Most enterprises today are deploying enterprise asset management systems (EAM) in order to monitor and manage the optimal lifecycle of physical assets. EAM offers services including construction, design, maintenance, operations and commissioning, decommissioning or replacement of facilities, equipment and plants. As enterprises push for higher productivity using both physical and virtual resources, they are compelling asset management service providers to offer customized tools that are plant-specific. Resourceful EAMs can ensure that companies get the most out of its facility.
Enterprise Asset Management is a Complete Winner
Undoubtedly, EAM offers a much clear visibility in modern-day plant management. Companies are striving for higher productivity and are responsive to technological advancement in management operations. In recent years, the automation industry has been working on expanding their asset management infrastructure. Demand for asset management solutions from the automation industry is surging at a formidable pace. EAM solutions are now being considered as a key component of workforce and are incorporated in all modern system maintenance strategies. For instance Schneider Electric SE – a French multinational corporation recently announced the acquisition of Italy-based MWPowerlab S.r.l. a company that specializes in 3D real-time technology. Schneider Electric plans to utilize MWPowerlab’ immersive technology and operator training simulators (OTS) in maintaining and managing complex processes and equipment of the organization. Moreover, the company in its new systems is integrating intelligent edge assets with cloud and is linking them to real-time accounting through system tools such as Triconex safety systems, Modicon controllers and Avantis enterprise asset management forming a foundation for real-time analytics.
Incessant Development in EAM Solution
Such cutting edge EAM solution extension allows to create and develop maintenance plans embedded with a list of master data solutions, task list and items generally associated with predictive and preventive management program. Service providers are introducing asset management extension such as SAP fiori for reviewing, and approving functions.
Utopia Global, Inc., a prominent enterprise data solutions provider that has been in a long-time partnership with SAP and has recently released a new software update for its master data governance solution distinctively aimed at enterprise asset management. SAP is reselling the solution as SAP Master Data Governance, enterprise asset management extension by Utopia under its hood. This latest extension comes with advanced capabilities that will aid clients in enhancing maintenance planning and increase regulatory compliance. Considering the importance of maintaining an efficient delivery structure EAM solution have become necessary for proper functioning of fleet assets, facilities and infrastructure. It is most likely, that in future service providers will start developing autonomous asset management systems based on artificial intelligence that will be capable of self-learning.
Enterprise Asset Management – Global Market Outlook
An analysis conducted by Future Market Insights (FMI) identifies that the long-term application of EAM solutions will support companies in tackling cost related issues in various business operations and processes by maintaining and managing their assets. The analysis suggests that the global market for enterprise asset management will stand at US$ 4,032.3 Million by 2026-end, expanding at a compound annual growth rate of 7.2%.