What Intelligent Asset Management Means for Manufacturing

What Intelligent Asset Management Means for Manufacturing

For the forward-thinking manufacturing businesses of today, the focus is not so much on manufacturing as it is on delivering better outcomes for their customers through asset-as-a-service offerings. Enterprise Asset Management is fueling this evolution of manufacturing enterprises.

Shifting Toward Predictive

Traditionally, even the best companies approached asset management as a preventative maintenance activity. Now, leading manufacturing and asset management enterprises leverage an intelligence-based tactic where maintenance teams monitor equipment in real-time.

Real-time monitoring requires asset intelligence, which first requires asset connectedness. Fortunately, in this era of pervasive IoT, every asset deployed is designed and manufactured with inbuilt sensors that stream equipment status and health data for EAM.

Combine this with the ability to analyze this data in the business context, and leading companies can now predict anomalies before they affect anything- and take quick steps to remediate them.

Companies no longer waste time and money on scheduled maintenance activities that may or may not be required. They can perform maintenance when needed, optimizing a technician’s time and effort, maximizing the lifetime value of parts, and delivering great customer experience.

Exploring New Business Models

Real-time analytics and predictive maintenance blurred the lines between asset manufacturing and operating them. Manufacturers are leveraging a new business model where they offer asset outcomes and not just physical equipment.

Imagine what equipment buyers really want. Do they think about a shiny new HVAC equipment sitting on their roofs? Or do they want temperature-controlled plants that allow equipment and people to work at their best efficiency?

The sale of a manufactured device is a one-time deal. But, delivering outcomes is a continued business proposition that adds value to the customer’s business on an ongoing basis. In this case, the uptime and the availability of the equipment is your responsibility.

You get paid when the machines work as intended. If your revenue depends on machine uptime, you would like to optimize maintenance as much as possible. This is where predictive analytics takes shape. Using sensors, IoT, and analytics, you can optimize maintenance and drive down operational costs.

Climbing the Value Chain

Increased collaboration with the customer can open new avenues for business. Perhaps you can improve the design of a future asset after collecting asset intelligence and gathering insights from it.

Or, you can improve how the asset can interact with the customer’s business processes to create higher value for the customer. Closer collaboration can open you up to more and better opportunities with the same customer.

Now, you are moving up the value chain, engaging with the customer to ensure their success.

Predicting and Improving Operations

Consider a large manufacturer of agricultural machinery, which uses IoT technology to transform agribusinesses. With tractors and other equipment connected over the internet through onboard sensors, this manufacturer can collect real-time insights into planting, soil preparation, harvesting, fertilizing, and so on.

Increasingly, farming companies rely on the same data to manage their farm better. The manufacturer can now help his customers determine the exact amount of fertilizer to add to each segment on the land, maximizing yields by optimizing the use of fertilizer and reducing costs.

Cases like these can create a valued business partner in the manufacturer who leverages intelligent asset management.

itelligence, an SAP Platinum Partner, helps manufacturers optimize operational efficiency by enabling intelligent asset management and much more with SAP S/4HANA. Feel free to get in touch with our experts if you have any questions.

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