Within any regulated industry that offers complex products (e.g. airline industry, luxury goods, pharmaceuticals etc.), these products are comprised of thousands of different parts and therefore it is crucial to know the provenance of such parts. This is in order to assure that they have the right specifications and that they are not counterfeit. In addition, many of these parts are so-called “tracked items”. Not only their provenance, but the entire maintenance history of these parts needs to be transparent.
Today, the participants in an asset’s lifecycle each have their own disparate systems for managing assets. Consequently, it’s quite difficult to establish and maintain a single version of the truth when looking at that asset’s entire lifecycle. Often, these records can be incomplete or still non-digitized, and communication between the different participants is often conducted on paper, through the email, or even verbally over the phone.
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