Enterprise Asset Management and Field Service Management Market Is Down, But Forecast Recovery to New Heights
The Enterprise Asset Management (EAM) and Field Service Management (FSM) market has specific key areas of functionality required by maintenance organizations which includes asset information, work orders, MRO materials, labor, service contracts, mobility, and analytics.
The factors contributing to growth include some that are relevant to the difficult economy and others that are applicable to the recovery. Capital improvement projects and upgrades are being delayed to conserve cash. At the same time, managers cannot allow higher failure rates for the existing, aging equipment. Also, there are safety issues that must be mitigated.
Extending the life of existing equipment requires good maintenance execution and a modern maintenance management system. Also, the recession put increased pressure on maintenance managers to control costs and many companies are scrutinizing maintenance. They can do more with less resources including people, MRO spend, and inventory by improving their EAM-FSM system. Enlightened managers are finding opportunities to acquire EAM solutions with quick payback.
Strategic Issues
Users are exhibiting a cautious optimism towards EAM-FSM solutions. While big IT projects are being delayed, users are tackling smaller items with lower risk and quick payback – including EAM-FSM.
- What are the key market drivers, and how can suppliers increase their value?
- Which industries and geographies offer the best opportunities?
- What are the application areas that will recover the soonest?
- Is EAM-FSM being absorbed by ERP, and how should the independents respond?
- How will Smart Grid affect the market and what should your response be?