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Management and APM integrations . Stage 5 is the ‘ ultimate ’ approach where the software is utilized for all the previously mentioned aspects , and it extends to areas like financial optimization and business analytics .
The maturity figures are revealing . When respondents were asked to identify the stage that best represents their organization ’ s maintenance strategy , the vast majority places themselves in stages 1 and 2 . Only 12 percent said they ’ d reached stage 3 proactive , and a combined percentage of just over seven percent of all asset managers said their organizations had already reached stages 4 or 5 . Clearly , there is some way to go before the full maturity of EAM across industries and oil and gas as a whole .
Expediting maturity : emerging technologies shaping EAM evolution
With this in mind , what might help companies move more quickly along the maturity model , helping them make better use of available EAM tools ? To answer that question , it is worth looking at the wish list for asset managers in terms of the emerging technologies that they think will give them a competitive advantage .
The IFS EAM Trend Report found a clear hierarchy of ‘ wants and needs ’, focused on better use of Internet of Things ( IoT ) technologies , improved predictive modelling , and the successful adoption of Artificial Intelligence within their operations . EAM has clear potential to accelerate progress in all three areas . For instance , top of the line EAM systems provide excellent visibility of the condition and performance of distributed equipment such as sensors , supporting digitalization and making better use of reporting and analytics .
More recently , AI has been increasingly integrated into EAM platforms to enhance capabilities . Recent examples include AIdriven troubleshooting based on intelligent assessment of the maintenance history of critical assets , leading to improved failure reports , faster diagnosis and an overall lower mean time to repair . Another example is the introduction of AI assistants to perform tasks in EAM platforms using natural language rather than having to navigate through screens and forms . Meanwhile , high-priority job ranking functionality can provide invaluable help and direction to maintenance departments struggling with unstructured workloads .
Finally , EAM provides significant benefits for knowledge retention and dissemination . The IFS EAM Trend Report revealed that recruiting and retaining experienced staff remains a consistent internal disruptor in the oil and gas industry . EAM systems provide a well-structured repository of technical asset management knowledge that can be stored for the future . This turns the EAM platform into a centralized hub and bespoke system , resonating well with the new generations of tech-savvy workers .
In conclusion , effective enterprise asset management is critical in enabling safer and more efficient operations within oil and gas companies . Now is the time to act to modernize and unlock EAM as a catalyst for achieving that goal . ■
For a list of the sources used in this article , please contact the editor .
Berend Booms www . ultimo . com
Berend Booms is Head of EAM Insights at IFS Ultimo . IFS Ultimo , an IFS company , energizes the financial resilience , regulatory compliance and operational excellence for healthcare , manufacturing , and logistics businesses through its innovative softwareas-a-service ( SaaS ) enterprise asset management ( EAM ) solutions . Focused on maintenance , uptime , safety , cost control , and efficiency , the company is known for rapid deployment , ease of use and an unparalleled time to value .
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