Transforming asset management – the digital touch
by Harit Kumar | 2 min read
In this era of digitalization, smart enterprise solutions are all about Cloud, Mobility, Analytics, AI/ML, with IoT and AR/VR technologies. The dawn of intelligent enterprise solutions is upon us. Today, nobody wants just a transactional system. Instead, customers look for cognitive solutions which will provide real time visibility and recommend the best course of action by studying and analyzing statistical patterns, past usage behaviour, constraints and various other critical dimensions.
The fundamental reason why organizations need to implement asset management is because it makes good business sense. All asset-intensive organizations need an ordered, structured, disciplined way of controlling assets. Cloud-based EAM software can unleash new growth opportunities as compared to on-premises software. Embedding solutions with telematics and IoT technologies pushes demand for EAM that will analyze asset performance and health condition in real time. Adoption rate of smart EAM solution will rise sharply as end-users shift towards remote monitoring and predictive maintenance. Focus on IT-OT interoperability, and seamless integration with third-party vendors also drives the users towards adoption of EAM solutions.
Digitalization of asset management truly enables organizations to leverage the power of digital technology to control their spending on maintaining their assets optimally and ensure that automation of EAM increases efficiency, margins, ROI, and inventory maintenance accuracy. Two huge advantages it brings to the organization are:
In industries which have no direct consumer influence, or where product is a uniform commodity (such as aviation, ports, manufacturing, oil, and power generation), the options available for differentiation are very limited. The differentiation in such cases is the efficiency of EAM, which essentially determines the productivity, availability, reliability, cost of utilization of physical assets, and ease of asset maintenance and management throughout its lifecycle.
The greatest barrier to an effectual EAM is siloed approach to operations. Digitalized EAM ensures collaboration between, and communication across departments in a way that every stakeholder receives the same version of data, is aware of the status of the relevant assets, and makes informed decisions that do not contradict with the operations of any other team. The returns on asset management enterprise applications depends on collaboration between various departments such as IT, engineering, procurement, stores, finance, safety etc. Alignment across engineering groups and IT is also needed to realize value of asset analytics.
Ramco EAM solution has been helping various asset intensive industries across verticals to manage assets throughout its lifecycle at optimum CAPEX and OPEX with higher performance and lower TCO. Ramco has always been a frontrunner when it comes to adopting innovation & new technologies and incorporating them into its solution for better user experience. Ramco’s next-gen EAM solution is packed with these capabilities. It is a holistic solution designed to manage and control various asset management business functions, with enterprises investing in and embracing IoT-based technologies along with cloud, mobility, analytics, and AI/ML. It builds a connected ecosystem by establishing seamless connections with other systems across the value chain. These next-generation technologies enable the smart enterprise in a changing world, paving the way to increased profitability and reliability.