With aging assets, unplanned downtime, lack of communication and skill shortages, as well as a global disruption and exploding energy prices,all having an unwanted impact
Leading Enterprise Asset Management (EAM) software solutions provider IFS Ultimo has just published its 2022 Trend Report. It is available to download here: https://www.ultimo.com/eam-trend-report/.
This document presents an invaluable resource to those looking to better define their asset management strategy. In it, the company describes the various different dynamics that are influencing EAM operations andidentifies the biggest areas of concern.
In order to create this report, IFS Ultimocarried out an extensive survey of decision makers involved in enterprise asset management activities - with over 260 people participating. These came from organisations of all sizes and covered maintenance managers, asset managers, facilities managers, operations managers, etc.As well as insight from respected industry analysts, the report features input from an array of high-profile executives - including representatives from Schneider Electric, Royal Philips N.V.,Verdantix, ICT Group and Logitek.
The current landscape
There are various factors that are causing disruption to the companies that the survey participants represent. Economic uncertainty is a big issue. In addition, the supply chain hold-upsresulting from this continue to have a detrimental effect onthese businesses’ ability to meet their commercial objectives. Gaining access to adequately trained staff is also proving difficult, with a widening skills gap needing to be addressed.
Maximising uptimestill is clearly a very high priority. Over two thirds of those surveyed stated that the companies they worked for had suffered noteworthy unplanned operational interruptions in the last year. Othergoals that survey participants articulated included increasing operational efficiency levels, prolonging the useful lifespan of assets, and reducing both capital and day-to-day running costs. The importance of data-driven decisions to improve cost control is expected to increase due to the economic situation.Closer and more effective communication between different departments (and the need to get away from silo-based structures) was also something that came up regularly in feedback. The need for more sustainable operationswas not as highly ranked as many people would have expected but is nevertheless becoming increasingly important.
Key findings
The 2022 Ultimo EAM Trend Report successfully uncovers numerous interesting facts. Here are just a few highlights.
More than 64% of those surveyed stated that they saw the need for mobile-based maintenance practices as being pivotal to boosting efficiency, but 21% felt that not having access to the necessary technology is holding this back.39% recognised that investing in the workforce would be paramount for companies to futureproof their operations, and the need for high quality training was greater than ever.Approximately 32% saw ageing assets as the biggest threat to maintaining acceptable uptime figures andwanted to find better ways to alleviate that problem. 27% of the people surveyed felt that improved communication between departments will be essential if they aregoing to make their companies’ operations more responsive.
As Ewout Noordermeer, IFS Ultimo’s CMO notes; “Our annual EAM trends report is truly uniqueand has built up a strong reputation over recent years. It provides industry professionals involved in asset management with the information they need to gain a better understanding of this subject - detailing the challenges that must be overcome and the new technology emerging to support them.”
“With the disruption brought on by the pandemic, widespread supply chain challenges and material shortages, the impending skills gap, and the skyrocketing energy costs, asset owners have a lot on their plate. This report offers the latest insights to inspire maintenance and asset management professionals to use their challenges to fuel positive change. It’s clear that data-driven decision-making, optimal cross-team collaboration, and smart use of technology are of vital importance, now and in the future,” Noordermeer concludes.
The 2022 edition of Ultimo’s highly informative EAM Trend Report is available to download at: https://www.ultimo.com/eam-trend-report/.
