Asset Management: Position Your Business For Success With AIN

Srikanth Gopalakrishnan

Managing an asset is a lot like raising a child: It’s a job best suited for multiple people.

Parents, grandparents, and other family members pitch in to show children the way, while manufacturers, operators, and third-party service providers collaborate to ensure the short- and long-term success of assets.

For effective asset management to take place, all relevant stakeholders need access to essential asset data. In the past, organizations shared information with one another through paperwork – mailing physical documents or e-mailing digital files.

Today, your enterprise can modernize and streamline this process with an asset intelligence network (AIN), which provides you and your stakeholders with real-time, around-the-clock access to vital asset insight.

Making sure manufacturers, operators, and service providers stay on the same page

Imagine you operate a regional rail line. You’re responsible for ensuring your trains remain in tip-top shape so they can safely transport passengers to and from work, school, and home.

One evening during the rush-hour commute, a train stalls on its way to a major metropolitan area. Hundreds of passengers are stranded in crowded, hot railcars. Hordes of people, exhausted after a long day’s work, grow more and more agitated by the minute – and with good reason. They’re desperate to get home to their families, and you’ve let them down.

Using AIN to share real-time asset information with a third-party service provider could have prevented this nightmare scenario. The service provider could have analyzed data gathered from an Internet of Things-enabled sensor attached to your train and detected the potential issue before it turned the evening commute into a catastrophe.

Now, say you discover the cause of the breakdown was a prematurely overheated engine. With AIN, the engine manufacturer could have could have sent you a new engine long before yours failed – without so much as asking for a model number, since it already had visibility into that information. The manufacturer could also use this insight to make improvements to future models, so other engines won’t be built with the same flaws.

4 ways a more collaborative network can benefit your business

With a complete view of real-time asset data through AIN, your company can:

  1. Save time: You no longer need to send service providers or manufacturers paperwork through the mail or get on the phone to explain asset problems you’re encountering. They can see everything that happens – as it happens – for themselves.
  1. Increase asset uptime: Service providers can continuously monitor the condition of an asset. If they detect even the slightest anomaly, they can address it before the asset has to be pulled offline and fixed.
  1. Reduce maintenance costs: AIN gives you the opportunity to be predictive rather than reactive. And by tending to issues before they become major problems, you can avoid expensive equipment repairs.
  1. Create new business models: The constant connectivity provided by AIN enables companies to reimagine their businesses. An organization that periodically inspects and certifies elevator safety, for instance, could morph into a company that provides maintenance as a service.

Connecting businesses and assets with a single master data store

Today, most companies in asset management work in silos. But there needs to be a paradigm shift, one that involves organizations embracing a more collaborative, networked approach.

AIN empowers your business and all key stakeholders to access the same collection of asset data at the same time – be it maintenance history, equipment model numbers, or spare parts information – so you and your partners are better equipped to more collaboratively manage your assets.

Explore how you can take your organization into the world of Asset Management 4.0, where every business and machine is connected. Download Revolutionize Asset Management with Global Collaboration now.

Want to learn more about AIN networks?  Check out SAP Asset Intelligence Network – The global registry for industrial assets, a short video that describes the global registry of industrial equipment to be shared between manufacturers, operators and service providers of these SAP provides.

Srikanth Gopalakrishnan

About Srikanth Gopalakrishnan

Srikanth Gopalakrishnan is Vice President of the Internet of Things and Digital Connected Assets at SAP Labs India Private Ltd.