November 8, 2017 | Written by: Ron Wallace
Categorized: Asset Management
Share this post:
Whether you operate on a manufacturing floor, an oil rig, or in a power plant, having an effective asset management strategy can be the difference between success and failure. But you probably already know that. What you may not know is that enterprise asset management (EAM) has the potential to propel you along your journey towards digital transformation using IoT data, blockchain technology, and even augmented reality.
You may be thinking – what in the world does augmented reality have to do with EAM? For the leading EAM platform, IBM Maximo, it is just one of the exciting innovations that is helping clients achieve more value from their assets. So let’s explore each in a bit more detail.
1. IoT data eliminates the guesswork from asset maintenance
Your assets are the heart of your business. But are you closely monitoring their health to optimize your maintenance practices? With maintenance budgets running in the millions of dollars for many enterprises, the potential return on assets (ROA) from the optimization of preventive maintenance can be significant.
Many organizations that depend on physical assets to achieve their mission follow a mantra of “never fail” as a maintenance strategy. However, operational and capital budgets are tightening, forcing companies to find creative ways to achieve higher levels of availability. They also must reduce unplanned corrective maintenance, while maximizing ROA with limited funding. To do this, it’s important to be able to get real-time data from your assets to determine which ones are truly in need of some love.
Using IoT sensors on your assets to collect data that can be analyzed for valuable insights gives you the visibility needed to do the right maintenance on the right assets at the right time.
2. Blockchain brings together business networks like never before
If you’re asking yourself how EAM & blockchain go together, do you have current scenarios that involve agreements among a group of parties which have a need to share information? Are you trying to track or trade assets of value where multiple parties have a vested interest?
You’re already tracking the assets across your enterprise in IBM Maximo, collecting data from IoT sensors into Maximo to gain powerful insights and improve reliability and efficiency of those assets. But what happens when one of those assets needs repair or an inspection? How can you integrate the data of parties in your business networks with your system? Without the ability to integrate into one system of record, it can lead to siloed information, fraud, and lack of visibility into transactions that impact each asset.
Blockchain brings these pieces together into one unified ledger for all parties. Currently in beta, IBM is bringing together the forces of EAM and blockchain for more trusted, less siloed transactions.
3. Augmented reality enables a new generation of workers
As we announced last month, the next era of field service and asset management practices will be influenced by AR. What advantages does AR have over traditional processes?
- Data visualization – provides the machine view as well as added situational cues to give more context to what the technician is seeing
- Visual and audio tools – enables field workers to jointly interact and troubleshoot with supervisors or engineers during the task
- Passive monitoring – field technicians can monitor and record visual cue, as well as sounds, temperatures, etc of machines and components while in use. Using this data, engineers can iterate for the next round of product design.
DAQRI smart helmet
Using a device like the DAQRI Smart Helmet™ for demanding environments or the DAQRI Smart Glasses™ for less-intense scenarios, interacting with your physical environment has never been more productive.
4. The user experience can make you or break you
Sometimes it is important to go back to the basics. Therefore, the ability to easily navigate, find, filter, and communicate the data surrounding your assets is critical. With a new dashboard and interface, understanding the details of your assets is easier with a highly visual experience.
5. Mobility is no longer a “nice to have”, but rather a “must have”
We live in a mobile world. Future generations of workers are mobile-savvy and expect constant communication. Therefore, we need mobile devices to help get the right information to the right people at the right time. As a result, this improves service quality, increases customer satisfaction and reduces the costs and complexities of daily operations. Figure 1 shows the improvements in performance of best-in-class organizations who have embraced mobility versus those who are lagging behind
Figure 1. Mobile technology improving compliance rates and reducing paperwork. Source: Aberdeen Group, 2015
IBM Maximo Anywhere is an integrated solution for managing mobile work and assets. Using this functionality, organizations can maximize both their resources and the lifecycle of their assets.
A formula for success that cannot be matched
On its own, IBM Maximo is the world’s leading EAM solution. By infusing it with these innovations aimed at driving operational excellence, we get a force that cannot be reckoned with.
To hear more about these advancements in person and understood why so many companies are saying #IChooseMaximo, join us at TRIMax Nov. 29-30 just outside of D.C.
To learn more about the value of EAM for your business, visit our educational content.
Finally, if you’re ready to take the leap with Maximo or learn more about these innovations, visit the IBM Marketplace or contact your sales rep today.