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The importance of asset management in the age of coronavirus


In any asset-intensive industry, optimizing maintenance is critical. The industry that excels in problem-solving, is now like many others, facing one of the greatest challenges of our time. To avoid any additional problems, having highly functioning asset management in place will help minimize costs and optimize performance, even in this critical time.

The importance of asset management in the age of coronavirus

As it is, asset-intensive companies are struggling with aging infrastructure, aging workforce, skills gaps, and a lack of asset performance visibility. Now, with most employees working remotely and many companies being forced to temporarily suspend production, managing assets is becoming harder and consequently even more important than ever before.

Be that as it may, the industry will survive and in the meantime, we can learn and come out stronger and more importantly well prepared for the consequences it may bring in the future. With that said, it is the perfect time to take full advantage of advanced features offered in intelligent Enterprise Asset Management (EAM) and Asset Performance Management (APM) systems, some of which may be underused. 

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Enterprise Asset Management (EAM) offers the required visibility, control, and automation of key information that an organization needs to achieve greater efficiency in asset management. It can support the maintenance of an organization’s physical infrastructure and improve customer service, increase return on assets, enable greater compliance, improve asset performance, and reduce risk. And since accomplishing all these tasks will require a shorter time period after the COVID-19 crisis, it makes only sense to start making smart decisions about your assets now.

Asset Performance Management (APM) helps maintenance managers predict the likelihood of future failures and determine asset failure factors that could impact plant or business operations. It focuses on the needs of reliability engineers to identify and manage asset reliability risks that could adversely affect plant or business operations. It enables organizations to apply machine learning and analytics to operational data generated by critical assets.

Understanding the difference:

The word “performance” separates EAM and APM solutions. An EAM solution is a system-of-record, documenting and managing work-orders for each maintenance event across an asset's lifecycle. An APM solution is more of a system-of-decisions, providing continuous insights to optimize asset performance and reliability. EAM ensures that the established procedures are followed and some of them provide additional insights. APM enhances operational decisions with real-time insights derived from asset operations data. The road to digitalization will be different depending on whether your approach is EAM-centric or APM-centric.

With all the uncertainty and business disruption, now might be the right time to start considering asset management strategies.

So which will you choose?  question

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