How the Internet of Things Optimizes Enterprise Asset Management (EAM) for a Smarter, Connected World

The Internet of Things (IoT) is growing at a phenomenal rate, and Enterprise Asset Management (EAM) is part of this ongoing march toward connected systems and technologies.  Over the past 20 years, EAM has evolved from basic tracking and managing critical pieces of equipment to managing the full-cycle of millions of components and devices throughout an enterprise.

The future of EAM is about information exchange between devices, components and people. And it levies information through Big Data and analytics, which provide operational insights from massive amounts of data.

The combination of Big Data and analytics directly enables company expansion and competitive advantage across all industries and their supply chains in an increasingly competitive and a cost saving-focused world. Having better actionable information from objects and networks connected to the IoT nets better asset visibility.

Achieving Higher Visibility with the IoT

Achieving higher visibility through connected devices eliminates inconsistencies and errors that result from manual tracking and data entry.  EAM is a powerful way to drive reliability, operational effectiveness, asset planning and scheduling for manufacturing, supply chain operations as well as Maintenance, Repair and Overhaul (MRO) management.

At its core, the IoT optimizes EAM by bringing disparate systems, sensors and information together, making data accessible and actionable in several fundamental ways:

• End-to-End Solutions. End-to-end solutions exist for leveraging enterprise-wide IoT deployment. Upper-level management and command control centers can access information collected by sensors in real time. With the IoT, connected assets allow for increased collaboration between maintenance, operation, and performance, enabling a cohesive push toward continuous improvement throughout an organization.
• Automated Systems. Automation is the heart of the IoT. It streamlines data collection and analysis to provide detailed, as well as broad, asset risks and opportunities. This promotes faster decision making and more effective risk management.
• Predictive Maintenance via Big Data. Knowing asset location and status is great, but knowing when a failure might unfold – before it happens – gives enterprises a crystal ball into the future. Next-generation EAM leverages analytics and Big Data to identify relationships between asset performance and malfunction, and reduces downtime by notifying MRO team members of necessary maintenance to prevent such failures.
• Decreased Asset Costs. Less downtime leads to a reduced total cost of ownership of assets. Since problems can be corrected before they occur, overall equipment life expectancy increases.
• Accurate, Lean Inventory Management. While maintaining inventory, whether its spare parts or product stock, remains crucial, analytics also empower better demand forecasting. Supply chain managers can move to a just-in-time (JIT) replenishment model, reducing carrying costs, as well as reducing logistics costs, effectively reducing the burden on assets and increasing asset performance.

Utilizing the IoT for EAM is only as good as its weakest link, so integrated sensors, centralized platform controls, automated reporting and process management are considerations within an overall EAM strategy.

Start Your IoT Implementation and Integration Now

The IoT merely is a means of transforming worldwide data into digestible, actionable insights that leverage the power of smart devices, sensors, and analytics. The next generation of IoT technologies and analytics platforms is on the horizon, including natural, artificial intelligence systems, automated drones and more, explains Kevin Price of Diginomica.

Enterprises can use the power of today’s IoT to optimize EAM, reduce spending, and realize higher efficiency and productivity, but they must first bring data into a cohesive network and system. Manufacturing and supply chains need a solution like Enterprise Sensor Integration (ESI) to bridge disparate sensor technologies onto a common platform.

Your organization stands on the cusp of this innovation. Get started today by contacting Tapestry Solutions  or calling 1 (858) 503-1990.

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Hyperlinked Sources

https://blogs.dxc.technology/2017/12/21/how-iot-powers-next-generation-enterprise-asset-management-eam/

https://iotbusinessnews.com/2018/01/10/1972-future-asset-visibility/

https://www.tapestrysolutions.com/solutions/enterprise-iot-solutions/’

https://diginomica.com/2017/05/25/iot-ai-and-drones-in-the-future-of-enterprise-asset-management/