EAM with asset performance management adds value in 2023
Impacted both by inflation and a fractured global supply chain, asset-intensive organizations across the globe are having to reconcile rising costs, stricter standards around sustainability, and more pressure to digitize their asset management operations.
It’s no surprise that market experts expect the value of enterprise asset maintenance (EAM) solutions to rise significantly over the next five years.
After all, the main objective of EAM software is to optimize an organization’s assets from the start to the end of their lifecycles. Implementing EAM tools to reduce costs and reduce waste allows organizations to address all three of their needs around asset management at once.
What is EAM and what does it do best?
The earliest commercial-ready EAM solutions like IBM Maximo were introduced in the mid-1980s, after asset-intensive industries identified needs that went above and beyond the facilities maintenance software available at the time.
Ever since, EAM has been adopted by organizations to:
- Track and monitor equipment through its entire life cycle, from acquisition to disposal
- Measure and manage total cost of ownership (TCO) for an organization’s physical assets
- Serve as a single repository for asset data like energy usage, life cycle costs, warranties, and audits
Overall, the solution helps organizations improve the performance of large industrial machinery, as well as the highly specialized equipment that enterprise-level organizations depend on every day.
What does EAM with asset performance management offer in 2023?
Today’s market-leading EAM solutions offer even more opportunities for cost- and sustainability conscious organizations to capture the small details that lead to large value, especially in the increasingly relevant arena of asset performance management (APM).
EAM can capture those small details and be used automate daily APM tasks. Supported by the right modules, EAM allows organizations to boost the performance of their assets while spending less and using a smaller footprint.
EAM and APM features to prioritize include:
- Improved asset performance and availability from AI-powered remote asset monitoring
- Detailed alerts and anomaly detection to increase asset uptime
- Asset performance health insights based on IoT data from asset sensors and work history
- Options to reduce on-premises deployments with cloud alternatives
- Machine learning and data analytics that limit asset failures and costs
Which industries rely on EAM the most?
As EAM tools excel at helping organizations get the most ROI from their assets, certain industries can uniquely benefit from the functionalities that EAM solutions have to offer.
Manufacturing and logistics – Manufacturers and logistics specialists use EAM to manage assets and maintenance plans while further instilling Lean Six Sigma concepts into the asset management processes. Common adopters of EAM among manufacturers include members of the electronics, industrial, aerospace, defense, automotive, and consumer product industries.
Transportation – Fuel management, bay scheduling, and driver’s logs inputs are just a few of the essential asset management tasks that transportation organizations use EAM to streamline. Optimizing transportation asset management is a key advantage for organizations operating road, rail, sea, and air logistics.
Utilities – Providers of water, waste, gas, and power services can use EAM to schedule crews, set up asset management configurations, and respond to escalations more efficiently with EAM via built-in geospatial visual management tools. Market-leading EAM tools like IBM Maximo are used to streamline the management of assets even within stringent regulatory environments related to safety and national security, as is the case with nuclear technology.
Healthcare – Hospitals and healthcare facilities use EAM to help their facilities and equipment work in concert with one another. The ability to identify and pinpoint the location of critical healthcare assets and generate reports of facility conditions on the fly are key for organizations that need to comply with reporting requirements with confidence.
Life sciences – Biotech companies regularly monitor and optimize their facility, mobile, and IT-enabled assets with EAM. Once common implementation of EAM by life sciences organizations is to streamline the management of e-signature and gold standards.
Natural resource processing – Producers of oil, gas, metals, and minerals rely on EAM to meet high standards of daily operational excellence. EAM tools make it simple for organizations to integrate safety and compliance regulations directly into operational and work management process. This approach helps natural resource manufacturers bring down their costs via standardization and other new best practices.
Need more help understanding how EAM can help your business?
Connect with the EAM experts at JLL Technologies for more details about how to reduce costs and increase efficiency through asset management. You can also review this infographic to find out more about trends shaping EAM and asset maintenance goals in 2023.