A system comprising: an interface layer at an asset to receive raw data from a data source at the asset, wherein the raw data includes a target set of data that is recorded over time, and the target set of data includes a data component with a data dimension and a time dimension; a controller at the asset being configured to: determine whether a data logging trigger is satisfied, wherein said determining involves determining that a recently obtained point in the raw data differs from a corresponding predicted point predicted by extrapolation based on previously saved points included in one or more previously generated simplified sets of data, by an amount of extrapolation error that is limited by an upper bound that is fixed as the raw data is collected over time; and when the data logging trigger is satisfied, perform a dataset simplification algorithm on the raw data to generate a simplified set of data in which interpolation error is limited by an upper bound that is fixed across the simplified set of data, wherein the simplified set of data is generated by including a point from the target set of data in the simplified set of data if the point is distant, along said data dimension of the target set of data, from a reference line running through the target set of data, in excess of a threshold simplification value; and a communication interface at the asset being configured to transmit the simplified set of data; and a server being configured to: receive the simplified set of data; interpolate a status of the asset based on the simplified set of data in response to a status request; and indicate the upper bound on interpolation error. an interface layer at an asset to receive raw data from a data source at the asset, wherein the raw data includes a target set of data that is recorded over time, and the target set of data includes a data component with a data dimension and a time dimension; a controller at the asset being configured to: determine whether a data logging trigger is satisfied, wherein said determining involves determining that a recently obtained point in the raw data differs from a corresponding predicted point predicted by extrapolation based on previously saved points included in one or more previously generated simplified sets of data, by an amount of extrapolation error that is limited by an upper bound that is fixed as the raw data is collected over time; and when the data logging trigger is satisfied, perform a dataset simplification algorithm on the raw data to generate a simplified set of data in which interpolation error is limited by an upper bound that is fixed across the simplified set of data, wherein the simplified set of data is generated by including a point from the target set of data in the simplified set of data if the point is distant, along said data dimension of the target set of data, from a reference line running through the target set of data, in excess of a threshold simplification value; and determine whether a data logging trigger is satisfied, wherein said determining involves determining that a recently obtained point in the raw data differs from a corresponding predicted point predicted by extrapolation based on previously saved points included in one or more previously generated simplified sets of data, by an amount of extrapolation error that is limited by an upper bound that is fixed as the raw data is collected over time; and when the data logging trigger is satisfied, perform a dataset simplification algorithm on the raw data to generate a simplified set of data in which interpolation error is limited by an upper bound that is fixed across the simplified set of data, wherein the simplified set of data is generated by including a point from the target set of data in the simplified set of data if the point is distant, along said data dimension of the target set of data, from a reference line running through the target set of data, in excess of a threshold simplification value; and a communication interface at the asset being configured to transmit the simplified set of data; and a server being configured to: receive the simplified set of data; interpolate a status of the asset based on the simplified set of data in response to a status request; and indicate the upper bound on interpolation error. receive the simplified set of data; interpolate a status of the asset based on the simplified set of data in response to a status request; and indicate the upper bound on interpolation error.