It’s been an exciting time in the Enterprise Asset Management (EAM) space in recent years. While digital transformation has touched virtually every single industry in some way, shape, or form, it’s been particularly impactful for EAM, traditionally a field reliant on manual processes and paperwork.
Ken Choi has had a front row seat to this digital transformation in his role as VP – Sales & Marketing with S4A IT Solutions (S4A). Given S4A’s role as a provider of SAP integrated software solutions that help EAM companies to streamline their operations, he’s had his finger firmly on the pulse of the changing ways in which organizations manage their assets.
“There has been a marked shift away from traditional, analog-based asset management processes towards digital processes that enable real-time monitoring and decision-making,” Choi shares. “Advancements in technology, and leveraging the data captured by these technology toolsets, have driven more proactive asset management strategies – which has been a true industry gamechanger.”
Choi elaborates on five key trends shaping EAM in 2024.
#1: Data Continues to be King
Traditionally, asset management has been tethered to historical data, resulting in reactive decision-making. Not anymore, thanks to technologies like Machine Learning, Artificial Intelligence (AI), and the Internet of Things (IoT). This transition from analog-based to digital processes has empowered organizations to monitor their assets in real-time, unlocking unparalleled insights and efficiency.
These insights have propelled a paradigm shift towards data-driven decision-making in EAM. Organizations are now leveraging the massive amounts of data generated by sensors, IoT devices, and other sources to gain insights into asset performance, predict maintenance needs, and optimize overall asset lifecycle management.
#2: AI and Machine Learning
AI and Machine Learning are all the rage these days and this momentum shows no signs of slowing down. The global AI market is forecasted to reach $1,600 billion by 2030, while the Machine Learning market is expected to exceed $200 billion. And while organizations are eager to leverage these tools, these advancements come with their own unique set of challenges, primarily centered around data integrity.
“Garbage in, garbage out still very much applies with AI and Machine Learning,” Choi shares. “Data is the foundation of enabling AI and ML. You need the high integrity data foundation in place to ensure you can properly leverage the technology.”
S4A solutions are designed precisely to address these concerns, providing a robust data foundation for future-proofing asset management strategies.
#3: Mobile Accessibility
With the proliferation of smartphones and tablets, mobile accessibility has become a significant trend in EAM and a crucial component of modern EAM strategies.
“The use of mobile devices in asset management has become much more prevalent,” Choi shares. “By empowering field technicians and maintenance personnel to access information, update records, and manage their assets on the go, it is making organizations more productive and responsive.”
S4A’s Envoy Maestro™ solution was designed with mobility in mind. With features like offline capability, Envoy Maestro™ ensures uninterrupted operations, seamlessly transitioning between online and offline modes. Even while working in a remote location or facing connectivity issues, your logistics processes continue without a hitch.
This shift towards mobile accessibility enhances communication, streamlines processes, and boosts overall efficiency – providing a significant competitive advantage in today’s fast-paced EAM environment.
#4: Heightened Focus on User Experience
The user experience aspect of EAM has become increasingly important. Solutions are designed with user-friendly interfaces to enhance accessibility and encourage broader adoption.
“This particular trend around enhancing the user experience is a key mantra for our team,” Choi shares. “Our entire Envoy suite of solutions was purposefully designed to streamline processes and provide an interface that is not only efficient but also user-centric.”
Recognizing that the success of EAM solutions relies heavily on user satisfaction, companies are increasingly investing in user-friendly interfaces that make asset management systems more accessible and intuitive, ultimately fostering broader adoption across the various user groups.
#5: A Growing Commitment to Sustainability
According to KPMG, 96% of the world’s top 250 companies engage in some manner of sustainability reporting. Beyond tracking asset performance, modern EAM systems have evolved to not only monitor asset performance but also track the environmental impact of assets, reflecting a growing commitment to sustainability. This shift reflects a growing emphasis on corporate social responsibility and compliance with environmental regulations, while ensuring that asset management is in alignment with these broader organizational goals.
Joining the Digital Transformation
“At the end of the day, it is those EAM organizations who add more horsepower to their IT investments that will thrive the most,” Choi predicts.
This horsepower is something that S4A understands all too well. By specializing in delivering feature-rich and cost-effective solutions S4A transcends the notion that bigger brand names necessarily equate to superior offerings. S4A not only brings a wealth of EAM and SAP experience and a deep understanding of end-user needs, but also a proven commitment to customer-centric service based on our tailored approach to understanding and serving your business needs. What is on your organization’s digital transformation wish list for 2024 and beyond? We’d love to connect and find out how we can support you!