainable, not just functional. Operators need to understand how a system reached its conclusions, and they need to see consistent, reliable results over time. Building trust is a process, and it requires clear communication from technology providers to their end-users. It also means integrating systems that allow human oversight, ensuring that operators remain the final decision-makers. Trust cannot be forced—it must be earned, and it starts with reliable, repeatable outcomes that align with operator expectations.

Data Complexity and Integration

Another challenge is the sheer volume and complexity of data these systems generate. Having diverse data sources is a double-edged sword: while it enhances reliability and accuracy, it also makes integration more challenging. Organizations need systems that can consolidate and contextualize this data to make it actionable.

This is where AI shines. By synthesizing data from IoT sensors, historical records, and real-time inputs, AI can cut through the noise to deliver insights that matter. Instead of overwhelming users with raw data, it simplifies their decision-making process—turning complexity into clarity. Imagine an integrated platform where technicians can view predictive maintenance schedules, past performance data, and current operational metrics all in one place. By investing in such systems, organizations can bridge the gap between data overload and actionable intelligence, enabling teams to work smarter, not harder.

Leadership Buy-In

Finally, there’s the question of leadership. Let’s be clear: if industry leaders don’t champion these technologies, adoption will stall. Decision-makers need to see the ROI, not just in financial terms but also in improved safety, reliability, and sustainability.

The reality is clear: organizations must adopt these technologies or risk falling behind in an increasingly competitive landscape. Leaders need to foster a culture that embraces change, ensuring that their teams are equipped and motivated to integrate new tools effectively. This is where visionary leadership—the kind willing to take calculated risks—can make all the difference.

Democratizing Asset Management

The beauty of democratized technology lies in its accessibility. Tools like E Sentry (our data management solution) and thermochromic overtemperature indicators exemplify this philosophy by simplifying complex processes and making advanced capabilities available to a broader audience.

E Sentry’s NFC technology, for instance, doesn’t just make asset tracking easier—it transforms it. Instead of relying on specialized equipment or lengthy training, operators can use their smartphones to scan tags, access data, and perform tasks with confidence. Similarly, thermochromic overtemperature indicators remove the guesswork from safety inspections, ensuring that even less experienced team members can contribute effectively.

This is technology working for people, not the other way around. By lowering the barriers to entry, democratized tools empower teams to achieve more, even in the face of workforce shortages and rising complexity. This isn’t just about operational efficiency; it’s about creating an environment where everyone—from frontline operators to senior engineers—can contribute to the organization’s success. Democratization isn’t just a concept—it’s the linchpin of resilience in an industry that’s evolving faster than ever before.

Building Resilience

Resilience is a fundamental requirement for today’s fast-paced, interconnected world. The ability to anticipate, withstand, and recover from disruptions is critical for success. AI can play a pivotal role here by enabling proactive maintenance strategies. By spotting potential failures before they happen, AI-enabled systems can allow organizations to address vulnerabilities early, avoiding costly downtime and catastrophic failures.

Resilience also means adaptability. As systems evolve and new challenges emerge, AI-driven tools can quickly recalibrate and prioritize actions to meet changing demands. This flexibility is vital in industries where the margin for error is razor-thin, and the cost of inaction is enormous. The companies that embrace this adaptability will lead the charge into the next era of asset management.

Driving Sustainability

Sustainability isn’t just a corporate responsibility; it’s a competitive advantage. Technologies that optimize energy use, reduce waste, and extend asset lifespans directly contribute to an organization’s environmental goals. Predictive maintenance, powered by this spectrum of new technologies, is a prime example. By fixing issues before they escalate, organizations can avoid unnecessary replacements and minimize resource consumption.

This dual benefit—environmental and financial—makes data-driven decision making a cornerstone of modern asset management strategies. It’s not just about doing the right thing; it’s about doing the smart thing, ensuring long-term viability in a rapidly changing world. Sustainability is no longer optional—it’s the cost of doing business in an era defined by environmental accountability.

Let’s not sugarcoat it: the challenges facing the asset management industry are immense. But so are the opportunities. By embracing the democratization of technology, industry leaders can transform these challenges into catalysts for growth and innovation.

The tools are here. From simple, intuitive, zero-power indicators to advanced data management systems that drive analysis and decision-making, the spectrum of new tech is reshaping what’s possible. The key is leadership. Without buy-in from the top, these technologies will remain underutilized, leaving organizations vulnerable to the very challenges they’re designed to solve.

So, here’s the challenge: stop waiting. Stop doubting. Embrace the tools that empower your teams and future-proof your operations. Because in the end, technology doesn’t replace human ingenuity—it elevates it.

Martin Robinson is the founder and CEO of IRISS Inc., a global technology company specializing in industrial-grade Electrical Maintenance Safety Devices. Founded with a vision to enhance the safety, efficiency, and reliability of electrical systems, IRISS Inc. has become a global leader in electrical maintenance and safety. For more than 30 years, Robinson has been a pioneer in the field of condition-based maintenance technology. He continues to be an innovator and pioneer the technological benefits of Electrical Maintenance Safety Devices (EMSD’s), Operations Driven Safety and Reliability (ODSR), and sustainability in electrical system testing.

This article was originally published in the February 2025 issue of the Power Systems Technology magazine, which you can access here.

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