[Summary: Majority of the businesses are struggling with their digital asset management. From manufacturing mismatch to supply chain to repairing costs to the ever-challenging customer services.
IAM (Intelligent Asset Management) can give the answer to these questions in an affordable (yet, sustainable) way. The real-time, right data analysis is the key!]
The highly-competitive business environment is pushing the board members hard to lead the fast-paced market. Proper data integration into an operating system can help you to perform better. And achieve your goals.
Approximately, 2/3rd i.e., 68% of the business data goes wasted without their proper use. And the research director, Phil Goodwin found a very disturbing outcome of the survey.
Here, we understand the real value of Intelligent Asset Management (IAM). To extract the maximum output from these unused business cloud databases.
What is Intelligent Asset Management (IAM)
Intelligent Asset Management (IAM) is SAP’s advanced cloud-backed suite of software that’ll provide a platform to strategize your digital assets & products through the complete analysis of your system data.
These data can be from different software, sensors, machines, legacy databases, & other sources working together in the picture. This often helps in data-backed decision-making. To make you’re your business stand out from
What is SAP here?
SAP (Systems, Applications, & Products in Data Processing) is actually the leading producer of software & digital products for business process management. It helps in optimal data processing & flow within an organisation.
So, the SAP-IAM helps your team to manage your virtual assets through proper monitoring, planning, & integration. For doing this, your team needs to access the right dataset.
An IDC report tells us that your data will grow 42.2% annually in the coming 2 years! Yes, the feeling of the Data Surge is true.
Importance of Intelligent Asset Management
Or let’s say, why do you need it? What are the benefits?
The end profits of an IAM roadmap depend mainly depends on the quality of the data within the SAP. Deep knowledge of data & further the datasets will help in better data evaluation. And so, the better decision-making!
- Maximum productivity: As per a report by Accenture, IAM can increase your product throughput by 2-5%. And your productivity by straight 25%. That’s Huge!
Intelligent Asset Management develops a simple view of resources embedded into the system. It uses the best of technology available-such as, AI-ML tools, IoT, 3D visualization, Augmented & Virtual reality (AR-VR), cloud services, real-time engineering simulation, SAP (of course!), etc.
- Enhanced security: SAP-IAM tools are always built on security. The team uses many procedures like- cryptography, data locking, multiple steps for authorization, user identification, access control, etc.- minimizing the security threats.
- Close monitoring: Each method in SAP-IAM has attached permission. You can only access a system if you have permission. And these permissions aren’t given directly to users but indirectly-through different roles set in the system.
- Lower maintenance costs: IIOT sensors & interconnectivity defines an asset. These technologies allow machine operators to provide cost-effective maintenance to the entire IAM infrastructure.
Additional characteristics of SAP-IAM:
- Asset care: IAM optimizes your equipment health & best maintenance strategies. This exemplifies its reliability. And saves design & operational integrity.
- Fault elimination: This quality saves your assets from getting damaged by unreliable sources. It also inspects its proper working activities.
- Contracts & project management: It can manage contractors & minor projects on its own. And those are budget-friendly, timely, & delivered properly.
How data is key to Intelligent Asset Management (IAM)
Your system data has so much potential to give you an edge over your competitors-if leveraged on time. The unprocessed data you have in your system when processed can make your sales taste their peak- Here’s how!
In God we believe, others must bring data- W. Edward Deming
- Data Operations (also called DataOps) is the study of data, simply. It connects the data creators with data consumers. Surprisingly, only 10% of the business have worked on DataOps meaningfully.
- Here, businesses enforcing DataOps are managing their digital assets much better than the companies without DataOps. The former is also experiencing revenue growth, more profit, better monitoring & security followed by customer loyalty. All this in a cost-effective way!
- Dave Moseley, the Seagate CEO says: The value that a company derives from its data directly affects its success.
A Delhi-based start-up, Mercados EMI has teamed up with IBM to solve the Energy sector problem. This is by the help of AI-based tools for demand forecasting that’ll predict as per the historical data. To reduce data outage at a profitable cost.
These data are providing 98.2% accurate results.
- Another example is from New York Power Authority (NYPA).
The authority is working on VISION2030– an aim to become US’s first fully digital public power utility. The big authority has invested in SAP-IAM to make a reliable & resilient system- through processing the right data & accurate planning.
The Bottom Line:
Intelligent Asset Management is giving real-time, data-driven accurate information. It can reduce the defects in predictive maintenance & monitoring to a large extent at an affordable cost. The benefits are irrespective of the industry type!