What are the various types of asset management systems?
How is this technology evolving?
How can they help operationalize a strategy
for building optimized and sustainable business operations?
These are a few of the questions I'll answer here.
I'm Eric Libow, the CTO for Asset Management Solutions
and IBM's Sustainability software.
So let's start at the beginning.
At its most basic form,
an asset management system allows companies
to manage data about their physical assets
so they can monitor, measure and maintain the equipment
they need to operate their businesses.
These systems appeared over 50 years
ago, so companies can manage
schedules and tasks for large
maintenance projects in utilities,
manufacturing and transportation
industries.
These early systems focus on time
based scheduling, some asset
information and basic task
management.
They also supported field operations
with location and maintenance
information, ultimately leading
to the adoption of mobile devices to
do repeatable basic maintenance
and installation.
Hey were considered maintenance
project management applications.
But very quickly, these maintenance
management systems exploded with
expanded data requirements tied
to a broader set of needs.
For example, from operational
processes, repair instructions,
warranties, safety processes,
professional licenses and skills,
financials, and so on.
The result the fully
functional enterprise asset
management System or EAM was
born.
It includes integrated data models
and prescriptive workflows plus
integrations with corporate ERP
systems.
EAM is now the industry standard for
asset intensive enterprises who
need to maintain best in class
return on those assets.
For example, IBM national
customers have been able to reduce
asset downtime over 43%
and increase maintenance
productivity 44%.
But ultimately, companies needed to
move beyond preventive and reactive
maintenance, especially with asset
downtime being so disruptive.
So companies began instrumenting
assets with software sensors
and cameras to analyze the rich
operating data in real time
and leverage the cloud to manage the
volumes of data being collected.
Real time data enables condition
based monitoring and predictive
analytics to further reduce risk,
increase asset uptime, and
cut unnecessary labor costs and even
track energy usage of assets.
It's now possible to apply advanced
statistical and analytical models
and leverage AI technologies to
more deeply understand asset
performance.
This approach called Asset
Performance Management or APM,
extends EAM capabilities with
asset health, predictive
maintenance, remote asset monitoring
and computer vision using anomaly
detection, visual and audio
data analysis, etc.
So assets are analyzed 24/7
to identify issues before
they can negatively impact the
business.
Now environmentally conscious
companies are seeing research that
shows that assets drive 76%
of greenhouse gas emissions and
believe that they need to play a
bigger role in reducing their impact
on our environment.
They're looking to understand how
greenhouse gases are created through
the operation of assets.
Then they'll be able to identify
where excess emissions are occurring
and can drive sustainability
initiatives to reduce the impact of
their operations on the environment.
This approach is called Sustainable
asset management.
It uses carbon management modeling
to monitor waste and emissions
connecting asset management,
analytics and workflows focus
on increasing the life of their
operating assets.
Reducing energy consumption and
minimizing the fossil fuel use with
best practice prescriptive guidance.
Asset management systems have
continually served as a foundation
for solving big data issues for
industrial companies, and clients
are finding that sustainability
challenge is no different.
Getting a handle on the data is a
critical first step.
Help you understand how, where
and by how much to transform
operations to balance net income
with net zero goals.
I appreciate you joining me and hope
you take time to learn more about
how sustainable asset management can
help your organization create
more positive outcomes for the world
around us.
Thank you.