Digital transformation and technology are two interwoven aspects when it comes to the business world. The word ‘transformation’ itself presents a sense of ‘trending’. There are various technological trends that revolutionise the future of innovation in the business context. ‘Enterprise Asset Management’ or in short, EAM is such a software solution that entered the scenario with a diverse range of trends. From streamlining work to boosting ROI, the benefits of these trends are tremendous.
This article will act as a guide for you to identify the latest technology trends that are coupled with EAM solutions.
What is an EAM Solution?
EAM is a fusion of software, systems, and services to make it possible to maintain, control, and optimise the quality of operational assets throughout their life cycles. The whole purpose of this is to optimise the quality and employment of assets throughout their lifecycle, enhance productive uptime, and lower operational expenses.
This covers the whole lot from asset lifespan, including capital planning, procurement, installation, performance, maintenance, compliance, and risk management, to asset disposal. It also includes the administration and upkeep of physical assets held by an enterprise.
The capacity does not end there. It also involves work management, asset maintenance, planning and scheduling, supply chain management, and environmental, health and safety (EHS) initiatives. EAM plays an important role since it aids businesses in monitoring, evaluating, managing, and maximising the quality and dependability of their assets. There are millions of assets in organisations of various shapes and sizes that need to be taken care of by the sophisticated EAM.
Top EAM Technology Trends in Today's Business Arena
Optimising Business Planning
Businesses are increasingly integrating their production and maintenance processes nowadays as they start to understand the critical role that a common asset master data set plays in defining their overall company strategy. This foundation for shared assets provides crucial information about each asset, such as ownership information and its place throughout the asset’s lifetime, assisting in the smooth integration of strategies.
Ensuring the integrity of this master data helps in sound planning and decision-making for the authorities. Utilising technology and user-friendly interfaces will significantly increase the effectiveness of master data upgrades and streamline the procedure. Basically, the synchronisation of production and maintenance through effective master data management equips organisations to make planned, coordinated, and strategic decisions as a result.
Automating the Whole Facility
Automation in the business world has gained so much popularity over these past years. Businesses are automating their infrastructure keeping an increment of productivity and sustainability in their minds. They implement IoT, mobile apps, and chatbots for predictive and field maintenance to achieve this. Using artificial intelligence and machine learning, the EAM system can accurately determine which component of an asset needs to be replaced. This minimises the need to completely shut down machines, which can result in a more productive workforce. Using mobile applications or chatbots, internal and external technicians may monitor work orders and exchange information such as tasks accomplished and time spent to complete them while searching for relevant data and information.
In addition to predicting asset failures, modern EAM systems can also map the sensitivity of assets to business performance as well. It helps in identifying mission-critical assets whose downtime could result in greater losses to the business.
KPIs Settings through Cloud infrastructure
Cloud infrastructure serves as the best tool for the integration of unstructured sensor data and structured business information from conventional Enterprise Resource Planning systems, channelling them into a standardised cloud environment. Within this environment, advanced analytics are applied to extract valuable insights. This procedure helps to measure important Key Performance Indicators (KPIs), which are then broken down into business units.
Empowered by these meaningful KPIs, all business units can effectively monitor and manage their operations. Again, these KPIs are conveniently accessible through one centralised dashboard that facilitates enhanced authority. Now you can see cloud infrastructure leverages data integration and analytics to drive informed decision-making, operational efficiency, and organisational advancement.
Supply Chain Integration
With EAM, Organizations are quickly moving from an ordinary arm’s length partnership to an integrated collaboration with their suppliers. How exactly could this happen? Companies can enhance supply chain visibility, minimise manual data input, and get more actionable insights from their business intelligence application by integrating systems with their suppliers. Businesses will also achieve adaptive processes through the alignment and integration of internal and external processes. It enables them to quickly respond to field and customer needs and adjust production and equipment utilisation as necessary.
It is common that businesses have often engaged with their suppliers through email-based exchanges in the past. Now sophisticated technology has enabled suppliers and customers to electronically exchange data in real-time over portals on enterprise asset management software, making it one of the most efficient methods for businesses to communicate with their external ecosystem. These portals are becoming increasingly common in the business world.
Risk Assessing and Handling
Each business needs real-time data to make the best decisions. These data help organisations better evaluate their advantages and disadvantages compared to their competitors in the market. It facilitates them to identify opportunities to cut expenses, boost efficiency, and venture into new markets. Real-time data also facilitates the best day-to-day decision-making. This data enables businesses to monitor their performance in the market and their competitors.
Enterprises are in danger of experiencing severe challenges if they employ operational optimization tactics and weak methodologies while their suppliers do not. Companies and their suppliers can focus on assets and utilise MRP and ERP-integrated insights to invest time and money where the problems are with a fully integrated supply chain and risk-based management. A robust supply chain integration strategy, as well as a risk-based approach in the EAM, will also assist businesses in monitoring and adapting to supply chain concerns.
Predictive and Preventive Measurements
The integration of IoT and AI technologies has revolutionised EAM systems, elevating them into predictive maintenance solutions. Assets are coupled with sensors that continuously collect real-time data, while AI algorithms analyse this data to spot potential equipment failures. EAM not only enables predictive maintenance but also fulfils a pivotal role in preventive maintenance. It encompasses regular inspections and servicing for potential breakdowns.
When EAM analyses previously gathered data to implement both predictive and preventive maintenance strategies, companies across different sectors can adopt a proactive approach to asset maintenance. This approach makes the way to reduce unexpected downtimes and declines the expenses associated with emergency repairs as the outcome.
Back up Company’s Eco-Friendly Initiatives
EAM solution, when integrated with emerging technologies like digital twin, plays an outstanding role in advancing a company’s eco-friendly initiatives. Digital twins, in other words, the virtual replicas of physical assets, processes, or systems, have gained significant popularity across various industries. When it is combined with EAM, it provides a powerful platform for sustainability efforts.
Let us explain how this happens. Digital twins enable companies to create highly accurate simulations of their assets and operations in the first place. These simulations allow for the analysis of various scenarios and the anticipation of potential disruptions. Using these data and replicas the solution helps companies optimise resource utilisation, energy efficiency, and environmental impact as a result. This combination of technologies empowers companies to make informed decisions, reduce waste, and enhance sustainability, aligning their operations with eco-friendly objectives.
Ensuring Regulatory Compliance
As we mentioned before, this software integrates seamlessly with various cutting-edge technologies like IoT, sensors, satellites, digital twins, and augmented reality (AR). This is what makes it easy for companies to ensure regulatory compliance for their businesses. But How? IoT sensors and satellites provide real-time data from assets and remote locations in the first place. This enables EAM systems to monitor environmental conditions and operational parameters, ensuring compliance with environmental regulations. Plus, Digital Twin offers a virtual representation of physical assets and processes, facilitating compliance testing in a risk-free virtual environment. AR aids in maintenance tasks by overlaying digital information in the real world, ensuring that technicians follow compliance procedures accurately.
Like this, through the powerful fusion of these technologies, EAM systems can streamline compliance monitoring, reporting, and auditing processes as the best outcome. This helps in reducing the risk of regulatory violations, penalties, and reputational damage while enhancing overall operational efficiency and compliance assurance for any business no matter what the industry they belong to.
24/7 Mobile Visibility
The latter takes the lead when it comes to the mobile accessibility trend by offering 24/7 Mobile Visibility through dedicated mobile apps. It is true that mobile technology has revolutionised EAM. Let’s see how. It allows technicians to access vital asset data, performance metrics, maintenance schedules, and comprehensive work instructions directly from their mobile devices. It does not matter whether they are accessing from distant locations. This not only enhances productivity but also ensures that workers have instant access to the most accurate and current information.
It enables authorities to make informed decisions, for workers to perform maintenance tasks efficiently, and to respond promptly to critical issues on time. You can witness this lead the way to optimising asset management eventually.
Stepping into a Digitalised Business Realm via Innovation
Why do you need to purchase various software to inspect various aspects of your business when you can fulfil this need through one sophisticated solution? That is the beauty of new-age technology! It extends its helping hand for you to lower expenses while optimising operations through its robust inventions. With today’s innovative solutions, the whole world is just one step ahead!
