4 Key Technologies That Will Change How the World Looks at Enterprise Asset Management

As one of the key aspects of resource management for any business, enterprise assent management (EAM) is a crucial step aimed at optimizing physical assets of a business for the best possible efficiency and quality of the end product or service. Moreover, growing emphasis on environment, safety, and health regulations at workplaces are anticipated to significantly encourage the use of enterprise asset management systems for the foreseeable future. While enterprise asset management systems have largely stayed unchanged, technologies in recent years are set to evolve at a rapid pace in the near future.

As per a recent study by Future Market Insights on the global enterprise asset management market, applications in end-use industries such as energy production, oil and gas, mining, and manufacturing are anticipated to generate demand for EAM in years to come.

IoT Technologies Generate Predictive Capabilities for EAM Systems

IoT technologies have massive potential to improve the capabilities of modern EAM systems, through the digital evolution of manufacturing procedures. Internet of things, coupled with enterprise asset management, end users can rely on complete automation of operations, predictive maintenance schedules, higher cost savings and overall productivity.

Conventional EAM systems usually set up calls for asset maintenance, only after the occurrence of a malfunction or failure, which results in significant losses during downtime, through stoppages in production. However, IoT based systems such as the SAP SE perform real-time analysis on the assets being monitored, which prevents breakdowns by predicting the approximate time of when maintenance is required, and automatically enabling a work order for the same, without any human interference.

Machine Learning Provides Users with Operational Insights

When coupled with enterprise asset management systems, machine learning technology allows end users to gain deep insights into the intricacies of their day to day operations. This can give manufacturers new benefits such as being able to implement smart programs that provide optimized maintenance procedures, depending on analysis of performance patterns, under different environmental conditions.

For instance, machine learning allows Microsoft’s Dynaway EAM system to step towards the incorporation of artificial intelligence by making extensive use of data on operational performance and other influencers of the end use industry to give recommended plans for the end users. Machine learning is expected to supports goal setting and benchmarking processes for future businesses in comparison to competitors.

Wireless Communication Innovations Build Mobile Functionalities

The physical presence of humans at a work station to operate enterprise asset management systems is soon set to be a thing of the past. With rapid proliferation of mobile devices and the development of compatible EAM mobile apps, users can access their business’s EAM system at any time and any place.

Mobile devices allow businesses to remotely view data on an asset’s performance, create service requests or work orders, or perform necessary maintenance easy, without necessarily being at the work place. Such functionality also allows real time responses to activity in the workplace.

Moreover, modern EAM such as those by Oracle and IBM corporations allows even those employees, with lower work experience to work efficiently by providing a user-friendly interface on mobile devices that they are already familiar with.

Mixed Reality Technologies Will Improve Visualization for Asset Management

Mixed reality, which is also known as hybrid reality is the virtual reality systems with the real world which allows the generations of hybrid workspaces through devices that allow enhanced visualizations that mix physical and virtual objects for real time interaction. The technology integrates augmented reality and augmented virtuality through the use of devices for immersive technology.

Although the development of mixed reality in asset management is still some way from becoming reality, most EAM system manufacturers are currently working on the development of such capabilities, owing to its inherent potential. For example, mixed reality headsets will be able to provide users with detailed visualizations about how to maintain any asset in a step by step process, which will allow even inexperienced workers to perform complex tasks with ease, and is expected to allow remote collaborations of workers situated in different parts of the world.

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About Abhishek Budholiya 84 Articles
Abhishek Budholiya is a tech blogger, digital marketing pro, and has contributed to numerous tech magazines. Currently, as a technology and digital branding consultant, he offers his analysis on the tech market research landscape. His forte is analysing the commercial viability of a new breakthrough, a trait you can see in his writing. When he is not ruminating about the tech world, he can be found playing table tennis or hanging out with his friends.