Throughout 2017 digital transformation increasingly became one of the biggest strategic focus areas. Yet some businesses have still not realised the potential that this move offers to businesses. To some, replacing legacy systems sounds ominous; but it’s not nearly as scary as being left behind by the competition.
A recent article in Supply Chain Management Review confirms that; “According to McKinsey, many asset-intensive industries such as manufacturing, chemicals, mining, and construction are lagging behind other sectors in the digitisation of asset management.” In these and other asset intensive industries, profitability and growth are usually directly linked to the efficient management of assets.
Why? To improve both performance and profitability.
According to Barry Diedericks, EAM Subject Matter Expert at EOH Infor Services, Infor’s Master Partner in Africa, companies that want to focus on achieving true EAM productivity must be aware of market trends, adjusting their strategies accordingly.
Here are the top five trends that are predicted to impact EAM in 2018 – as shared by, Kevin Price, Infor’s Technical Product Strategist, specialising in EAM.
1. Internet of Things (IoT)
Price believes that the IoT will become even more prevalent in the next year. He confirms that this is tied to the decrease in cost for digital devices, resulting in increased usage. “IoT and EAM are foundational elements of Smart Cities, which monitor the conditions of all critical infrastructure, guided by eight principles: smart energy, buildings, mobility, healthcare, infrastructure, technology, governance, and education/citizens.”
2. Artificial Intelligence (AI)
As smart cities develop, the volume of data continues to expand exponentially – as does its complexity. AI can assist in improving data handling, making intelligent analysis of this data more accessible. As AI begins to move into EAM systems, intelligent questions can be asked, making management more productive and decisions more strategic.
3. Automated Condition Assessment
Managing assets and facilities used to involve visual inspections and estimations based on limited knowledge. With automated condition assessments, a digital image analysis is done (taken with mobile devices, drones, or the like) offering a time-stamped, recorded and thorough overview of the asset.
4. Industry Specialisation
EAM must not be deployed as a one-size-fits-all solution. Each industry has unique goals, risks and concerns. These solutions should be purpose-built to meet these needs. “In the industrial manufacturing sector, companies need the ability to predict future capital allocations and their impact. In the chemical industry, asset management helps meet regulatory and compliance mandates efficiently. In food and beverage, EAM empowers the business to respond to changing customer demands while optimising recipes and formulas and minimising waste due to shelf-life issues,” adds Price.
With effective EAM, the business will grow. To remain effective, the solution must be scalable to meet the demands that this unprecedented growth will bring.
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