resilience

To state the obvious, the digital world has arrived. 48% of organizations are now digital, having moved from the act of digitally transforming organizations to operating a digital business. This translates to running a business at scale and transferring much of the people resource to technology. Upcoming innovations like Internet of Things (IoT) sensors, computer vision/remote visual inspection, and even AI/Industrial voice interfaces, when integrated or embedded in modern cloud-based enterprise asset management (EAM) technologies, can help an organization scale and address all segments of the asset life cycle. This blog will look to deep dive deeper into this interesting topic.

Real-Time Sensing

In the digital world, asset resilience requires a focus on real-time oversight and data with, responsive maintenance and workflows that identify and resolve anomalies before the business is impacted. This is underscored with modern cloud-based innovative EAM technologies that can help manage your assets, including asset inventory, helping to set acceptable levels of service, and reducing manufacturing cycle times. With this level of monitoring, maintenance, and asset portfolio overview, the organization can achieve its planned productivity gains and operational efficiencies with greater visibility and control. Some organizations use EAM systems to track production supplies and purchases, while others use it to balance operational requirements against maintenance needs, finding the right time to perform regularly scheduled maintenance activities against production schedules, which increases peak performance runtime and asset availability. These examples automate more workflows, increase operating efficiencies for processes like heat induction bending services, curtail human errors, and reduce unplanned downtime and outages.

In addition, EAM technologies support sustainability objectives because assets and data are connected across the enterprise, enabling greater monitoring of sustainability goals and compliance to asset monitoring as part of business process integration. In addition, when an asset has reached its end-of-life stage in the business, the organization can start to plan for newer equipment while selling the old asset with intact records and suggested monitoring and maintenance for the new buyer. The asset life cycle can then come full circle.

Economic Value of Asset Resilience

In today’s economic environment, managing and controlling spend is critical to profitability. Spending money on nonessential maintenance, buying new assets because they have begun their useful life, and even procuring extra maintenance inventory “just in case” existing mining plant and equipment goes bad — all that eats away profitability. In the digital world, organizations should leverage EAM technology to the fullest so they can maximize their asset investment portfolios, account for the assets overall, bring insights into asset performance while monitoring for and scheduling preventive maintenance, and ensure the organization stays productive while optimizing asset utilization at peak performance.

EAM technologies deliver the following measurable benefits:

• Savings in maintenance costs and time with the tracking of assets
• Operational efficiencies resulting in longer runtimes
• Improved uptime of equipment with monitoring and maintenance
• Improved customer experience

These economic value-adds also reduce the angst within the business over asset performance and improve asset resiliency while providing greater transparency so course corrections happen immediately. Organizations can monitor and maintain asset performance regardless of economic conditions.

Finishing Touches

Today, technology plays a more significant role, as organizations seek to leverage as many advantages as possible. Previously, employees were more involved in the operation and maintenance of enterprise assets. But with digital transformation, technology has taken on much of this work, with 24/7 oversight, alerts, and automated workflows. It is now clear that Innovative cloud EAM technology is a win-win that organizations need to invest in to thrive in the digital world. Digital is no longer a vague buzzword, it is here and now – and organizations need to adapt to thrive!