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 Teason 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.