June 20, 2017 | Written by: Archana Leo
Categorized: Asset Management
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Organizations in the asset intensive industries are faced with a daunting question, “How do we maximize the value of assets through their lifecycle?” In fact, in a recent survey of asset managers worldwide, more than 75 percent of respondents cited system reliability as the fundamental reason to invest in enterprise asset management. Technology is one way to ensure that you can track, evaluate and manage physical, technological and human assets.
Organizations must deal with continually aging physical assets that require ongoing maintenance and repair, including power plants, railroad bridges, sewer systems, generators or electronic devices such as smart meters. The quality of the organization’s products and services are impacted by performance and reliability of the asset or equipment. As a result, the increased need for asset maintenance and its management can have a direct impact on customer satisfaction.
But each asset has its own unique challenges. Visibility into the assets is crucial as this ultimately affects customer satisfaction. It’s imperative to have insights into the right mix of assets in production and inventory. Without these insights, organizations tend to hoard on inventory to ensure products are always available but end up with increased storage costs and depreciation that ultimately eats into the company profits. An ideal Enterprise Asset Management solution would be able to help with these issues.
Choosing an Enterprise Asset Management solution
An ideal Enterprise Asset management solution is one that provides Visibility, Control and Automation. Most organizations have data systems that work in silos and this reduces efficiency. You need insights into the functioning of various assets to understand and deal with the performance of existing and aging assets. Gaining a better control of their assets can enable organizations to better manage their investments. Organizations can control their spending by taking action to increase the life of an asset and reducing inventory costs.
Automation helps organizations to shift from a reactive to a more proactive mode. It helps them to identify assets that require maintenance and take preventive measures and enhance operational capabilities by automating workflow thus making their operations agile.
Figure 1: A comprehensive enterprise asset management solution provides increased visibility, control and automation.
Successful organizations build agility into their business model. The ability to adapt to change by improving operations can mean the difference between survival and extinction. Asset management, driven by valuable insights from IoT data, can have a significant impact. One way is to unify processes that manage wide-ranging functions across an organization’s multiple sites. Organizations can optimize production and service systems within each site. As a result, organizations can wield greater control of the complex asset environments necessary for bottom-line results.
End-to-end asset management with IBM Maximo
Available both on-premise or in a SaaS model, IBM Maximo Asset Management software provides industry-leading capabilities and functionalities that allow capital, asset-intensive industries to leverage the benefits of an integrated enterprise asset management system to manage critical assets and facilities within the organization.
Maximo helps to manage all kinds of assets across industries. With the following advance capabilities in Maximo, organizations can make the most of their investment.
- Built-in mobile access – Using IBM Maximo anywhere, which is included in the core Maximo Asset Management solution you can access work and asset management capabilities using any browser on your device, be it a phone or tablet.
- Built-in mapping and crew management – you can geographically track and assign work with greater flexibility. The application designer provides support for Google, Bing and Esri maps.
- The cognitive power of Watson: With the cognitive element of Watson combined with Maximo Asset Management you can analyze past and present events and use insights to make proactive decisions to prevent the root causes for failure.
- Analytical insights: Through the IBM Cognos® integration, reporting, analytics and numerous dashboards Maximo Asset Management helps monitor the health of the organization.
Learn how to manage your assets
To learn more on how IBM Maximo Enterprise Asset Management solution can provide insights to better plan and control your assets please read Understanding the impact and value of enterprise asset management or visit the IBM Maximo website.