The enterprise asset management market hit a staggering $4 billion last year and was expected to reach $7 billion in the next few years. However, a perfect series of unprecedented interconnected geopolitical and macroeconomic shocks had thrown the markets into bear territory. This “polycrisis” aftermath has reset the global landscape, with the resurgence of great power rivalry dominating global affairs amidst rising tensions. Furthermore, seeping inflation has significantly tightened the US, Europe, and Asian markets.
Despite some indication of slowing inflation— the underlying drivers of higher prices — including deglobalization, decarbonization and demographics — are not going anywhere. In this blog, we will delve into the realm of asset management and shed light on the complexities that arise in the context of Industry 4.0. Let’s explore how modern-day businesses can leverage technology trends in asset management to effectively navigate today’s roadblocks and thrive amidst changing macroeconomics.
When the World Changes, so do the Markets!
Market fluctuations have become a constant reality in a dynamic and unpredictable world. As businesses scale and evolve, the significance of efficient asset management becomes more pronounced. From physical equipment and machinery to digital assets and intellectual property, enterprises must streamline their asset lifecycle processes to achieve operational excellence, minimize costs, and maximize returns.
Effective enterprise risk management becomes paramount in the face of growing market uncertainties, but many organizations are struggling with common roadblocks that impede their asset management efforts.
Identifying Common Business Roadblocks
Inadequate Data and Asset Visibility
One of the most common business challenges businesses face is tracking and monitoring all their assets in real-time. Lack of visibility can lead to inefficiencies, increased downtime, and delayed maintenance, impacting your bottom line. To overcome these issues, Enterprise asset management (EAM) solutions can provide comprehensive visibility into asset inventory, enabling you to make informed decisions and take proactive measures.
Reactive Maintenance Practices
Tired of just reacting to unexpected breakdowns rather than predicting them? This “waiting for the other shoe to drop” approach disrupts your operations and incurs additional costs. Instead, businesses can adopt a preventive and predictive maintenance strategy powered by intelligent asset management to proactively identify potential issues, schedule maintenance, and prevent costly downtime.
Inefficient Resource Allocation
Inefficient resource allocation poses a challenge in asset management, leading to suboptimal task assignments and increased costs. Organizations can optimize resource allocation, enhance efficiency, and improve overall maintenance operations by leveraging EAM systems considering asset criticality, maintenance requirements, and resource availability.
Tailoring your Enterprise Asset Management (EAM) Modernization
The modern-day industrial landscape heavily relies on a rapidly evolving asset landscape — mixing legacy and digital components. However, bringing them under a standardized umbrella can be a tough nut to crack.
When it comes to modernizing your company’s EAM, there is no one-size-fits-all answer. It is a strategic endeavor that requires a customized approach. The ideal EAM solution depends on your organization’s digital maturity and specific business goals. Regardless, it’s crucial to anticipate challenges and tackle them.
It is important to address the following challenges to ensure a successful modernization process.
Smooth Migration
EAM heavily relies on advanced data analytics and dashboards to assist decision-makers. Due to differing data architectures, migrating legacy data to a modern EAM platform is challenging. Collaborating with an experienced vendor with expertise in legacy system handling and integration with industry-standard hardware devices is crucial. Consider an integrated EAM solution provider like Crave Infotech, which offers backward compatibility and seamless integration with various applications and standard hardware devices such as Zebra.
Seamless Integration & Centralized Support
In the post-pandemic era, remote work has become an essential employee expectation. To meet this challenge, companies require a platform accessible from any location and device. A purpose-built, next-gen solution with full enterprise mobility that is in sync with the facility network (private, hybrid, or public).
Managing The Asset Lifecycle
The asset lifecycle requires strategic asset allocation and collaboration between stakeholders and systems—however, isolated processes without visibility result in wasted efforts, duplicated purchases, and reactive maintenance. Choosing Intelligent asset management (IAM) can offer integrated and extended capabilities on a robust and dynamic smart platform— delivering efficiency and significant benefits to asset managers across industries.
Crave InfoTech's Intelligent Asset Management Solution on SAP BTP
Understanding the complexities of asset management, Crave has developed an innovative, Intelligent Asset Management solution built on SAP BTP. This solution harnesses the power of advanced analytics, artificial intelligence, and IoT technologies to revolutionize asset management practices and deliver tangible results.
Benefits of Crave InfoTech’s IAM Platform:
- Reactive Approach: This approach involves taking reactive measures in response to manufacturing issues within the enterprise.
- Preventive Approach: It proactively schedules operations to prevent immediate crises or operational disruptions.
- Condition-based Approach: It emphasizes real-time observation and rectification based on predefined conditions and events.
- Predictive Approach: The predictive approach represents the ultimate goal for large enterprises, utilizing advanced analytics on historical data to predict situations and maintain proactive readiness.
Unlock the Power of Intelligent Asset Management for Business Success
Thriving in the asset management maze requires a proactive approach and adopting innovative solutions. By understanding the challenges businesses face, such as asset tracking, compliance, maintenance, data management, and scalability, you can implement strategies that drive efficiency, reduce costs, and maximize the value of your assets.
Contact us today to schedule a consultation and discover how Crave InfoTech’s Intelligent Asset Management solution can transform your business. Together, let’s unlock the power of enterprise asset management and drive your organization toward sustainable growth and success.
