Intelligent Asset Management: A New Way to Drive Productivity & Revenue
Lack of information, especially the right kind, is a challenge for businesses. It can impact the bottom line by increasing costs and missing opportunities. Collaboration often happens intermittently through a combination of automation, emails, paper and spreadsheets. Digital Transformation enables a better way to interact and operate. SAP Intelligent Asset Management (IAM) empowers your workforce and optimizes resources by enabling a 360° view based on a central, shared foundation. It should be implemented and integrated tailored to your business needs to optimize the effects.
Companies are often organized by functionality, e.g. engineering and IT, or by division, e.g. Europe and Asia. These structures can create unintended barriers when it comes to communication or resource management. Another challenge is exchanging information with suppliers and partners. Different groups have their own language, systems and processes. The flow of data is slowed or impeded, which impacts decision making and execution.
How do you get everyone on the same page? By implementing SAP technology to create a common taxonomy, or language, and shared data for a single version of the truth. Intelligent Asset Management creates a comprehensive view of all resources that allow for advanced analytics and machine learning. It enables digital twins for simulation and predictive decisions on execution, maintenance and strategy.
For plant maintenance departments, mobile asset management helps them more easily work together to handle service requests. Technicians have access to the same information as their peers and managers in real-time. It is easier to schedule orders based on the situation and who is or will be available. This concept applies to unexpected downtimes too by notifying the right personnel. The result is improved reaction times using the right maintenance procedures and parts that can be pulled up quickly on the system. Another benefit is a clearer picture of the lifecycle of the equipment that have warranty, replacement and financial implications.
SAP Intelligent Asset Management can even take this simple scenario further by eventually predicting when that part will fail based on the conditions and hours of use. This solution allows you to continuously improve processes, predict outcomes and collaborate across networks. It has been found to uncover new opportunities through differentiated services that generate new revenue streams from new ways to compete.
Are you ready to disrupt your business?
For more information about the SAP IAM suite of solutions via our guide, visit our Intelligent Asset Management: How to Optimize Your Resources page here.