Six reasons you need an intelligent asset management strategy now

There is an explosion of data surrounding asset management processes. This data is invaluable, but it can only be used if it can be properly analyzed. Today more than two-thirds of data goes unused due to the complexity of integrating multiple platforms, devices and assets, and the slow, labor-intensive processes required to make it consumable. The result? Subpar operational performance and reliability issues, made most obvious in downtime and defects.

This is where intelligent asset management comes in.

Intelligent asset management (IAM) solutions put data and AI to work to optimize critical asset performance and automate enterprise operations.

Here are six reasons why your company needs intelligent asset management today:

1. Orchestrate and automate your processes

Intelligent asset management focuses on automating operational processes. This streamlines asset maintenance and management to reduce bottlenecks and manual work, improving uptime, productivity and costs.

In the world of building and space management, companies are using integrated workplace management solutions that use data, IoT and AI. These solutions help organizations design a safe, flexible workplace, increase employee engagement and drive operational efficiency.

2. Create value to grow your organization

Intelligent asset management helps grow revenue through increased asset availability and reliability.

Mining companies, for example, use autonomous vehicles for certain tasks. Equipment can be remotely monitored — sometimes from halfway across the globe — to check for proper oil pressure or temperature and to keep the asset running properly. Robots working in mines underground can operate with no downtime, mitigating the safety risks of hazardous conditions such as fire, flood, collapse, or toxic atmospheric contaminants.

3. Be more competitive

Intelligent asset management makes it easier to deploy industry best practices, such as more sustainable operations.

IAM solutions can incorporate AI, weather data, climate risk analytics, and carbon accounting capabilities, allowing organizations to spend less resources curating this complex data and more on analyzing it for insights and taking action.

4. Connect to the enterprise

Intelligent asset management means building an enterprise operations system that governs business operations, financials, and production at all levels of an organization, from the C-suite to the frontline, and along the supply chain.

Changing economic and regulatory conditions challenge oil and gas companies to constantly find better ways to monitor, manage and maintain assets while keeping employees safe.

Kuwait Oil Company needed an asset management solution that could integrate this broad range of processes under a single umbrella. The company improved its production targets through improved efficiency by deploying an IBM Maximo for Oil and Gas solution, not only in its oil extraction and drilling operations, but across operations including marine operations and the employee hospital.

5. Build AI capabilities without data scientists

Intelligent asset management integrates asset data into no-code and low-code applications for visual inspection, remote asset monitoring and predictive maintenance, eliminating content silos to provide visibility across the organization, all without the need for data scientists.

Last year IBM helped Toyota move from reactive, cycle-based maintenance to proactive, reliability centered maintenance. Now the car company can detect anomalies and measure the health of equipment at all times, while predicting and fixing failures before they occur.

See how IBM helped Toyota built a smarter factory

6. Uncover simplicity and scalability in one package

Intelligent asset management equals a simple, secure data architecture with an open, extensible asset management platform, to act on any data, on any cloud, anywhere.

Let us help you create an intelligent asset management solution with IBM Maximo, an extendable suite with the capabilities you need.

The post Six reasons you need an intelligent asset management strategy now appeared first on IBM Business Operations Blog.

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