1. A system for monitoring a plurality of assets, the system comprising: at least one Local Computing Elements and a Central Computing Element, wherein: a. each of the plurality assets generating asset data for monitoring; b. each of the at least one Local Computing Elements is connected to a Local Data Repository receiving and storing the asset data as individual data records; c. each of the at least one Local Computing Elements is connected to the Central Computing Element through a data link; d. each of the at least one Local Computing Elements pre-processes the individual data records in the Local Data Repository to produce compressed data, the compressed data being transmitted over the data link to the Central Computing Element; e. each of the individual data records being pre-processed separately and independently to produce the compressed data; f. the Central Computing Element collects, stores, and post-processes the compressed data from all Local Computing Elements to obtain monitoring reporting data, the monitoring reporting data being displayed or transmitted by the Central Computing Element as the monitoring system output; and g. the monitoring reporting data is computed based on a result of an optimal estimation of the asset monitoring data; the monitoring reporting data computed by the Central Computing Element using compressed data from all the Local Computing Elements being the same as if all the asset monitoring data were simultaneously available and used for the optimal estimation.