Asset Management

The true value of Enterprise Asset Management

Share this post:

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.

To keep up to date, sign up for Operational Genius, a monthly Watson IoT newsletter designed to be your one-stop resource covering news about IoT and analytics, predictive maintenance, facilities management, asset management, intelligent machines, and more – delivered direct to your inbox.

Subscribe button

Add Comment
No Comments

Leave a Reply

Your email address will not be published.Required fields are marked *

More Asset Management stories
By Kim Woodbury on February 15, 2018

What we THINK about: Enterprise Asset Management

It’s that time of year again. What time, you may be asking? The time of year to think about what new challenges you will take on and how you will execute them. To think about ways your business can innovate with new enterprise asset management (EAM) technologies. And, most importantly, to think of ways to […]

Continue reading

By Sarah Dudley on January 26, 2018

What is CMMS? Absolutely everything you need to know

Way back when, maintenance records were kept on paper.  People also used to use paper maps for driving directions and walked uphill to school both ways. Thankfully, times have changed and so have the way you manage your maintenance operations. At its core, CMMS is a tool that enables more effective maintenance operations – no […]

Continue reading

By Bruce D Baron on January 24, 2018

Understanding the ‘things’ in Internet of Things

Last month I had the incredible pleasure of escaping the winter doldrums of the Northeast and heading to sunny Coconut Grove, Florida for the International Maintenance Conference (IMC).  This annual conference is a must-see event for asset managers, plant managers, and reliability engineers who keep the industrial infrastructure of the world going. One key theme of the event […]

Continue reading