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September - 2016 issue

Choosing the Right EAM Solution

By Vignesh Anantharaj

Enterprise Asset Management solutions are seeing a huge migration to cloud based services. This is due to the fact that companies who have a huge asset bank are looking to make the maximum use of the Internet of Things phenomenon to mitigate risks and better strategies, amongst a host of others in their quest to make businesses run better. This has led to many new asset centric networks which can provide crucial data that can in turn be used to make specific decisions.

However many companies today are persistently faced with a myriad of challenges to maximize life cycle performance of their assets. As complex infrastructures become increasingly interconnected, it is upto the CIO to chose the EAM solution that can provide the best benefit to the company’s operational technology. To counter these predicaments, organizations are looking to engage process and data integrations into every aspect of the lifecycle of their assets. By successfully implementing methods and tools that manage operational technologies, they are able to grind out critical data and insights with ease.

Another major trend that has been around for a couple of years has been mobile asset tracking. These Radio frequency Identification tags( RFID Tags) are now being used by a host of industries globally to aid in inventory management and up gradation. Rfid’s have today reached its peak and it is exciting to see its full implementation become a necessity in the coming years. Apart from being able to be identifiable from a far distance, they are also enabled with GPS technologies that allow the user to track assets 24 par 7.

Taking on a broader viewpoint of the aforementioned topics, it is prominent to note that most asset management services today support asset operations. Some systems are known to fare better in specific industries as opposed to others. By choosing the most apt solution in accordance to the industry, businesses can yearn for more from the software. The top three industries in this regard belong to manufacturing healthcare and the hospitality segments.

It is also important to inspect if the solution in question is compatible with the existing legacy systems within the company. Cloud computing, ERP software are a couple of software that can be integrated with the existing facility management and can reap good benefits for the enterprise.