PREDICTION #1: SUSTAINABILITY
In 2023 WE WILL SEE AN INCREASING RELIANCE BY ASSET-DEPENDENT companies IN THE USE OF EAM TECHNOLOGY TO HELP SET AND ACHIEVE SUSTAINABILITY GOALS
Climate change, coupled with increasing regulatory oversight and corporate responsibility, has pushed sustainability to the top of the corporate agenda for many enterprises. Compliance with environmental, social, and governance (ESG) standards has become an absolute requirement for companies reliant on assets to manufacture, produce, and serve. Never before has resilient asset management been so critical to the success of the business.
Studies* show in the US, financial firms and activists are challenging companies in their efforts to resolve climate change and social inequality. While in Europe, the adoption of a sustainable finance package in mid-2021* has reformed and significantly increased the scope of reporting, including the number of companies required to report on ESG performance.
With so much at stake, every efficiency helps. Previously, EAM has been relied upon to optimize asset productivity and lifecycle. Fast-forward to today, and EAM has established itself as a critical technology enabling organizations to achieve sustainability goals. Enterprises are catching on. In 2023, we will see more companies leverage EAM to monitor and track energy consumption, emissions, and other outputs that must be managed in compliance with ESG and other regulatory bodies.
Resilient asset management also enables enterprises to be vigilant and prepared for the unexpected when dealing with the effects of climate change, which are often disruptive and difficult to predict.
EAM technology builds connections across a diverse and often geographically dispersed body of assets. In years past, these connections were used to monitor asset performance relative to productivity. Today, especially with the digitization of assets, this connected EAM network collects real-time data from every asset, providing the enterprise with broad oversight and precise controls. If asset output doesn’t align with sustainability objectives, the company can take immediate action to resolve any anomalies. Most importantly, these digital records prove compliance with government and industry regulators.
As more businesses actively manage their impact on the environment, EAM will be an important contributor to these outcomes.
PREDICTION #2: Maintenance 5.0
In 2023, ENTERPRISES WILL CONTINUE to progress within the maintenance maturity roadmap, shifting from MAINTENANCE 4.0 to maintenance 5.0 STANDARDS.
Maintenance strategies advance in conjunction with advances in technology. From reactive and preventive to predictive and beyond, the model continually evolves. While the progression of maintenance maturity is linear over time, most organizations employ multiple practices simultaneously across the operation.
|Maintenance 1.0||Maintenance 2.0||Maintenance 3.0||Maintenance 4.0||What’s next?|
Managed visually and reactively. Assets run until they fail, then a fix is applied.
Preventive maintenance at pre-scheduled and fixed intervals.
Condition-based maintenance with sensors to monitor assets in real-time and send alerts.
Predictive maintenance to proactively improve asset performance.
Resilient asset management. Actively manage for real-time optimization.
In 2023, enterprises will take initial steps toward Maintenance 5.0 standards, where asset performance is actively managed for real-time optimization. This resilient, human-centric, and sustainable maintenance model detects and preemptively responds to potential issues across the operation.
Companies will rely on their EAM platform to leverage new innovations, including artificial intelligence, machine learning, augmented / virtual reality, and other advances, for better, faster, and more accurate oversight. As recently stated in Forbes*, cloud-based EAM technology will support end-to-end process automation, replacing complicated and time-consuming workflows. Enterprises will gain immediate insights across the business and work more efficiently with increased productivity.
PREDICTION #3: optimization of enterprise data
In 2023, ENTERPRISES WILL INCREASE INVESTMENT IN STRONGER DATA STRATEGIES TO SUPPORT ADVANCES IN EAM TECHNOLOGY AND THE PROLIFERATION OF DATA FROM CONNECTED DEVICES.
As digital transformation continues to evolve, data has become king. With advances in the cloud, new and faster technology, and a plethora of connected assets – enterprises are generating more data than ever before. In particular, data collection from EAM platforms has expanded with the increasing adoption of IoT-connected devices delivering richer and more detailed information.
In 2022, it was estimated that enterprise data worldwide would increase by 42.2% annual growth:
|DATA STORAGE LOCATIONS||2020||2022|
|Internally managed data centers||89||160|
|Cloud repositories (public, private, industry)||193||390|
|Third-party data centers||201||470|
|Edge and remote locations||221||498|
Table 1: Total enterprise data volume worldwide from 2020 to 2022, Statista*
In 2023 (and in subsequent years), enterprises will invest heavily to extract optimal value from all the data they generate. In fact, experts at Ernst and Young* estimate that 93% of companies plan to increase investments in data and analytics.
These improvements will resolve issues with legacy systems incapable of handling the increasing volume of data generated by edge technologies and connected enterprise assets. Instead of isolated data silos, information will be consolidated into a single data store. With a stronger data strategy, the business will benefit from richer, more accurate analyses to help inform important decisions with real-time insights.
Most importantly, with resilient asset management and a solid data model, enterprises will easily pivot and adjust to whatever the market (and the world) throws at them.
IFS works with organizations globally, providing cloud-based, resilient EAM technology. For more information on IFS, visit our website.
IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build and maintain assets, and manage service-focused operations. Within our single platform, our industry specific products are innately connected to a single data model and use embedded digital innovation so that our customers can be their best when it really matters to their customers – at the Moment of Service™.
The industry expertise of our people and of our growing ecosystem, together with a commitment to deliver value at every single step, has made IFS a recognized leader and the most recommended supplier in our sector. Our global team of over 5,500 employees every day live our values of agility, trustworthiness, and collaboration in how we support thousands of customers.
Learn more about how our enterprise software solutions can help your business today at ifs.com.
Do you have questions or comments?
We’d love to hear them so please leave us a message below.