The critical role of enterprise asset management in an interconnected, autonomous world.
Across almost every asset-intensive industry — such as energy and utilities, oil and gas, manufacturing or transportation — organizations are challenged with how to maximize asset value throughout their lifecycle. To further complicate matters, technology infrastructures running assets are tremendously complex, typically running applications and data in silos that can limit the effectiveness of cross-organizational operations and efficiencies.
Asset performance and the quality of an 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 management can have a direct impact on customer satisfaction. In fact, in a recent survey of asset managers worldwide, more than 75% of respondents cited system reliability as the fundamental reason to invest in enterprise asset management (EAM). This dynamic applies to processes as well. Production, maintenance or service processes age and erode, so end goods or service outputs might not meet the quality standards that were originally specified.
More than 75% of respondents cited system reliability as the fundamental reason to invest in EAM.
Despite these challenges, your organization’s products or services must constantly evolve to meet customer demands 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 ability to adapt to change by improving operations can mean the difference between survival and extinction. Asset management, driven by cognitive insights from IoT data, can have a significant impact. When this framework is in place, you can optimize production and service systems within each site. As a result, your business can wield greater control of the complex asset environments necessary for bottom-line results.