Enterprise Asset Management (EAM) applications have gained traction in recent years due to the growing need for continuous monitoring of assets within organizations. But what exactly does an EAM application do? Simply put, an EAM software helps managers get a holistic view of the company’s assets across departments, facilities, business units and even geographical locations. Such a complete view can help them to control and pro-actively optimize operations leading to increased efficiency and productivity.
As per an industry analysis report by future market insights, the worldwide enterprise asset management market is expected to register a Compounded Annual Growth Rate of 7.2% between 2016 and 2026. It’s important for asset managers to know the drivers for this growth and be well aware of the trends that affect the EAM market. Below are four trends that industry leaders believe may already be impacting the industry.
Be it in plant equipment maintenance, compliance enforcement or managing your field workers, a mobile application helps carry out important daily tasks, saving both time and resources. For instance, if you equip your maintenance personnel with a mobile EAM application, they can input the equipment inspection data directly into their mobile devices. This will help eliminate manual data entry and reduce data collection errors. Similarly, a mobile application dramatically improves the work order initiation process (since you need not physically be at a workstation) resulting in both time and cost savings.
Scalability, agile project management, better disaster recovery planning, increased network security, lower Total Cost of Ownership, flexibility – the advantages of cloud hosting are endless. It should come as no surprise that the cloud is the preferred software delivery model for almost all business applications across the enterprise, including asset management. Future market insights have stated that the market for Cloud-based Solution segment for EAM applications was valued at US$ 443.8 million in 2015 and predicts it to reach US$ 488.8 million by the end of 2016.
3. Predictive analytics
Managing and mitigating risk forms the core of asset management. Identification, quantification and prioritization of the identified risk, transforms an organization’s asset management approach from reactive to predictive. An EAM software should typically offer both preventive maintenance (periodic/scheduled asset maintenance) and Reliability Centered Maintenance (RCM) capabilities. Under RCM, the system analyzes the critical failure mode of assets for determination of optimum maintenance policy thus reducing the severity of (and sometimes elimination of) asset failure. Predictive Maintenance not only helps improve field crew utilization but also helps improve customer satisfaction by avoiding unexpected outages. Predictive Asset Analytics enables proactive addressal of potential safety risks and compliance issues by collating and analyzing both historical and current data from multiple sources to build accurate, testable predictive models. Use these models to generate predictions and risk scores to gain a better understanding of the implications of events allowing you to take necessary action.
4. Internet of Things
Asset Management is one of the prime areas in which Internet of Things (IoT) has the maximum utility. With IoT making it possible for machines to interact with each other without the need for human intervention, processes like preventative maintenance and RCM become much more streamlined and simple. Organizations also benefit by this granular level exchange of data as this knowledge enables them to make better decisions to improve efficiency and cut costs. When combined with the intelligence provided by an IoT application, EAM solutions facilitate identification of performance non-conformities, repair vs. replacement opportunities, potential process control modifications and also provide demand and market intelligence.
When it comes to choosing an EAM solution for your organization, scalability and flexibility are some of the most important criteria to look out for in the product as it has become crucial for applications to be able to keep up with the market’s ever-changing technologies. IBM Maximo is one of the most comprehensive EAM applications available in the market today. With features as varied as SaaS capabilities, advanced reporting and ease in integration with other systems, Maximo will meet your asset management needs. To find out how to get the most out of your IBM technology, contact ValuD today at email@example.com.