Asset managing organizations utilize a variety of information and operational technologies to execute and mange assetmanagement processes. The term ‘asset’ in engineering organizations is defined as the physical component of amanufacturing, production or service facility, which has value, enables services to be provided, and has an economic lifegreater than twelve months, such as manufacturing plants, roads, bridges, railway carriages, aircrafts, water pumps, and oiland gas rigs. Engineering enterprises traditionally adopt a technology-centered approach to asset management, wheretechnical aspects command most resources and are considered first in the planning and design stage. However, generallyengineering enterprises mature technologically along the continuum of standalone technologies to integrated systems and inso doing aim to achieve the maturity of processes enabled by these technologies. As a result of this approach, asset lifecycleis managed by isolated, stand alone, and fragmented technologies; consequently, there is little integration and connectivityamong various lifecycle processes and activities. It is, therefore, important that performance of information technology (IT)investments is measured and managed by accounting for their impact on related areas such as overall IT infrastructure,process maturity, skills set available in the organization, and other organizational factors such as structure and culture.IT evaluation calls for ascertaining both hard as well as soft benefits to the organization by using quantitative as well asqualitative means and their connection to organizational development. This can only be attained if IT evaluation becomes astrategic advisory mechanism that supports planning, decision making, and management processes, and facilitatesorganizational learning. This feedback indicates the fundamental reasons, factors, and causes of IT investments. However,evaluation of IT investments by nature is unique and is different from other evaluations, due mainly to the tangible andintangible impacts of IT. IT systems are social systems and their interpretation is influenced by the use and meaning thatorganizational communities associate with them within the socio technical environment of the organization. Evaluation,therefore, is subjected to the principles, assumptions, and concepts that the evaluators employ in carrying out the evaluationexercise. In a social setting, human interpretation is continuously evolving and thus the interpretation of IT utilization alsoreshapes due to the changes in business environment and information requirements. Evaluation, thus, represents the currentmeanings and interests that individuals or communities associate with the use of IT within the organization. In crux, ITevaluation requires a variety of strategic organizational, economic, and social dimensions, and involves external as well asinternal customers. It must also enable effective management action such that the results from the evaluation are put intopractice and the learnings generated are properly followed up. However, while there are countless performance evaluationsystems and methodologies available to businesses of all types, yet research and practice are silent on what is their impact.This impact statement is necessary to assess the suitability of chosen performance management methodology to the appliedarea(s) or dimension(s) of the business, as well as to ensure that it provides actionable learning such that the organizationtakes corrective action and engages in continuous improvement. This paper develops the case for performance evaluation ofIT utilized for asset management and proposes a research framework for the continuous improvement of IT based assetmanagement.