We stand on the edge of Industry 4.0. Soon, an Internet of Things platform that incorporates Big Data, analytics, and artificial intelligence will disrupt business as we know it. To survive, your organization needs to modernize its methods of managing assets over their lifecycles. In other words, you need to improve your enterprise asset management (EAM). Here are five ways to do just that and ensure your organization flourishes in Industry 4.0.
- Utilize real-time insights: By utilizing real-time insights, companies can optimize their enterprise asset management. Real-time insights allow organizations to implement agile maintenance strategies. Agile maintenance will ensure your organization does not perform more maintenance than needed, minimizing downtime and cost. Real-time insights also allow organizations to experiment with their operations, adjusting the performance of assets in real-time.
- Implement prediction and simulation: By using predictive software, your organization can see the outcome of every possible decision when wondering how to utilize assets. This allows you to be aware of unexpected outcomes, improving reliability and enabling stress-free operations. As well as awareness, an identifiable outcome increases efficiency by eliminating costly approval processes. More importantly, predictive software can reduce risks for every employee in your organization.
- Increase agility: Your organization’s EAM processes need to pick up speed to excel in the digital economy. By implementing software that shortens the time it takes for processes like onboarding, your organization can keep up with your industry. You should use new organizational ecosystems to optimize asset implementation or quickly acquire new business models. This allows you to act on opportunities and enter new markets in much less time than it takes with today’s systems.
- Simplify solution deployment: With new assets to take advantage of every day, you must be able to implement them before managing them. Now, companies can choose to deploy new solutions in-house, in the cloud, or through a combination of the two. If you utilize cloud solutions, you won’t need to waste time implementing expensive hardware. This will lower your need for costly maintenance and replacement, freeing up both budget and IT resources for value-adding activities.
- A consumer-grade user experience: For your employees to accept updates to your EAM, you must offer them within an engaging, easy-to-understand user experience. After all, the implementation of new software is only as quick as the time it takes for your average employee to understand it. Invest in solutions that can be adapted for use across multiple platforms in any part of your organization. By driving adoption through increasing engagement, your organization can increase productivity.
As you can see, improving your organization’s enterprise asset management is a matter of implementing these five foundational improvements. By selecting a solution that focuses on all five, you can future-proof your organization.
SAP’s enterprise asset management software offers all five and much more. Click here to learn more about how we can improve your enterprise asset management.