As the world is becoming more active and digital, it’s extremely vital to be agile – especially in asset intensive industries like mining & utilities, automotive, process manufacturing, etc. Globalisation demands are sprouting up the need for manufacturers to bring down operating expenses. In order to deal with these pressures, manufacturers are seeking ways to boost asset performance. Enterprise Asset Management (EAM) can shift how business decisions are made. It is an essential for decreasing risks, while enhancing decision-making, regulatory compliance and utilisation.
According to Future Market Insights, the global enterprise asset management market is estimated at $3.21 bn in 2022 and is predicted to close in on a valuation of $4.86 bn by 2028, surging ahead at a CAGR of 7.1% from 2022 to 2028. Today, manufacturers can make use of enterprise asset management strategies that would have been unlikely 10 years ago.
EAM provides an important prospect for advancing operational effectiveness. It lets organisations have an advantage in umpteen areas, from lowered operating expenditures to greater service levels. When going for EAM, manufacturers should look for comprehensive inventory management, conditions & costing from a single system, track & manage asset deployment and more.
What’s more? The extensive implementation of mobile technologies is leading to rapid change in businesses. That’s why it’s more important now for companies’ asset management solutions to be in sync with the latest mobile capabilities.
While traditional EAM is advantageous in certain ways, it cannot be that beneficial in a modern manufacturing facility. Therefore, it’s modern EAM software to the rescue. Modern enterprise asset management starts where conventional asset management comes to an end. New-age EAM software is all about evolution. It can instantly better communication, accountability, data accessibility and more. Despite its benefits, to make the most of modern EAM software, manufacturers have to be open-minded and think big.
Asset management systems are also developing quickly. There has been a move to Enterprise Intelligent Asset Management (EIAM), which helps augment the management of all physical assets across an organisation through the efficient acquisition of significant knowledge and data along the supply chain. Most importantly, it’s the people who play a crucial role – a powerful leadership team with a coherent EIAM perspective can turn the culture into one that is more strategic & productive, through the application of technology.
Every manufacturer has to deal with asset management, and it’s a domain that does come with its share of inefficiencies. EAM is a way of thinking and a culture that strengthens production uptime & life of the equipment. Making EAM a part of a manufacturing company is all-important in order to prosper in the digital revolution.