August 31, 2016 | Written by: Chris O'Connor
Categorized: Blog | Buildings | Factories | Manufacturing
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For enterprises, each asset is part of a complex, dependent ecosystem. Hidden dependencies across assets pose serious threats to reliability. Given budget limitations, resources need to be prioritized based upon the most business-critical assets and a complete understanding of risk. One of the great advantages of tapping into Internet of Things is it can enable you to focus maintenance resources and obtain the greatest value from assets to be predictive rather than reactive.
The fundamental reason to invest in enterprise management of assets
Across almost every asset-intensive industry (such as oil and gas, manufacturing or transportation), organizations are challenged with how to maximize the value of assets throughout their life-cycle. 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.
The dangers of data silos
Today’s asset-intensive organizations must constantly track, assess and manage the reliability of a wide range of physical, technological and human assets. These organizations must manage both inventory and production. They repair machinery, hire and schedule employees, deploy and manage IT infrastructure, maintain physical plants, and manage linear infrastructure or rolling assets. To further complicate matters, technology infrastructures are tremendously complex, typically running applications and data in silos that can limit the effectiveness of cross-organizational operations and efficiencies.
These 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. Asset performance and the quality of the organization’s products and services are impacted by the 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. This dynamic applies to processes, as well. Production, maintenance or service processes age and erode, so end goods or service output might not meet the quality standards that were originally specified. Products and services must constantly evolve to meet customer demands, which means multiple variables must be effectively managed. These include issues such as increased global commoditization and competition, compliance with industry and government regulations, green and sustainable operations, health and safety in the workplace, and higher costs of doing business.
The key to continued operations with reduced budgets
So the question is, how can enterprises leverage asset management to drive profits? Successful organizations build agility into their business model. The ability to adapt to change by improving operations can mean the difference between surviving and thriving. Enterprise asset management is critical to the health of an organization. When handled correctly, it can be the key to continued operations in times of reduced budgets. It can also help extend the useful life of equipment, improve return on investment and defer new purchases.
IBM Watson IoT for Asset Management and Predictive Maintenance and Quality helps you make smarter decisions about your assets by combining the world-class power of IBM Maximo and PMQ software with IoT data and cognitive computing. These solutions provide the capabilities for better managing physical infrastructure assets and can be used to make better decisions and get the insights to deliver ongoing value for organizations.
Maximo Asset Management and Predictive Maintenance provides an integrated approach to managing discrete or complex assets, which can help organizations overcome challenges rooted in their aging infrastructures or human assets, and in their siloed or disconnected systems. By breaking down multiple silos of non-standard, non-integrated systems, an integrated approach can help align operations with overall business objectives. Such an integrated method can also support long- and short-term planning, such as controlling inventory and outside service providers, to better meet demands. Maximo Asset Management can enable preventive and condition-based asset maintenance. And it can help vendor management by supporting a full range of contracts and full support for managing service agreements.
Available as an on-premises or software-as-a-service (SaaS) offering, Maximo Asset Management provides the right capabilities to meet organization’s needs. Each model provides the collection, consolidation and analysis of virtually all types of assets, unifying processes for wide-ranging asset management functions across multiple sites. To see how a smart enterprise asset management system can help you, check out Predictive Maintenance for Dummies, and get hands on with IBM Maximo with a free demo.