CIOREVIEW >> Enterprise Asset Management >>

IOT Enhancing EAM and Transforming the Industries

By CIOReview | Friday, May 31, 2019

FREMONT, CA: Technologies profoundly change the way organizations add value, remain competitive with other entities and partner with them. These technologies are morphing the way consumers experience the world by developing new opportunities for insight, relevance, and competitive edge. Internet of Things(IoT) is used by organizations to boost operational performance, enhance customer experience, and lead the transformation of the industry, advance environmental sustainability and increase institutional expertise. Organizations are challenged across almost every asset-intensive industry to maximize the value of assets throughout their lifecycle. In fact, more than 75 percent of respondents cited system reliability as the fundamental reason for investing in corporate asset management in a recent survey of asset managers around the world.

While the basic approach to asset management practices remained unchanged, the ability of modern EAM systems to provide more comprehensive intelligence on asset data has changed. Professionals now have access to astonishing quantities of quality data, and just a click away is the ability to monitor and evaluate key dependencies of assets, efficiencies, common issues and more.

Due to the cloud operation of the most up-to-date EAM systems, they are fully capable of meeting the needs of today's mobile workforce. These systems specifically provide the accessibility and customization that defines the modern user experience anywhere. By extending the functionality of a desktop-based system to a mobile platform, users work smarter than ever on both ends, whether in the office or field. And while new EAM systems within a municipality are reachable to thousands of end users, customized dashboards enable them to quickly find what they need without digging into their assignments through the system. Such capabilities are the redefinition of task assignments and procedures of management.

As contemporary EAM systems begin to integrate automated processes of workflow management, they become more proactive rather than reactive. While there have been proactive management processes with fleet vehicle maintenance and fixed-life assets for years, advanced analytics and IoT capabilities are being used by today's systems to extend proactive operations to new areas. In both fixed assets and mobile workforce management, the combination of these two technologies is proving beneficial. Asset managers are now empowered with analytics to enable them to develop finely tuned maintenance schedules in order to maintain equipment before problems arise.

Evidently, management of corporate assets is critical to an organization's health. It can be the key to continuing operations in times of reduced budgets when handled correctly. Asset management can also help extend equipment's useful life, improve investment returns and postpone new purchases.