Transforming to Intelligent Asset Management with SAP Solutions
Meet the Authors
⇨ Asset-intensive industries need to deliver on driving safe operations, minimizing costs, and maximizing productivity.
⇨ SAP S/4HANA Cloud, SAP Asset Performance Management, and SAP Business Network Asset Collaboration provide organizations with the tools to connect assets, monitor their performance, and create digital twins of assets.
⇨ SAP Intelligent Asset Management (IAM) is a comprehensive suite of cloud-based solutions by SAP that offers a complete, all-encompassing view of assets throughout the supply chain, and leverages SAP's deep knowledge in operational asset management via the SAP Plant Maintenance module
Asset-intensive industries need to deliver on driving safe operations, minimizing costs, and maximizing productivity. But to consistently achieve these objectives, organizations must adopt a more comprehensive approach to Asset Management by:
- Enhancing collaboration with suppliers, customers, and service providers for better cooperation and coordination.
- Streamlining asset maintenance processes, shifting from cyclical to predictive and intelligence-driven maintenance schedules.
- Establishing real-time monitoring of assets at both strategic and operational levels to gain a holistic view of their performance.
Asset-intensive industries can optimize operations by capitalizing on digital technologies such as the Internet of Things (IoT), real-time analytics, machine learning, and enterprise mobility, and by adopting the following trends:
Data-driven optimization of maintenance operations
The increased economic uncertainty and disruptions caused by the COVID-19 pandemic have compelled operations managers to optimize their maintenance strategies and practices. Organizations need to adopt maintenance strategies tailored to different asset classes, streamline maintenance planning, scheduling, and execution processes for efficiency, and collaborate with a broader network of organizations to share maintenance best practices and asset master data. SAP S/4HANA Cloud and SAP Intelligent Asset Management solutions allow organizations to identify the most suitable maintenance strategy, implement it with real-time efficacy monitoring, and leverage data from their assets.
Real-time asset intelligence
Digital technologies like the Internet of Things (IoT) and machine learning have facilitated real-time tracking of equipment status, anomaly detection, and predictive maintenance forecasting. Real-time asset intelligence empowers organizations to improve equipment availability, optimize maintenance costs, and reduce maintenance technicians’ workload. SAP S/4HANA Cloud, SAP Asset Performance Management, and SAP Business Network Asset Collaboration provide organizations with the tools to connect assets, monitor their performance, and create digital twins of assets.
Maintenance technicians often face challenges in carrying out field maintenance activities efficiently due to restricted access to asset master data, maintenance documentation, and limited collaboration opportunities with other technicians and supervisors. SAP S/4HANA Cloud and the SAP Service and Asset Manager mobile app address these issues by providing technicians with the ability to manage maintenance work orders, notifications, measurement readings, inspections, and time recordings using mobile devices, whether online or offline, and leveraging geographic information system (GIS) integration.
Real-time collaboration with asset ecosystem
Asset owners require collaboration with various stakeholders throughout the lifecycle of their assets. They need a centralized location for accessing the latest documentation from original equipment manufacturers (OEMs) as well as information on asset performance from their own organization and other asset operators.
SAP Business Network Asset Collaboration streamlines asset performance optimization by collecting and tracking equipment usage information in a central repository. It facilitates access to up-to-date maintenance strategies and manuals from manufacturers for operators, while also enabling manufacturers to automatically receive asset usage and failure data from operators. The network fosters collaboration among organizations for sharing best practices related to equipment deployment, management, and maintenance.
SAP Intelligent Asset Management (IAM)
SAP Intelligent Asset Management (IAM) is a comprehensive suite of cloud-based solutions by SAP that focuses on Enterprise Asset Management (EAM). IAM offers a complete, all-encompassing view of assets throughout the supply chain, and leverages SAP’s deep knowledge in operational asset management via the SAP Plant Maintenance module. Additionally, IAM incorporates cutting-edge technologies such as IoT, predictive analytics, mobile, and networks to add intelligence and collaboration capabilities to the EAM process. Here are a few of the benefits that SAP’s Intelligent Asset Management offers.
- Empowers organizations to achieve tangible business outcomes by efficiently managing the entire lifecycle of their assets, encompassing acquisition, operation, and maintenance.
- Ensures uninterrupted business operations by maximizing asset availability through predictive maintenance, which minimizes unplanned downtime, and ensures timely execution of maintenance tasks.
- Maximizes the optimization of capital expenditures (CAPEX) and operational expenditures (OPEX) by strategically allocating investments in new assets and identifying the most suitable maintenance strategies for different asset classes.
- Empowers organizations to tangibly achieve their desired business outcomes by efficiently managing the complete lifecycle of assets, spanning from acquisition, operation, to maintenance.
- Boosts maintenance team’s productivity through real-time maintenance planning and scheduling and enabling efficient work order management through mobile devices.
- Implements collaborative asset management practices by collaborating with original equipment manufacturers (OEMs) to establish a unified channel for electronic data handover, utilizing a common asset taxonomy.
- Enables consistent visibility and transparency, as well as efficient work order collaboration with service providers, resulting in enhanced work planning and execution accuracy for improved efficiency.
Get more information on Intelligent Asset Management with SAP Solutions here.