If you are a business operator or lead,
you must understand how and when business assets fail so you can move quickly and reduce risk to critical operations. Asset Performance Management (APM) uses targeted automation, analytics, and AI to improve asset management insights.
Enterprise asset management software and solutions help you reduce unscheduled repairs, manage risk, reduce equipment failure, and extend asset life without unnecessary costs by using advanced features. features like AI-powered remote monitoring, computer vision, and predictive maintenance. One of the leading software in this field is IBM. Let’s find out why businesses should use IBM software in this article.
Let’s get started!
What Is The Enterprise Asset Management Software and Solutions?
Enterprise asset management software and solutions help businesses manage their physical and digital assets in a centralized way, helping to optimize and streamline operations. This can include everything from tracking and managing equipment and inventory to automating billing and reporting. By improving efficiency and reducing the need for manual work, enterprise asset management can help businesses grow and succeed.
A combination of software, systems, and services is known as enterprise asset management software and solutions that are used to maintain and manage assets and machinery in operation. The goal is to maximize effective uptime, reduce operating costs, and optimize the quality and utilization of assets throughout their lifecycle.
Job management, asset maintenance, planning and scheduling, supply chain management, and environmental, health and safety (EHS) efforts are all part of enterprise asset management software and solutions.
With everything from valves to vehicles connected by sensors and systems in the Internet of Things (IoT) era, sophisticated analytics and artificial intelligence (AI) are integrated into the EAM. AI methods are used to analyze data collected from instrument assets. The information obtained aids in decision-making, improves efficiency, and preventive maintenance, and maximizes financial investment. into physical assets for maintenance teams.
Roles Of Enterprise Asset Management Software and Solutions
Enterprise asset management software and solutions are important because it assists businesses in monitoring, evaluating, managing, and optimizing the quality and reliability of their assets. Every type of organization has hundreds, thousands, or even millions of assets. They mainly rely on assets.
Railroads, pipelines, manufacturing machinery, fleets of vehicles, windmills, and nearly any other piece of equipment needed to keep it running, service, and output are examples of assets. Maintenance teams can better manage complex environments using enterprise asset management software and solutions best practices to:
- Centralized asset information: As a component of enterprise asset management software and solutions, the CMMS informs maintenance managers about where, what requirements, who should service the assets when, and who to contact. Critical asset management processes are automated and they are also visible and auditable.
- Fix problems before they arise: enterprise asset management software and solutions facilitate preventive maintenance of equipment for reliable, uninterrupted operation. It helps to provide warranty compliance and prevent production disruptions.
- Smart Asset Monitoring: AI-driven remote monitoring provides useful information on the actual and predicted status of an asset. The result is fewer alerts, more accuracy, and improved decision-making as it collects data from several departments and information repositories.
- Increase asset usability: by extending the availability, reliability, and useful life of physical assets using real-time and historical data collected from IoT devices and diagnostic and analytical tools.
- Asset management and legacy infrastructure: To increase return on investment, the life of the equipment is extended through better maintenance techniques and the integration of risk management into the business.
- Improve equipment maintenance processes with IoT, AI, and analytics to enhance maintenance management: Increasingly complex environmental, health and safety standards are met with monitoring and traceability origin of assets.
- Unified operational applications: Enterprise asset management software and solutions enable the development of a single technology platform to manage most asset classes. For many asset functions within a company, processes are consolidated and standardized.
Enterprise Asset Management Software and Solutions: IBM
You can manage all your assets on a single software platform with the help of IBM Maximo Enterprise Asset Management Software and Solutions, a productivity tool and database. whether integrated. Maximo Asset Management, based on a service-oriented architecture (SOA), gives you the best in planning, control, auditing, and compliance by providing the big picture of all types of assets. their properties, their condition and location, and the work activities that support them.
The Maximo database provides important insights into asset resources, including their configuration, critical features, and logical and physical connections to other resources.
You can set up key performance indicators (KPIs) from the start center to monitor asset conditions and take automated action if needed. Key process elements, such as work orders, service desk tickets, and purchase orders, can be created, assigned, monitored, notified, and reported, including their status. , in the whole process. To further improve communication and efficiency, you can add attachments to each record or assignment, such as maps, images, and URLs.
Advantages Of IBM Maximo Enterprise Asset Management Software and Solutions
IBM Maximo Enterprise Asset Management software and solutions offer the benefits of centralized asset management, simplifying the process of tracking and managing assets across an organization. With Maximo, businesses can manage assets across a wide range of industries, from healthcare to manufacturing. Maximo also provides a wealth of reporting and analytics tools to help managers make informed decisions about their asset portfolio.
- Specialty in Energy And Utilities
Accessing pre-made data models and custom dashboards for power and convenience is an IBM ethos. See scoring methods to identify risk factors and analyze performance data to show asset health. Monitor the health of critical assets and predict failures.
- IoT Platform
Allows an overview of all assets while storing IoT data for 30 days. With alerts to identify when asset data reaches or falls below predetermined thresholds, access sensors, consumers, businesses, and industrial entities.
- Efficient Scheduling
View a graphical representation of work orders and PM schedules for efficient scheduling. Manage large projects such as maintenance, shutdowns, and power outages across multiple locations. Use the dashboard to view the status and schedules of multiple projects and perform end-to-end task management.
- Linear Asset Management
Gain intuitive control over assets including roads, pipelines, railways, and transmission lines with linear asset management. Monitor the condition of assets, equipment, materials, and labor using linear metrics.
- Managed Service Providers
Monitor supplier contracts, service provisions, billing, and customer agreements. Establish response strategies, pricing and billing plans, and batch billing for ongoing expenses.
- Improve Safety
Manage performance in terms of reliability, safety, and the environment while complying with the rules. Plan inspections and surveys, identify defects, review problems, and specify lock-out and reduction procedures.
- 7. Managed Service Provider
IBM helps to manage delivery services, such as trains and planes, in real-time. Access engineering records, create task cards that require manual review, and get status visibility for automatically updated records. Keep track of calibration history, data sheets, reports, and all traceability and traceability needs.
- Asset Configuration
Visualize and locate assets, locations, work orders, and service requests using maps for spatial asset management.
- Data Visibility
With IBM Maximo Registry, save part of the entered transaction data on the blockchain, ensuring all data is visible to all parties involved.
- Equipment Maintenance Assistant
Uses artificial intelligence to support asset management initiatives.
On Android and iOS, there are many mobile apps that enable role-specific functions in task management. They provide convenient access to work orders, inventory, asset data management, work approvals, barcode capabilities, and more. They can be accessed offline and online.
Features Of IBM Maximo Enterprise Asset Management Software and Solutions
Gain the control you require to track and manage assets and location data more effectively throughout the asset lifespan.
Manage both scheduled and unforeseen job operations, from the original request to completion and actuals recording.
Specify service offerings, create service level agreements (SLAs), monitor service level fulfillment more proactively, and put escalation processes in place.
Complete support for purchase, lease, rental, warranty, labor rate, software, master, blanket, and user-defined contracts is available through contract management.
Know the specifics of asset-related inventory and its usage, including what, when, where, how many, and how valuable.
Management of procurement – Support all stages of corporate procurement, including direct buying and stock replenishment.
For an enterprise, equipping enterprise asset management software and solutions is an extremely important thing in running the business. With features and benefits that IBM owns. It could be “A powerful assistance” when running your company. Hopefully, the information we and the cable in this article have helped you discover an optimal solution for your business and operations.