This whitepaper discusses using advanced data management and predictive analytics to improve transmission and distribution asset management. It describes how utilities can leverage non-intrusive field testing and online monitoring methods along with asset criticality, health, and risk analysis. This allows for predictive, top-down and bottom-up asset management strategies. The whitepaper argues that embracing big data analytics and predictive modeling can transform asset management from being condition-based to risk-based. This enables more informed, real-time decision making through scalable situational awareness.