Information technologies, in general, and information systems, in particular, are fast becoming the prime enablers of success and survival in business organisations. These technologies, on one hand, enrich economic, social, and cultural environment of organisations, and on the other hand enhance their competitiveness. For asset managing engineering enterprise, information systems not only help in capturing, storing, and exchanging information, but also enable an integrated view of asset lifecycle management through integration and interoperability of lifecycle information. The variety of systems and the range of objectives associated with these systems demand that organisations need to take stock of their capabilities, resources, and aspirations to enable informed choices regarding Information systems investments. This paper tackles the issue of performance management of information systems utilised in asset lifecycle management, by providing a performance evaluation framework. The framework institutes a generative learning based continuous improvement regime for asset lifecycle management. It provides a cyclical approach to performance measurement such that it assesses and informs the role of Information systems in translating and informing the asset management strategy in a single cycle, thereby enhancing competitiveness of asset managing engineering enterprises.