Managing Assets in the Modern Era

There are many reasons for the increased demand for better asset management. When organizations raise the importance, risk, quantity or cost of their corporate, critical or capital assets, they often see a corresponding rise in management’s interest to maintain control and visibility of these assets.

What’s more, in this new era of mobile, cloud and analytics technologies, there are more opportunities than ever to collect, consolidate and analyze information about assets to help fine-tune performance.

In addition, governments, regulatory bodies, shareholders and other key stakeholders have pressured organizations in public and private sectors to be able to locate and track asset whereabouts and lease obligations. The higher the risk or opportunity cost in not knowing where an asset is located, the greater the incentive for management to implement an asset tracking system. Enterprise asset management can provide real-time insight and visibility into virtually all physical assets, and across the maintenance, repair and overhaul supply chain.

Foundational capabilities of asset management are integral to managing an organization’s smarter infrastructure. Such skills include tracking, monitoring and managing information around asset reliability, asset usage and performance.

With Maximo Asset Management, asset-intensive organizations can find these core capabilities within a range of industry-specific solutions. The following diagram depicts how mobility and analytics extend the functions of each category. It shows the integration points with enterprise resource planning (ERP), geographic information system (GIS), and supervisory control
and data acquisition (SCADA) systems that help maximize value across assets.

Core capabilities of enterprise asset management include:

  • Work management: Asset-intensive organizations need to be able to centrally manage planned and unplanned work activities, from initial request through completion and recording of actuals. Mobile workers need to accomplish more in the field, from reading meters, to capturing electronic signatures, to using bar code and RFID capabilities for asset tracking and management. The right combination of features can streamline work processes for increased productivity.
  • Asset management: An effective enterprise asset management solution must manage and optimize the use of all assets to achieve greater asset availability, reliability and performance. The result is the ability to extend the asset’s life because assets are better maintained. The ability to gather and analyze data about asset operations allows an organization to move from corrective maintenance (repairs made after a problem occurs) to preventive maintenance (scheduled repairs based on experience). The last step is a move to predictive maintenance (repairs made because data for a particular asset indicates that a failure is imminent).
  • Planning and scheduling: Planners and schedulers are at the heart of optimized work processes. To lower maintenance costs and improve resource usage, personnel need to be able to graphically view all work orders and preventive maintenance schedules on a Gantt chart. Intuitive navigation through work orders can help dispatchers manage task and work dependencies. Crews dispatched for special jobs in remote locations have an acute need for the proper skills, tools and documentation, which is an expensive strategy used in the most critical situations. In addition, the ability to locate and track field resources on a public map can help improve workforce management and help increase the efficiencies of emergency work.
  • Supply chain management: As traditional business assets become more technology-enabled, operations and IT functions are increasingly converging in today’s fast-paced business and technology environments. As a result, one way to effectively manage operational applications is to consolidate them.
    Organizations that seek to better manage their supply chains must:
    – Find support that is able to manage a wide variety of asset types and maintenance information.
    – Establish a single technology system to manage virtually all asset types and information (for example, production, linear, facilities, transportation and infrastructure) including calibration support and use of mobile capabilities.
    – Have an integrated asset management solution that enables optimal return on assets, complies with regulations and helps minimize risk.
    – Be able to develop smarter processes and provide users with an innovative, fully integrated supply chain management system designed for assetintensive industries.
  • Health and safety: The primary objectives of health, safety and environment initiatives are to reduce overall risk, to comply with appropriate regulations, and to create a safe and efficient operating environment in which assets are used. Achieving these objectives are as much about standardizing health, safety and environmental practices as integrating
    these practices with day-to-day operations management.

An intuitive user experience is critical for supporting these capabilities for enterprise asset management. With easy navigation and features, organizations can streamline work processes for increased productivity and reduce the need for user training. The ability to geographically visualize the location of work and assets on a map can also help organizations increase workforce efficiency and the quality of customer service.

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