Enterprise asset management (EAM) tracks, maintains and optimizes a company’s assets. Be they physical assets like buildings, power lines, and fleet vehicles; or intellectual assets like software, methodologies, branding and design, optimizing assets is critical to business success.
EAM has traditionally focused on routine preventative maintenance of enterprise assets. Assets were maintained and replaced based on fixed scheduled determined by maintenance professionals, and in some industries, regulations or public pressure.
Advantages and Disadvantages of Routine Maintenance in Asset Management
There are advantages to routine maintenance methods: it’s simple to implement, easy to plan, and straightforward to execute regularly. There are drawbacks, too. High variety in methods creates inconsistency within companies and across industries. Plus, maintaining and replacing assets based on a fixed schedule rather than need can waste time and money because assets may not always need maintenance on the planned schedule.
How the IoT is Changing Asset Management
Routine maintenance and enterprise asset management is shifting as the internet of things (IoT) penetrates business. Individual assets are now being connected to larger systems with sensors and devices. This makes them a source of data that companies can use to better maintain assets and improve performance.
But the built-in analytics features in many EAM asset management systems aren’t robust enough to process the influx of data from IoT assets. They can’t produce the insights companies need to make more effective business decisions and better maintain their assets.
That’s where asset analytics comes in. Using asset analytics software, asset management can become a more reliable and effective strategy that will benefit a company’s performance and efficiency.
Here are three benefits of using asset analytics to manage enterprise assets.
3 Benefits of EAM Asset Analytics
1. Create a Connected Asset Ecosystem
Often, enterprise assets are managed within independent silos, each with their own standards and processes. But in today’s interconnected world, where events and actions in one place have real impacts in another, it is vital for company executives to create a connected asset ecosystem.
Using advanced analytics, assets can be tracked, monitored, and reviewed both at an individual level while considering their impact within the larger ecosystem. This brings up insights companies can use to improve asset performance, identify the root cause of problems, and respond quickly to changing conditions. It can also help companies plan for proactive, predictive maintenance.
2. Efficiently Process Large Quantities of Data
As companies make the switch to analytics-based asset management models, the amount of data to manage will be unlike ever before. Using advanced analytics with real-time machine learning systems allows companies to not only process large amounts of data in real time, but to ensure the analytics are accurate and comprehensive.
Companies can use those analytics to more effectively predict asset failure times and prescribe business actions that will optimize asset performance.
3. Optimize asset investments
Assets are essential, but they’re also significant investments. They require time, money, and expertise to maintain and repair. Access to intelligent insights can help companies more reliably assess the health and criticality of assets, which can be used to prioritize repairs and create more effective capital expenditure plans to replace assets that are near end-of-life.
Use EAM Asset Management for Strategic Decision Making
With advanced analytics, EAM asset management is becoming more efficient and driving business results that can be a strategic differentiator for companies.
For industries like utilities, where assets are their lifeblood, it is critical to have access to real-time insights on which power stations, gas pipelines or substations, for example, are at risk of failure. With that information, utilities and other companies can keep their assets operational and avoid the problems that come with unplanned outages and asset failures.