Identification of key performance indicators for asset performance is extremely important. Operations of any large service industry can be divided into various areas such as: waste management; remediation; utilities; facilities management; industrial maintenance; and communications. Growth in those areas can occur in an ad-hoc manner with each business developing and maintaining its own performance measures. Over the years this can become a collection of disjointed and cumbersome systems reflected through various operational methods and computer applications. This paper defines key performance indicators and how to measure those indicators as a consequence of organisational learning and overarching frameworks. The relationship between these measures and incidents of innovations and their impact upon asset utilisation is also explored. In addition it identifies through meta-model processes and occasions that have positive impact on the business. An illustrative example of a large international service company is used to explain how this may be applied for improvement of asset management.