Now, that we have introduced Maximo, what are the trends we are seeing in Enterprise Asset Management?

Industry 4.0 is termed the 4th industrial revolution and originated from an initiative by the German government to ensure competitiveness in manufacturing industries. The Industrial Internet of Things (IIoT) is another term meaning the connection of sensors to the Internet with a focus on manufacturing and industrial processes. It is the expected rapid rise in the number of these sensors which is coined as big data.

Enterprise Asset Management now has two standards PAS55 and ISO 55000 and these have extended the boundaries beyond asset, work, inventory and procurement the traditional areas of maintenance management systems (CMMS). For example, management of change, risk assessments, performance monitoring and continuous improvement are all included. A good document to read is from the Institute of Asset Management – “Asset Management – an Anatomy”, which has been aligned with ISO 55000.

But there are other trends which are influencing the direction of Enterprise Asset Management.

  • Mobility, not a new subject by any means, but the user interface for desktop and mobile applications is converging, a mobile worker wants to be able to do more than record an asset or complete a work order, wireless communication is becoming more prevalent and cellular technology is moving towards 5G which is the enabler for the connected world. The world of mobility is changing.
  • Advanced Analytics are needed in order to make sense of all the big data being collected and to make it easier to digest by business users.
    • Descriptive Analytics, answers “What has happened?”
    • Predictive Analytics, looks to the future and answers “What could happen?”
    • Prescriptive Analytics, evaluates possible outcomes and answers “What should we do now?”
  • Worker Safety covers both wearable technology, sensors that monitor a workers health and wellbeing, as well as proximity safety, tracking a worker who has entered or is approaching an unsafe area.
  • Drones is one form of visual inspection but there are other types with fixed or mobile camera where the change in an asset can be identified over time through photographic evidence
  • Augmented Reality is a technology that superimposes a computer-generated image on a user’s view of the real world, thus providing a composite view.
  • Cognitive Services are a set of machine learning or deep learning algorithms that solve problems in the area of Artificial Intelligence
  • Blockchain is a transparent, secure and tamper-proof digital ledger that can track different types of data in private blockchain networks which are shared between different stakeholders.