From reducing revenue losses to increasing asset life and predicting failures, IAM solutions optimize businesses growth
Regardless of the domain, no business organization escapes the impact of digitalization of processes. Deemed as a revolution of sorts, it calls for an increased focus on managing assets over the internet. Significant effort is required to ascertain the functionality for augmenting the existing asset management processes.
As per a report by Moody’s, the asset management industry is all set to witness an unprecedented growthover the next decade. It willtransform businesses by letting them adapt fullyto the digital world.
In the absence of a proper asset management system, lack of control over the fixed assets increases the costs, compliance breaches, and the chances of poor performance.Without accurate tracking and monitoring technology, the cost can go out of control and lead to inevitable losses across businesses. Ageing assets, inflexible structure and limited technical expertise also restrict the efficiency of organizations.
Intelligent asset management (IAM) solutions play a critical for efficient data management. With predictive analytics,real-time insights and IoT, they monitor, maintain and manage the performance of your physical assets.While uploading data from your ERP systems,risk is assessed and failure modes &effects analysis (FMEA) is utilized to analyze the potential equipment failures.
Businesses can keep their assets running by predicting, simulating, and optimizing their health with machine learning and digital twin technology.IAM Solutions have the potential to turn capital spending into operational investments by leveraging the resources.
Asset management solutions completely rule out overhead costs and eliminate process delays for enhancing the first-time resolution rates to attain higher levels of workforce safety and productivity.With seamless work flow, the life of your assets is prolonged along with timely processing of other work ordersandmaster data in both online and offline mode.
Overcoming the challenges and benefitting big organizations, asset management is making a remarkable difference. Technically-advanced firms are employing a number of robustasset management practices considering the increased operational efficiency, lower costs, equipment downtime, enhanced satisfaction and more.
With constantly evolving business models in the digital era, the management of resources and unparalleled assets is inevitable. Integrated with SAP, Intelligent Asset Management Solutionscombat the issues and offer real-time and continuous inspection of equipment in the production lines in a cost-effective manner. Additionally, for solving asset management challenges, accurate and actionable information is required.
Such solutionsanalyze thefailure patterns, trends and maintenance solutions, adopted in real time, and initiate the right preventive actions.Organizations get 24X7 access to operational status and health visibility of their equipment. It also optimizes spare parts management with actionable insights. Apart from it, the revenue of the businesses is greatly improved as losses are minimized manifold due to lower machine downtime. Productivity is majorly enhanced due to real-time monitoring of machine and failure prediction leading to reduced downtimes.
To be concise, listed below are the major benefits of IAM solutions for any organization using it.
- Maximum Productivity
- Enhanceoperational safety and minimizes safety incidents
- Reducemaintenance costs
- Enhancedmonitoring
- Enablesimple and timely execution of end-to-end enterprise asset management (EAM) processes
- IAM combines sensor data with business information in your ERP, customer relationship management (CRM), enterprise asset management (EAM) and augmented reality systems
- From acquisition to end-of-life, having the complete history of an asset is quintessential forproviding the basis for an accurate assessment of future assets. It also helps with the planning of future business spending and budgets
Many companies are now shifting towards IAM solutions as traditional and manual inspection methods are highly time-consuming and exorbitant. On the other hand, leveraging the technology, the components are inspected rapidly which, in turn, address the issues in near-zero downtime for machines.
With most modern-day software applications, there are a number of unique tools and applications available. They have advanced features including high-end tracking technologies, cloud-based access along with a user-friendly interface design.
Intelligent Asset Management Solutions offer a means to contemplate all the major and minor factors about operations and costs for achieving organizational goals. They drive the development of reports that, in turn, provide the insight you need to effectively optimize the use of your assets.
The inability to track assets in real-time and lack of appropriate featureshighlights one thingthat an effective asset management system is need of the hour for firms for the long term future of the businesses.
The integration of technology and solutions can certainly pave the way for operational efficiency in business processes. Adaption is the key toleveraging the potential efficacy of these solutions.
