Enterprise Asset Management

The Enterprise Asset Management market research delivers current market analysis plus a five year market and technology forecast. It is available in multiple editions including worldwide, all regions, and most major countries.

Modern Enterprise Asset Management Systems Help End Users Meet Business Objectives

ARC Advisory Group research on the Enterprise Asset Management (EAM) market reveals that EAM systems have become a primary enabler of digital transformation for asset management among industrial companies. EAM systems are becoming key for end users in achieving their business goals. Modern enterprise asset management combines traditional maintenance management strategies with new digital technologies for transformation advances in reliability, maintenance execution, and business performance.

Enterprise Asset Management Strategic Issues

In addition to providing a five-year market forecast, the Enterprise Asset Management market research provides detailed quantitative current market data and addresses key strategic issues as follows.

Mobility for Improved EAM System Integrity

Unfortunately, the mobile device of choice is too often manual (on paper). A 2022 survey of EAM users indicates that 40 percent of EAM work orders are printed. The technician records activity handwritten on paper in the field with data entry later by a clerical person–a process prone to data quality problems with reading and interpreting the handwriting that undermines trust in the system. Handheld mobile devices have high interest for adoption, but many struggle with the financial justification. Handheld smart devices have grown in capability with technologies such as global positioning system (GPS), geographic information system (GIS), radio frequency identification (RFID), and embedded cameras. Also, instruments with Bluetooth allow for more automated data collection. In addition to improving data quality, these mobility capabilities enable more powerful applications, improved business processes, and business value.

Compared with paperwork orders, mobile devices enable the full capability of the EAM system. Mobility allows technicians to enter data and process the work order as part of their workflow while doing the work. This improves data quality and timeliness, which improves the integrity of the EAM system. Since the EAM system can be trusted, it goes from a historical record-keeping system to a proactive planning and scheduling system. Also, the technicians can access information like drawings, instructions, and inventory status so they can be more effective while in the field. For example, when a repair is in progress and an unanticipated problem is identified, the technician has access to the information like the status of replacement parts to determine the next steps, i.e., continue the repair or close it up for another time. The benefits (real-time work order processing) and business value (lower costs, higher data integrity, and improved customer service) are now well understood. The mobile devices align with the information needs of technicians and the capabilities of a modern EAM system.

Leverage Advanced EAM Solutions

Over the past few years, end users have focused on educating their maintenance and operations teams on the benefits of EAM systems to encourage EAM solution adoption. However, many key functionalities of advanced EAM systems may remain unexplored. To get the maximum benefit out of their EAM investments, users must put in an extra effort on their part to learn and train their staff on how to effectively use newer features and functions of their EAM systems. End users should keep maintenance personnel involved with training to keep them up to date on advanced functionalities that are constantly being added to modern EAM systems. End users should also review ongoing asset management practices from time to time and prioritize training.

Integrate Different Asset Management Systems

To best realize the benefits of different APM solutions, it is also important to integrate these various systems to leverage all the key asset information and create close-loop solutions. For example, if the PdM system indicates an alarming condition, it is crucial to get that alarm in the EAM system so that the maintenance plan can be executed accordingly. While manufacturers understand the importance of integrating their various asset management solutions, it remains a major challenge in the industry. In a 2021 APM survey conducted by ARC Advisory Group over half of the respondents indicated this to be their top-most challenge. Manufacturers should work closely with system integrators and suppliers to address this challenge.