An Asset Health Management system monitors and analyzes the health of a component of an asset. A sensor network, with one or more sensors operably coupled to an asset component, collects sensor data associated with operating characteristics of the asset component. A processing node (a System Health Node) includes one or more modules, i.e., software functions, and one or more configuration files. The processing node processes the sensor data with the one or more modules according to the one or more configuration files and determines health information corresponding to the asset component. The one or more modules receive and transmit input and output data, respectively, via data streams that organize the input and output data, e.g., according to time stamps and that may be cached. The health information may be displayed on user interfaces and/or may be transmitted over an information network to external systems.