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Modern petrochemical facilities can have thousands, or even tens of thousands, of instruments. Each "smart" instrument may provide a dozen or more data points in addition to the measured variables. Add in configuration, calibration and maintenance data, and that's a lot of information to keep track of over the long term, giving personal meaning to Clark's Law: "Data will fill up available space."
Along with the signals we normally use, we can extract a lot of information from this cornucopia of data by using data analytics. Unfortunately, there are no analysis standards directed specifically at instrument asset management systems (IAMS), but there is a series of international standards under ISO 55000 that provide a benchmark for asset management systems in general.