Enterprise Asset Management

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

Modern Enterprise Asset Management Systems Drive Innovation and Asset Reliability

ARC Advisory Group research on the Enterprise Asset Management (EAM) market reveals that as EAM systems adopt new technologies, they offer improved asset reliability with increased ROA and interest from executive management. Modern EAM systems provide greater insight across asset lifecycle management, asset performance management, reliability-centered maintenance, and other asset management functions.

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.

Adopt Predictive Maintenance with Business Process Automation Integrated with EAM

Currently, the dominant application for digital transformation for the maintenance function involves predictive maintenance (PdM) using data for a specific machine, analytics, and sometimes edge computing. The objective is to prevent a failure and the resulting unplanned downtime. This approach is effective only if, after the alert is generated, someone in the plant executes a work order for an inspection and repair. Unfortunately, in most plants today, this alert-toaction process has a gap due to ad hoc communications between those receiving the alert and maintenance planning. Alerts often become lost or misdirected and the equipment fails as predicted. Reducing the likelihood of lost alerts and the associated unplanned downtime requires a consistent business process and integration with the EAM system. Ideally, the alerts go to the maintenance planner for triage and ranking with the higher priority items converted into work orders.

Eighty two percent of assets have a random failure pattern. Preventive maintenance is not effective for these assets because random failures occur between the scheduled maintenance times. The equipment fails at the most inconvenient time i.e., while in use which interrupts production. This interruption causes losses in direct labor, work-in-process materials, and revenue. This unplanned downtime also causes missed shipment dates, and customer satisfaction issues. These losses have a direct negative impact on the P&L statement.

Make the Connection to Executive Metrics to Gain Executive Support

From ARC surveys, the leading KPIs for the maintenance function are uptime (avoid unplanned downtime), asset longevity, cost control, and safety. These metrics support c-suite objectives for revenue, cash conservation for an improved balance sheet, profitability, and risk management. Enlightened asset managers are making the connection between these typical EAM objectives and business metrics. Proposals for asset management solutions should go beyond cost control and make the connection for improved uptime, capacity, and revenue to get executive attention and support.

Use Modern EAM Systems to Improve Asset Longevity

Well-executed maintenance programs allow assets to be more reliable and last longer. A lack of proper maintenance activities result in excessive wear and tear, which contributes to premature overhauls or replacement of equipment. Modern EAM systems enable business processes that delay capital expenditures for replacement equipment and conserve capital.