Impact of circular economy on asset management: lifecycle management perspective

Jyri Hanski (Corresponding author), Pasi Valkokari

Research output: Chapter in Book/Report/Conference proceedingConference article in proceedingsScientificpeer-review

Abstract

Sustainability of assets and processes is a major strategic focus area for many companies. To achieve the strategic goals of sustainability, several companies have begun to discuss how their businesses are supporting circular economy. Digital technologies and data are considered key enablers of circular economy. Circular economy solutions include e.g. minimizing the use of resources, closing re-source loops and improving durability and lifetimes of assets. This paper discusses the impact of circular economy on asset management. The focus is especially on the different representations of lifecycles in production systems. We discuss the challenges and opportunities related to generic, circular and hierarchic production system lifecycles. We present main points to be considered when developing circular economy solutions from the perspective of asset and lifecycle management.
Original languageEnglish
Title of host publicationEngineering Assets and Public Infrastructures in the Age of Digitalization - Proceedings of the 13th World Congress on Engineering Asset Management, WCEAM 2018
Subtitle of host publicationProceedings of the 13th World Congress on Engineering Asset Management
EditorsJayantha P. Liyanage, Joe Amadi-Echendu, Joseph Mathew
PublisherSpringer
Pages156-163
Number of pages8
ISBN (Electronic)978-3-030-48021-9
ISBN (Print)978-3-030-48020-2
DOIs
Publication statusPublished - 18 Aug 2020
MoE publication typeA4 Article in a conference publication
Event13th World Congress on Engineering Asset Management, WCEAM 2018 - Stavanger, Norway
Duration: 24 Sep 201826 Sep 2018

Conference

Conference13th World Congress on Engineering Asset Management, WCEAM 2018
Abbreviated titleWCEAM 2018
Country/TerritoryNorway
CityStavanger
Period24/09/1826/09/18

Keywords

  • Asset management
  • Circular economy

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