April 26, 2017 | Written by: Franklin Morris
Categorized: Asset Management
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Organizations today are using IoT to boost operational performance, enhance customer experience, lead industry transformation, advance environmental sustainability and scale institutional expertise. Asset-intensive companies must constantly track, assess and manage the reliability of a wide range of physical, technological and human assets, but doing so at an enterprise level is a complex undertaking. Challenges include: aging physical assets requiring ongoing maintenance and repair, ensuring asset performance, global commoditization and competition, regulatory compliance, health and safety protocol, and more.
How can organizations control assets and remain profitable?
That’s where Enterprise Asset Management (EAM) comes in. EAM solutions, such as Watson IoT for Asset Management, provide an integrated approach to managing physical and human assets. EAM can support long- and short-term planning, such as controlling inventory and outside service providers, to better meet demands, and can enable preventive and condition-based asset maintenance.
In 2016 we create a white paper, Understanding the Impact and Value of Enterprise Asset Management that offers a deep-dive into the benefits of EAM. Here are a few quick ways EAM can create value for your organization:
End-to-end solutions for asset-intensive organizations
EAM can provide real-time insight and visibility into virtually all physical assets, and across the maintenance, repair and overhaul supply chain. In this new era of mobile, cloud and analytics technologies, there are more opportunities than ever to collect, consolidate and analyze information about assets to help fine-tune performance.
Beyond asset management, core capabilities of EAM also include work management, planning and scheduling, supply chain management, and health and safety.
Better visibility, control and automation
To manage the full asset lifecycle and better address business imperatives, asset-intensive organizations require integrated visibility, control and automation across their business and technology assets.
Visibility provides an enterprise-wide view of asset details and processes from across the organization for better decision making. With control of their assets, businesses can better manage and secure their investments and reduce inventory costs. And greater automation helps companies build more agility and flexibility into their operations.
Increasing revenues, decreasing costs
With EAM, businesses can meet today’s business, operational and technology challenges, and efficiently address the lifecycle of resources.
EAM allows for better management of aging infrastructure by implementing and enforcing standard processes for asset management, improving overall maintenance practices, and controlling operational risk by embedding risk management into everyday businesses processes.
It also allows for a lower total cost of ownership, by consolidating operational applications. By using one global enterprise application instance, consistent metrics, and asset management processes that are enforced and managed on the same platform at all of your sites, you’ll be able to standardize best practices across virtually all asset types.
To learn more about how Watson IoT for Asset Management can help create value through smarter asset management, read our white paper Understanding the Impact and Value of Enterprise Asset Management.
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