However, among other restraints, high cost associated with the deployment of EAM solution in SMBs is hindering the growth of EAM. Additionally, a lack of awareness about the utilization of solutions and security issues associated with cloud-based services also impedes the growth of the EAM market. Although it is a hard fact that EAM market hasn’t aligned with the thriving global economy, the proliferation of IoT based devices and applications are expected to support the growth of the worldwide Enterprise asset management market. Key vendors in this sector are investing their efforts in building a new approach to asset management and surpass the conventional method, as organizations are seeking additional benefits. On this regard, some of the latest industry trends include solutions that involve other factors such as energy usage, lifecycle costs, purchase orders, audit records, and others.
"We supercharge an organization’s asset management by making the move to SaaS"
Keeping the Assets Operating at Maximum Efficiency
Positioned highest for the ability to execute and furthest for completeness of vision by Gartner Magic Quadrant (MQ) for Enterprise Asset Management, IBM Maximo is becoming the industry’s best bet. The solution comes in with an asset management solution that keeps most of the critical assets of an organization operating at maximum efficiency. “We supercharge an organization’s asset management by making a move to SaaS,” mentions Ginni Rometty President & CEO of IBM. The solution manages all types of assets and resources by defining and describing asset capabilities alongside developing hierarchal relationships, monitoring specific asset details, and providing related documentation. The documentation can be automatically fed into work streams.
We are investing heavily in APM capabilities, and the impact is beginning to show
IBM Maximo’s solutions extend to procurement and materials management, service management, work, and contract management besides managing all types of assets owned by an enterprise. When it comes to procurement, the solution allows the users to plan inventory to meet the maintenance demands precisely. This is achieved by making the right parts available at the right location whenever necessary. The firm’s solution is capable of improving service delivery efficiency by providing accurate billing. By leveraging improved work order management, the solution streamlines planning, scheduling, routing as well as work completion. On top of that, the solution is capable of organizing work based on priority, , and assets. Managing vendor contracts is yet another pain point most enterprises share. To this end, with comprehensive contract management support for purchase, rental, lease, warranty, rate, blanket, and user-defined contracts, IBM Maximo efficiently manages vendor contracts.
EAM in the Era of IoT
With a constant stream of data originating from various points such as people, sensors, and devices, EAM can be quite challenging. This is where IBM Maximo lays out best-in-class cloud solutions that can check asset health in real-time on a secured simplified and scalable platform. The user can maintain all asset types, set up new assets quickly, and upgrade the EAM software automatically. The multi-tenant cloud solution comes in for the dire necessity of streamlining an enterprise’s global operations from procurement to contract management. The company offers the freedom to choose a dedicated cloud solution that offers all the benefits of its multi-tenant option or on-premise implementation.
IBM has designed industry-specific solutions for vital asset-intensive industries apart from meeting the requirements for manufacturing and facilities. This includes solutions for industries such as utilities, oil and gas, nuclear power, transportation, aviation, and life sciences.
Maximo’s expertise also extends to its SaaS offering. The company brings to the table simple, manageable, reliable, and secure SaaS-based solution. Key benefits like increased visibility, reduction in operational complexity, faster upgrades, and improved scalability are part of this offering. “We are investing heavily in Application Performance Management (APM) capabilities, and the impact is beginning to show,” states Ginni. While Maximo is efficient on its own, the power to improve the way organizations manage their assets, operations, and plants can be augmented with the introduction of APM. She continues “using proprietary algorithms based on Artificial Intelligence (AI) and analytics, our clients can now take control of data, put it to work, and make more impactful and strategic decisions.”
To put the feature and functionalities of IBM Maximo into context, Ginni recounts the story of one of their clients who moved their enterprise asset management solution to a SaaS model. Sodexo, a food service management company approached the firm with an array of predicaments. As the client’s footprint expanded across five continents, serving 75 million customers and 4, 25,000 employees on a daily basis, moving to a SaaS model was crucial for them. Besides cutting costs the client envisioned to improving customer experience. The decision was also driven by other numerous factors such as reducing fixed costs, meeting client needs for data localization requirements, and need of a licensing structure that matches the usage patterns, etc. Moreover, the volume of services that were required to maintain operations was massive because of their employee high employee strength. Above all, managing the 1.2 million assets in a simpler and cost-effective way was a critical pain point for them. Add to the plight, the client owned 24000 building that has to be managed in addition to an incredible disparity in the facilities.
Keeping the critical challenges in mind, IBM evaluated how they could be addressed by deploying a SaaS solution. And they worked with the client to migrate the 1.2 million assets to the cloud. Two production instances were implemented on IBM cloud using SaaS Flex solution. These were implemented in the U.S and the U.E along with having a production instance anywhere in the world. This addressed data localization issues. Taking advantage of its low concurrency usage pattern with the SaaS Concurrent User licensing model, IBM enabled them to optimize their licensing structure based on their global workforce. The client company also achieved a level of agility and flexibility that was previously impossible for them. A significant benefit was as Ginni continues “the icing on the cake was the 20 percent reduction in the total cost of ownership,” achieved by successfully executing the shift to SaaS platform.
Thinking beyond Assets
Citing IBM Maximo’s development plans, Genni says that “the momentum around Maximo is only going to pick up speed in the coming days.” IBM is thinking to extend its service line beyond assets. They are in the process of developing platforms that unify the AI-powered production solutions to integrate with Maximo seamlessly. This allows customers to build upon Maximo and the IoT Platform to improve throughput alongside raising the quality, cost, and on-time delivery in their operations. “IBM is dedicated to making Maximo the best for our clientele as well as ecosystem! As we celebrate this exciting breakthrough, we look forward to making it even better next year,” concludes Ginni.