1. Modern oilfield asset management faces challenges around asset allocation, record keeping, and inventory management due to the large volume and traffic of assets. It also struggles with understanding asset performance and maintenance needs across different downhole conditions. 2. Data analysis and integration with other systems is another key challenge as workflows and reports are not well connected through a single interface, access to information is limited, and no high-level asset performance analysis exists. 3. An effective enterprise asset management system houses all asset data in a simple, accessible structure and provides 24/7 data availability and automated functions. It offers intuitive interfaces and integrates well with other systems to give 360-degree visibility into asset conditions and movements.