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In order for engineering organisations to maximise revenue they have to utilise assets in an effective and efficient way. The success of an enterprise often depends on its ability to utilise assets efficiently. This paper explores challenges in managing engineering assets throughout their lifecycle. We examine the role of asset information management in improving the effectiveness with which complex engineering assets are utilised. Furthermore, the importance of quantifying the value of information in asset management is underlined, specifically discussing the issue of information quality in asset management.