The Internet of Things (IoT) makes it possible to turn virtually any object into a source of data. Machines can communicate and share data with each other without the need for human intervention and deliver a wide range of information to data centers for processing. Organizations can be alerted when equipment malfunctions or routine maintenance must be scheduled.
Real-time analysis of IoT data can also provide insights that can be applied to optimize operations, better understand customer behavior, and develop new business models. The potential benefits are so compelling that the IoT is expected to grow to as many as 30 billion devices by 2020, depending on whose research you’re citing.
A large component of the IoT consists of sensors and other devices that gather data from equipment, vehicles, and physical infrastructure. But what do you do with all that data? Ideally, it would be used to track assets, monitor performance, and detect potential problems. However, new challenges emerge when you begin collecting and processing data from hundreds or even thousands of discrete IoT devices across an extended enterprise.
This is where enterprise asset management (EAM) comes into the picture. The IoT can create enormous value by providing real-time insight and visibility, but EAM is essential if you want to harness its full power.
EAM software provides visibility of company assets so they can be managed holistically. It allows organizations to maximize uptime, cost-efficiency, and safety, and extend the useful life of each asset. These benefits translate to greater profitability and a better return on assets.
EAM enables organizations to perform predictive maintenance, which can significantly reduce costs and unplanned downtime compared to traditional preventive maintenance. Small, hard-to-detect issues that can turn into costly repairs and disrupt business operations are less likely to be missed with EAM. EAM is also used to manage asset lifecycle information, work orders, MRO (maintenance, repair, and operations) materials, labor, service contracts, financials, and reporting and analytics.
In addition to asset management, EAM supports planning and scheduling, supply chain management, inventory optimization, and health and safety. By gaining more control over assets and leveraging automation, users create operational agility and flexibility while reducing costs. Standard processes for asset management allow you to manage aging infrastructure more effectively, enhance maintenance practices, and reduce operational risk. Operational applications can be consolidated, which further simplifies EAM processes and reduces total cost of ownership.
When the intelligence of the IoT is combined with the capabilities of EAM, you gain the ability to integrate and analyze structured and unstructured data on a granular level. For example, real-time data on energy consumption can be captured and analyzed for improved decision-making. Together, EAM and IoT allow you to maximize the value of your assets and uncover new opportunities for cost savings and operational efficiencies.
Organizations today are challenged to continuously track, evaluate, and ensure the reliability and performance of a wide variety of assets linked to the IoT. Let us show you how EAM can help you leverage IoT data to enhance asset management across the enterprise.
If you would like more information about how the right Enterprise Asset Management solution can transform your organization, send us an email at email@example.com.