Research shows that many organizations are finding it hard to get the most out of asset management. From supply chain and manufacturing disruptions to the high costs of repairs, evolving customer demands, and increasing calls for sustainability, businesses face an uphill battle.
These challenges are impacting critical KPIs and stopping organizations from achieving their growth targets. As asset managers do their best to work through an inflationary market and increase in costs, exploiting technology, such as IoT, to optimize performance has become very lucrative.
Asset management optimization requires making strategic improvements to the effectiveness of your overall asset management methodology by providing more holistic adjustments.
Here are 6 ways that asset management optimization will create value at your organization.
Artificial intelligence is transforming the asset management industry by enabling fundamental analysts to research and extract more information faster so they can uncover accurate investment insights. Asset management firms that harness AI and structured and unstructured data can gain a competitive advantage, as rich insights can be drawn more quickly and accurately.
The most common applications of AI in asset management include portfolio-related decision making, compliance management, and financial advice.
Another one of the main uses of AI in asset management, from a compliance standpoint, is the reduction of false alerts that are generated by standard, rule-based compliance alert systems.
A report from Deloitte notes that this accumulation of IT assets is impacting the utility sector and notes the need for power companies to have frameworks for managing assets, both digital and physical, as the industry moves to use more renewable sources of energy.
According to the report, “most electricity providers are still only dabbling in digital, and not approaching digital transformation with the comprehensive, holistic view that could make it a game changer to unlock the full range of benefits.”
Five key challenges that are intensifying the need for power providers to develop new asset management strategies include:
Industry experts, such as IBM, offer platforms that can alleviate the burden of asset management. IBM offers solutions, like Maximo, that are specifically tailored to the management of assets in the utility sector.
Watch the following IBM Maximo Application Suite Demo video to learn more:
If you would like to learn more about asset management optimization or IBM Maximo, schedule a time to meet with an EAM solution expert.
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